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Document And Entity Information - USD ($)	9 Months Ended
Document And Entity Information - USD ($)	Sep. 30, 2011	Oct. 31, 2011	Jun. 30, 2010
Entity Registrant Name	AVIS BUDGET GROUP, INC.
Entity Central Index Key	0000723612
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 Public Float			$ 1,001,279,006
Entity Common Stock, Shares Outstanding		105,043,123
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2011

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenues
Vehicle rental	$ 1,211	$ 1,145	$ 3,163	$ 2,972
Other	412	367	1,106	987
Net revenues	1,623	1,512	4,269	3,959
Expenses
Operating	783	705	2,166	1,956
Vehicle depreciation and lease charges, net	304	352	840	988
Selling, general and administrative	190	156	511	430
Vehicle interest, net	74	80	205	230
Non-vehicle related depreciation and amortization	22	24	65	70
Interest expense related to corporate debt, net
Interest expense	48	40	143	122
Early extinguishment of debt	0	0	0	40
Transaction-related costs	66	5	102	8
Restructuring charges	0	6	1	9
Total expenses	1,487	1,368	4,033	3,853
Income (loss) before income taxes	136	144	236	106
Provision for (benefit from) income taxes	54	54	95	28
Net income (loss)	$ 82	$ 90	$ 141	$ 78
Earnings (loss) per share
Basic (in dollars per share)	$ 0.78	$ 0.88	$ 1.34	$ 0.76
Diluted (in dollars per share)	$ 0.65	$ 0.73	$ 1.14	$ 0.66

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 1,002	$ 911
Restricted cash	395	10
Receivables	370	315
Deferred income taxes	133	130
Other current assets	256	272
Total current assets	2,156	1,638
Property and equipment, net	394	425
Deferred income taxes	634	587
Goodwill	76	76
Other intangibles, net	475	481
Other non-current assets	267	255
Total assets exclusive of assets under vehicle programs	4,002	3,462
Assets under vehicle programs:
Program cash	21	4
Vehicles, net	7,792	6,422
Receivables from vehicle manufacturers and other	167	149
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	329	290
Total Assets under vehicle programs	8,309	6,865
Total assets	12,311	10,327
Current liabilities:
Accounts payable and other current liabilities	1,053	925
Current portion of long-term debt	6	8
Total current liabilities	1,059	933
Long-term debt	2,492	2,494
Other non-current liabilities	527	535
Total liabilities exclusive of liabilities under vehicle programs	4,078	3,962
Liabilities under vehicle programs:
Debt	807	528
Debt due to Avis Budget Rental Car Funding (AESOP) LLC-related party	5,326	3,987
Deferred income taxes	1,461	1,333
Other	87	107
Total liabilities under vehicle programs	7,681	5,955
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $.01 par value-authorized 10 million shares; none issued and outstanding	0	0
Common stock, $.01 par value-authorized 250 million shares; issued 137,015,293 and 136,982,068 shares	1	1
Additional paid-in capital	8,501	8,828
Accumulated deficit	(2,496)	(2,637)
Accumulated other comprehensive income	81	92
Treasury stock, at cost-31,564,090 and 33,247,139 shares	(5,535)	(5,874)
Total stockholders' equity	552	410
Total liabilities and stockholders' equity	$ 12,311	$ 10,327

CONSOLIDATED BALANCE SHEETS Parenthetical - $ / shares	Sep. 30, 2011	Dec. 31, 2010
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	137,015,293	136,982,068
Treasury stock, shares (in shares)	31,564,090	33,247,139

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Operating Activities
Net income (loss)	$ 141	$ 78
Adjustments to reconcile net income to net cash provided by operating activities exclusive of vehicle programs:
Non-vehicle related depreciation and amortization	65	70
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Receivables	(36)	(34)
Income taxes and deferred income taxes	58	(93)
Accounts payable and other current liabilities	83	107
Reimbursement from Realogy and Wyndham for taxes paid	0	99
Reimbursement From Realogy And Wyndham for tax attributes	0	86
Other, net	(73)	44
Net cash provided by operating activities exclusive of vehicle programs	238	357
Vehicle programs:
Vehicle depreciation	1,034	981
Net cash provided by operating activities of vehicle programs	1,034	981
Net cash provided by operating activities	1,272	1,338
Investing Activities
Property and equipment additions	(30)	(39)
Proceeds received on asset sales	9	11
Acquisition-related restricted cash	(401)	0
Other, net	(11)	(7)
Net cash used in investing activities exclusive of vehicle programs	(433)	(35)
Vehicle programs:
Decrease (increase) in program cash	(19)	123
Investment in vehicles	(6,701)	(6,549)
Proceeds received on disposition of vehicles	4,379	4,445
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC - related party	(400)	(380)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC - related party	400	380
Net cash used in investing activities of vehicle programs	(2,341)	(1,981)
Net cash used in investing activities	(2,774)	(2,016)
Financing Activities
Proceeds from borrowings	0	444
Principal payments on borrowings	(6)	(458)
Debt financing fees	(33)	(32)
Other, net	1	4
Net cash used in financing activities exclusive of vehicle programs	(38)	(42)
Vehicle programs:
Proceeds from borrowings	8,235	7,196
Principal payments on borrowings	(6,568)	(6,391)
Net change in short-term borrowings	0	67
Debt financing fees	(20)	(17)
Net cash provided by financing activities of vehicle programs	1,647	855
Net cash provided by financing activities	1,609	813
Effect of changes in exchange rates on cash and cash equivalents	(16)	6
Net increase (decrease) in cash and cash equivalents	91	141
Cash and cash equivalents, beginning of period	911	482
Cash and cash equivalents, end of period	$ 1,002	$ 623

Basis of Presentation and Recently Issued Accounting Pronouncements

9 Months Ended

Sep. 30, 2011

Basis of Presentation and Recently Issued Accounting Pronouncements

Basis of Presentation and Recent Accounting Pronouncements

1.Basis of Presentation and Recently Issued Accounting Pronouncements

Basis of Presentation

Avis Budget Group, Inc. provides car and truck rentals and ancillary services to businesses and consumers in the United States and internationally. The accompanying unaudited Consolidated Condensed Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries (“Avis Budget”), as well as entities in which Avis Budget directly or indirectly has a controlling financial interest (collectively, the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting.

The Company operates in the following business segments:

Domestic Car Rental—provides car rentals and ancillary products and services in the United States.

International Car Rental—provides vehicle rentals and ancillary products and services primarily in Argentina, Australia, Canada, New Zealand, Puerto Rico and the U.S. Virgin Islands.

Truck Rental—provides truck rentals and related services to consumers and commercial users in the United States.

In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgments and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all normal recurring adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with the Company’s 2010 Annual Report on Form 10-K.

Vehicle Programs. The Company presents separately the financial data of its vehicle programs. These programs are distinct from the Company's other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the generation or 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.

Acquisition of Avis Europe plc

In June 2011, the Company reached an agreement with Avis Europe plc (“Avis Europe”) to acquire all outstanding shares of Avis Europe for approximately £635 million (approximately $1 billion). In August 2011, the shareholders of Avis Europe voted to approve the acquisition and it was subsequently approved by the court. The Company completed the acquisition in October 2011. As a result of the acquisition, as of October 2011, the Company now provides vehicle rental and ancillary products and services in Europe, the Middle East, Africa and Asia. As part of the agreement to acquire Avis Europe, the Company established an escrow account and purchased £246 million to be used in the funding of the acquisition. As a result, this cash has been classified as restricted cash on the Company’s Consolidated Condensed Balance Sheets as of September 30, 2011.

Transaction-related Costs

As noted above, the Company completed the acquisition of Avis Europe on October 3, 2011. In addition, in September 2011, the Company announced that it had decided not to pursue the acquisition of Dollar Thrifty Automotive Group, Inc. (“Dollar Thrifty”) at this time in light of current market conditions. Transaction-related costs including due-diligence, financing and other costs associated with the Company’s acquisition of Avis Europe and its previous efforts to acquire Dollar Thrifty, are now being classified separately in the Consolidated Condensed Statements of Income for the three and nine months ended September 30, 2011 and 2010. Related costs from the three and nine months ended September 30, 2010 have been reclassified from selling, general and administrative expenses to transaction-related costs to conform to the current presentation. This reclassification had no impact on total expenses, income before income taxes, net income or earnings per share. Transaction-related costs in the future are also expected to include costs for the integration of the acquired business.

Adoption of New Accounting Standards

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”)”, to “improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS.” The Company will adopt this guidance on January 1, 2012, as required, and it is not expected to have a significant impact on its financial statements.

In June 2011, the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income”, which requires companies to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The Company plans to adopt this guidance on January 1, 2012, as required, and is assessing the manner in which it will present the required information.

In September 2011, the FASB issued ASU No. 2011-08, “Testing Goodwill for Impairment”, which provides companies the option to bypass the annual quantitative goodwill impairment assessment and assess qualitative factors to determine whether there are events or circumstances which would lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company is currently assessing whether it will elect to adopt this guidance in fourth quarter 2011, as permitted, or on January 1, 2012, as required, but it is not expected to have a significant impact on its financial statements.

In September 2011, the FASB issued ASU No. 2011-09, “Disclosures about an Employer’s Participation in a Multiemployer Plan”, which requires employers that participate in multiemployer pension plans to provide additional quantitative and qualitative disclosures regarding their participation in multiemployer pension plans. The Company plans to adopt this guidance on December 31, 2011, as required, and it is not expected to have an impact on the Company’s financial statements; however, it will result in incremental disclosure about the Company’s participation in multiemployer pension plans.

Restructuring Charges

9 Months Ended

Sep. 30, 2011

Restructuring Charges:

Restructuring Charges

2.Restructuring Charges

Beginning in late 2008, the Company implemented initiatives within the Company’s Domestic Car Rental, International Car Rental and Truck Rental segments to reduce costs, enhance organizational efficiency and consolidate and rationalize existing processes and facilities. The Company incurred associated restructuring charges primarily for severance, outplacement services and other costs associated with the employee terminations.

As of September 30, 2011, the remaining liability relating to restructuring actions amounted to $1 million, primarily for Domestic Car Rental facility-related lease obligation costs for vacated locations which are expected to be paid through 2015. The Company has substantially completed its activities under this plan.

The utilization of the restructuring liability is recorded within the Company’s segments as follows:

	Domestic Car Rental		Total
Balance as of January 1, 2011	$	6	$	6
Incremental charge		1		1
Cash payment/utilization		(6)		(6)
Balance as of September 30, 2011	$	1	$	1

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References + Details

Earnings Per Share

9 Months Ended

Sep. 30, 2011

Earnings Per Share Footnote

Earnings Per Share

3. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (“EPS”):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Net income for basic EPS	$	82	$	90	$	141	$	78
Convertible debt interest, net of tax		2		2		5		6
Net income for diluted EPS	$	84	$	92	$	146	$	84

Basic weighted average shares outstanding		105.4		103.2		105.1		103.0
Options, warrants and non-vested stock		2.3		2.2		2.6		2.2
Convertible debt		21.2		21.2		21.2		21.2
Diluted weighted average shares outstanding		128.9		126.6		128.9		126.4

Earnings per share:
Basic	$	0.78	$	0.88	$	1.34	$	0.76
Diluted	$	0.65	$	0.73	$	1.14	$	0.66

The following table summarizes the Company’s outstanding common stock equivalents that were anti-dilutive and therefore excluded from the computation of diluted EPS:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Options (a)		1.1		2.0		1.2		2.0
Warrants (b)		21.2		21.2		21.2		21.2

__________

(a)	The weighted average exercise price for anti-dilutive options for the three and nine months ended September 30, 2011 was $24.59 and $24.59, respectively. For the three and nine months ended September 30, 2010, the weighted average exercise price for anti-dilutive options was $20.92.
(b)	Represents all outstanding warrants for the three and nine months ended September 30, 2011 and 2010. The exercise price for the warrants outstanding for the three and nine months ended September 30, 2011 and 2010 was $22.50.

Intangible Assets

9 Months Ended

Sep. 30, 2011

Intangible Assets

Intangible Assets

4.Intangible Assets

Intangible assets consisted of:

	As of September 30, 2011								As of December 31, 2010
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
Franchise agreements	$	73		$	26		$	47		$	73		$	24		$	49
Customer lists		19			10			9			19			10			9
Other		2			1			1			2			1			1
	$	94		$	37		$	57		$	94		$	35		$	59

Unamortizable Intangible Assets
Goodwill	$	76								$	76
Trademarks (a)	$	418								$	422

__________

(a)	The decrease in trademarks is primarily due to fluctuations in foreign currency.

Amortization expense relating to all intangible assets was approximately $1 million during third quarter 2011 and 2010. For the nine months ended September 30, 2011 and 2010, amortization expense was approximately $2 million.

Based on the Company’s amortizable intangible assets at September 30, 2011, the Company expects amortization expense of approximately $1 million for the remainder of 2011 and approximately $3 million for each of the five fiscal years thereafter.

Financial Instruments

9 Months Ended

Sep. 30, 2011

Financial Instruments

Financial Instruments

5.Financial Instruments

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. 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. The carrying amounts of cash and cash equivalents, restricted cash, 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.

Debt Instruments

The carrying amounts and estimated fair values of debt instruments are as follows:

	As of September 30, 2011				As of December 31, 2010
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
Current portion of long-term debt	$	6	$	6	$	8	$	8
Long-term debt, excluding convertible debt		2,147		2,006		2,149		2,211
Convertible debt		345		334		345		407

Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding
(AESOP) LLC	$	5,326	$	5,403	$	3,987	$	4,045
Vehicle-backed debt		805		834		521		526

Derivative Instruments and Hedging Activities

The Company uses foreign exchange forward contracts to manage its exposure to changes in foreign currency exchange rates associated with its foreign currency denominated receivables and forecasted royalties, forecasted earnings of foreign subsidiaries and forecasted foreign currency denominated acquisitions, including the announced agreement to acquire Avis Europe. The Company primarily hedges its foreign currency exposure to the Canadian, Australian and New Zealand dollars, the Euro and the British pound sterling. The majority of forward contracts do not qualify for hedge accounting treatment. With the exception of forecasted foreign currency denominated acquisitions, fluctuations in the value of these forward contracts 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 twelve months are designated and do qualify as cash flow hedges. The amount of gains or losses reclassified from accumulated other comprehensive income to earnings resulting from ineffectiveness or from excluding a component of the forward contracts’ gain or loss from the effectiveness calculation for cash flow hedges during the three and nine months ended September 30, 2011 and 2010 was not material, nor is the amount of gains or losses the Company expects to reclassify from accumulated other comprehensive income to earnings over the next twelve months.

The Company uses various hedging strategies including interest rate swaps and interest rate caps to create an appropriate mix of fixed and floating rate assets and liabilities. The Company uses interest rate swaps, designated as cash flow hedges, to manage the risk related to its floating rate corporate debt. In connection with such cash flow hedges, the Company records the effective portion of changes in the fair value of these cash flow hedges to other comprehensive income, net of tax, and subsequently reclassifies these amounts into earnings in the period during which the hedged transaction is recognized. The changes in fair values of hedges that were determined to be ineffective are immediately reclassified from accumulated other comprehensive income into earnings. During the nine months ended September 30, 2010, the Company reclassified $36 million from accumulated other comprehensive income to earnings in connection with the early termination of certain interest rate swaps related to the repayment of a portion of the Company’s floating rate term loan. The Company estimates that approximately $37 million of losses deferred in accumulated other comprehensive income will be recognized over the next twelve months, which is expected to be offset in earnings by the impact of the underlying hedged items.

To manage the risk associated with its floating rate vehicle-backed debt, the Company uses derivatives. These derivatives include freestanding derivatives and derivatives designated as cash flow hedges. In connection with such cash flow hedges, the Company records the effective portion of the change in fair value in other comprehensive income, net of tax. The Company records the gains or losses related to freestanding derivatives in its consolidated results of operations.

The Company periodically enters into derivative commodity contracts to manage its exposure to changes in the price of unleaded gasoline. Changes in the fair value of these freestanding derivatives are recorded in the Company’s consolidated results of operations.

Certain of the Company’s derivative instruments contain collateral support provisions that require the Company to post cash collateral to the extent that these derivatives are in a liability position. The aggregate fair value of such derivatives that are in a liability position and the aggregate fair value of assets needed to settle these derivatives as of September 30, 2011 was approximately $5 million, for which the Company has posted cash collateral in the same amount in the normal course of business.

As of September 30, 2011, the Company held derivative instruments with notional values as follows: interest rate caps of approximately $4.0 billion, interest rate swaps of $132 million, foreign exchange forward contracts of approximately $1.4 billion, foreign exchange swaps of $19 million and commodity contracts for the purchase of 14 million gallons of unleaded gasoline.

The Company used significant observable inputs (Level 2 inputs) to determine the fair value of its derivative assets and liabilities. Derivatives entered into by the Company are typically executed over-the-counter and are valued using various 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 principal techniques used to value these instruments are discounted cash flows and Black-Scholes option valuation models. These models take into account a variety of factors including, where applicable, maturity, commodity prices, interest rate yield curves of the Company and counterparties, credit curves, counterparty creditworthiness and currency exchange rates. These factors are applied on a consistent basis and are based upon observable inputs where available.

Fair values of derivative instruments are as follows:

	As of September 30, 2011				As of December 31, 2010
	Fair Value, Asset Derivatives		Fair Value, Liability Derivatives		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives
Derivatives designated as hedging instruments (a)
Interest rate swaps (b)	$	0	$	4	$	0	$	4

Derivatives not designated as hedging instruments (a)
Foreign exchange forward contracts (c)		0		31		0		3
Foreign exchange swaps (c)		0		1		0		0
Interest rate swaps (b)		0		0		0		1
Interest rate contracts (d)		2		2		1		7
Commodity contracts (c)		0		3		0		0
Total	$	2	$	41	$	1	$	15

____________

(a)	Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding (AESOP) LLC (“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, as discussed in Note 12—Stockholders’ Equity.
(b)	Included in other non-current liabilities.
(c)	Included in other current liabilities.
(d)	Included in assets under vehicle programs and liabilities under vehicle programs.

The effect of derivatives recognized in the Company’s Consolidated Condensed Financial Statements are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Derivatives designated as hedging instruments
Interest rate swaps (a)	$	8	$	8	$	24	$	22

Derivatives not designated as hedging instruments
Foreign exchange forward contracts (b)	$	(12)	$	(1)	$	(33)	$	(1)
Foreign exchange swaps (c)		(1)		16		4		15
Interest rate contracts (d)		0		0		(1)		(2)
Commodity contracts (c)		(3)		0		(2)		0

____________

(a)	Amounts are recognized as a component of other comprehensive income within stockholders’ equity, net of tax.
(b)	For the three months ended September 30, 2011, includes a $14 million loss in transaction-related costs and a $2 million gain in operating expenses. For the nine months ended September 30, 2011, includes a $31 million loss in transaction-related costs and $2 million loss in operating expenses. For the three and nine months ended September 30, 2010, the amounts are included in operating expenses.
(c)	Included in operating expenses.
(d)	Included in interest expense.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80784-113994

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80748-113994

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-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624258-113959

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Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
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-Topic 815
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

+ Details

Vehicle Rental Activities

9 Months Ended

Sep. 30, 2011

Vehicle Rental Activities

Vehicle Rental Activities

6.Vehicle Rental Activities

The components of the Company’s vehicles, net within assets under vehicle programs are as follows:

	As of September 30, 2011		As of December 31, 2010
Rental vehicles	$	8,074	$	7,007
Less: Accumulated depreciation		(1,087)		(1,135)
		6,987		5,872
Vehicles held for sale		805		550
Vehicles, net	$	7,792	$	6,422

The components of vehicle depreciation and lease charges, net are summarized below:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Depreciation expense	$	370	$	355	$	1,034	$	981
Lease charges		10		6		30		25
Gain on sales of vehicles, net and vehicle disposition costs		(76)		(9)		(224)		(18)
Vehicle depreciation and lease charges, net	$	304	$	352	$	840	$	988

For the three months ended September 30, 2011 and 2010, vehicle interest, net, on the accompanying Consolidated Condensed Statements of Income excludes $49 million and $43 million, respectively, and for the nine months ended September 30, 2011 and 2010, vehicle interest, net excludes $150 million and $127 million, respectively, of interest expense related to the Company’s convertible senior notes and the fixed and floating rate borrowings of the Company’s Avis Budget Car Rental, LLC (“Avis Budget Car Rental”) subsidiary.

Income Taxes

9 Months Ended

Sep. 30, 2011

Income Taxes

Income Taxes

7.Income Taxes

The Company’s effective tax rate for the nine months ended September 30, 2011 is a provision of 40.3%. Such rate differs from the Federal statutory rate of 35.0% primarily due to state taxes and the non-deductibility of certain transaction-related costs.

The Company’s effective tax rate for the nine months ended September 30, 2010 is a provision of 26.4%. Such rate differs from the Federal statutory rate of 35.0% primarily due to an $11 million benefit relating to additional tax depreciation within the Company’s operations in Australia.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Accounts Payable and Other Current Liabilities

9 Months Ended

Sep. 30, 2011

Accounts Payable and Other Current Liabilities

Accounts Payable and Other Current Liabilities

8.Accounts Payable and Other Current Liabilities

Accounts payable and other current liabilities consisted of:

	As of September 30, 2011		As of December 31, 2010
Accounts payable	$	218	$	209
Accrued payroll and related		158		155
Public liability and property damage insurance liabilities − current		93		93
Advertising and marketing		70		53
Other		514		415
	$	1,053	$	925

Long Term Debt and Borrowing Arrangements

9 Months Ended

Sep. 30, 2011

Long Term Debt and Borrowing Arrangements

Long Term Debt and Borrowing Arrangements

9.Long-term Debt and Borrowing Arrangements

Long-term debt consisted of:

	Maturity Dates	As of September 30, 2011		As of December 31, 2010
Floating rate term loan (a)	April 2014	$	268	$	271
Floating rate notes	May 2014		250		250
7⅝% notes	May 2014		200		200
3½% convertible notes	October 2014		345		345
7¾% notes	May 2016		375		375
9⅝% notes	March 2018		445		444
8¼% notes	January 2019		602		602
			2,485		2,487
Other			13		15
Total long-term debt			2,498		2,502
Less: Current portion			6		8
Long-term debt		$	2,492	$	2,494

__________

(a)

The floating rate term loan and our revolving credit facility are secured by pledges of all of the capital stock of all of the Company’s direct or indirect domestic subsidiaries and up to 66% of the capital stock of each direct foreign subsidiary, subject to certain exceptions, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. The floating rate term loan bears interest at the greater of three month LIBOR or 1.50%, plus 425 basis points, for a rate of 5.75% at September 30, 2011.

During September 2011, the Company entered into an Incremental Facilities Agreement and an Incremental Tranche B Term Facility Agreement to amend its secured Amended and Restated Credit Agreement dated as of May 3, 2011 (the “Credit Agreement”). Pursuant to these new agreements, the Credit Agreement was amended to make available to the Company a $20 million tranche A incremental term loan (the “Term Loan A”) and a $420 million tranche B incremental term loan (the “Term Loan B”) which mature in May 2016 and September 2018, respectively. The Term Loan A will bear interest at LIBOR plus 3% per annum, and the Term Loan B will bear interest at the Eurocurrency rate, of not less than 1.25% plus a margin of 5.0% per annum. The Company has agreed to pay to the Term Loan B lenders an amount equal to 2.0% each such lender’s commitments under the Term Loan B which was structured as an original issue discount. Both the Term Loan A and the Term Loan B were contingent upon the Company’s acquisition of Avis Europe, which occurred on October 3, 2011.

During October 2011, the Company issued $250 million aggregate principal amount of 9¾% Senior Notes due 2020. The notes will pay interest semi-annually on March 15 and September 15 of each year, beginning in March 2012. The notes were originally issued as unsecured obligations of the Company’s AE Escrow Corporation subsidiary, and were subsequently assumed by Avis Budget Car Rental and guaranteed on a senior basis by the Company and certain of its domestic subsidiaries. These notes were issued at par and the proceeds were used to partially fund the acquisition of Avis Europe. The notes rank equally with all existing and future senior unsecured indebtedness and are senior to all existing and future subordinated indebtedness. The Company has the right to redeem these notes in whole or in part at any time at the applicable redemption price plus any accrued and unpaid interest through the redemption date. In connection with the sale of the notes, the Company entered into a Registration Rights Agreement (the “Registration Rights Agreement”), pursuant to which, in November 2011 it launched an offer to exchange the originally issued notes for new notes which have been registered under the Securities Act of 1933, as amended. The terms of the new notes will be substantially identical to those of the originally issued notes except that the transfer restrictions and registration rights provisions relating to the originally issued notes will not apply to the new notes.

Committed Credit Facilities and Available Funding Arrangements

At September 30, 2011, the committed credit facilities available to the Company and/or its subsidiaries included:

	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Revolving credit facility maturing 2016 (a) (b)	$	1,200	$	0	$	784	$	416

__________

(a)	This revolving credit facility matures in 2016 and bears interest of one month LIBOR plus 325 basis points. The senior credit facility, which encompasses the floating rate term loan, the Term Loan A, the Term Loan B and the revolving credit facility, is secured by pledges of all of the capital stock of all of the Company’s direct or indirect domestic subsidiaries and up to 66% of the capital stock of each foreign subsidiary directly owned by the Company’s domestic subsidiaries, subject to certain exceptions, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.
(b)	During September 2011, this revolving credit facility was amended to expand the available capacity to $1.4 billion, contingent upon the completion of the Company’s acquisition of Avis Europe, which occurred on October 3, 2011.

During September 2011, the Company entered into a Senior Interim Loan Agreement to replace the Senior Secured Interim Loan Agreement and the Senior Unsecured Interim Loan Agreement entered into in June 2011, in connection with the planned acquisition of Avis Europe. Deferred financing fees related to the replaced loan agreements have been expensed in transaction-related costs. The Senior Interim Loan Agreement provides for a commitment of up to $580 million and initially bears interest, at the Company’s option, at either a Eurocurrency rate, which shall not be less than 1.5%, plus a margin of 7.50% per annum or an alternate base rate, which shall not be less than 2.5%, plus a margin of 6.50% per annum, subject to increase by 0.50% per annum at the end of each consecutive three-month period ending after the date of funding of the interim loans through the one-year anniversary of the interim loan funding date, subject to a cap. Any borrowings under this loan agreement would mature on the seven-year anniversary of the funding date. This loan agreement expired pursuant to its terms in October 2011, and the Company made no borrowings under it.

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 facilities contain maximum leverage and minimum interest coverage ratio requirements. As of September 30, 2011, the Company was in compliance with the financial covenants of its senior credit facilities.

Debt Under Vehicle Programs and Borrowing Arrangements

9 Months Ended

Sep. 30, 2011

Debt Under Vehicle Programs and Borrowing Arrangements

Debt Under Vehicle Programs and Borrowing Arrangements

10.Debt Under Vehicle Programs and Borrowing Arrangements

Debt under vehicle programs (including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC) consisted of:

	As of September 30, 2011		As of December 31, 2010
Debt due to Avis Budget Rental Car Funding (a)	$	5,326	$	3,987
Budget Truck Funding program		194		244
Other (b)		613		284
	$	6,133	$	4,515

__________

(a)	The increase reflects increased borrowing within Domestic Car Rental operations to fund an increase in the size of the Company’s domestic car rental fleet.
(b)	The increase principally reflects increased borrowing within International Car Rental operations due to an increase in the size of the Company’s international vehicle rental fleet.

In 2010, the Company established a variable funding note program with a maximum capacity of $400 million of notes to be issued by Avis Budget Rental Car Funding to the Company to finance the purchase of vehicles. These variable funding notes pay interest of 4.5% at September 30, 2011 and mature in March 2012. As of September 30, 2011, there were no outstanding amounts due to the Company from Avis Budget Rental Car Funding under the program. During the three months ended September 30, 2011, no funding under the program occurred; however, for the nine months ended September 30, 2011, the Company earned interest income of $4 million and incurred equal amounts of interest expense on these notes, which were eliminated in consolidation in the Company’s financial statements.

The following table provides the contractual maturities of the Company’s debt under vehicle programs (including related party debt due to Avis Budget Rental Car Funding) at September 30, 2011:

		Vehicle- Backed Debt
Within 1 year (a)	$	2,251
Between 1 and 2 years		815
Between 2 and 3 years		658
Between 3 and 4 years		771
Between 4 and 5 years		741
Thereafter		897
	$	6,133

__________

(a)	Vehicle-backed debt maturing within one year includes term asset-backed securities maturities of approximately $1.6 billion and bank and bank-sponsored borrowings of $607 million.

As of September 30, 2011, available funding under the Company’s vehicle programs (including related party debt due to Avis Budget Rental Car Funding) consisted of:

	Total Capacity (a)		Outstanding Borrowings		Available Capacity
Debt due to Avis Budget Rental Car Funding (b)	$	7,241	$	5,326	$	1,915
Budget Truck financing (c)		194		194		0
Other (d)		954		613		341
	$	8,389	$	6,133	$	2,256

_____________

(a)	Capacity is subject to maintaining sufficient assets to collateralize debt.
(b)	The outstanding debt is collateralized by approximately $6.9 billion of underlying vehicles and related assets.
(c)	The outstanding debt is collateralized by $313 million of underlying vehicles and related assets.
(d)	The outstanding debt is collateralized by approximately $1.1 billion of underlying vehicles and related assets.

Debt agreements under the Company’s vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries and restrictions on indebtedness, mergers, liens, liquidations and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of September 30, 2011, 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2011

Commitments and Contingencies

Commitments and Contingencies

11.Commitments and Contingencies

Contingencies

Separation. In connection with the separation of Cendant Corporation (as the Company was formerly known) into four independent companies (the “Separation”), the Company completed the spin-offs of Realogy Corporation (“Realogy”) and Wyndham Worldwide Corporation (“Wyndham”) on July 31, 2006 and completed the sale of Travelport, Inc. (“Travelport”) on August 23, 2006. In connection with the spin-offs of Realogy and Wyndham, the Company entered into the Separation Agreement, pursuant to which Realogy assumed 62.5% and Wyndham assumed 37.5% of certain contingent and other corporate liabilities of the Company or its subsidiaries, which are not primarily related to any of the respective businesses of Realogy, Wyndham, Travelport and/or the Company’s vehicle rental operations, in each case incurred or allegedly incurred on or prior to the separation of Travelport from the Company (“Assumed Liabilities”). If Realogy or Wyndham were to default on its payment of costs or expenses to the Company related to any Assumed Liabilities, the Company would be responsible for 50% of the defaulting party’s obligation.

The Company does not believe that the impact of any contingent liabilities constituting Assumed Liabilities should result in a material liability to the Company in relation to its consolidated financial position or liquidity, as Realogy and Wyndham have agreed to assume responsibility for these liabilities. The Company is also named in various litigation matters that are primarily related to the businesses of its former subsidiaries, including Realogy, Wyndham and Travelport and their current or former subsidiaries. The Company is entitled to indemnification under the Separation Agreement from such entities for any liability resulting from such litigation.

In April 2007, Realogy was acquired by an affiliate of Apollo Management VI, L.P. The acquisition does not affect Realogy’s obligation to satisfy 62.5% of the contingent and other corporate liabilities of the Company or its subsidiaries pursuant to the terms of the Separation Agreement. As a result of the acquisition, Realogy has greater debt obligations and its ability to satisfy its portion of the contingent and other corporate liabilities may be adversely impacted. In accordance with the terms of the Separation Agreement, Realogy posted a letter of credit in April 2007 for the benefit of the Company to cover its estimated share of the Assumed Liabilities discussed above, subject to adjustment, although there can be no assurance that such letter of credit will be sufficient or effective to cover Realogy’s actual obligations if and when they arise.

Litigation. In October 2009, a judgment was entered against the Company in the amount of $16 million following the completion of a jury trial for damages in the United States District Court for the District of Alaska. The lawsuit, which was filed in 2003, involved breach of contract and other claims by one of the Company’s licensees related to the acquisition of the Budget vehicle rental business in 2002. The Company believes the verdict in this case is unsupported by the evidence. In addition to the judgment for damages, in June 2010, the district court also entered an order against the Company in the amount of $3 million, in favor of the plaintiff’s motions for pre-judgment interest and attorneys’ fees. The Company has filed an appeal of the judgment and attorneys’ fees awarded with the United States Court of Appeals for the Ninth Circuit.

In addition to the matters discussed above, the Company is also involved in claims, legal proceedings and governmental inquiries related to its vehicle rental operations, including with respect to contract disputes, business practices (including wage and hour claims, insurance claims, intellectual property claims, environmental issues and other commercial, employment and tax matters), and breach of contract claims by licensees. The Company believes that it has adequately accrued for such matters as appropriate. However, litigation is inherently unpredictable and, although the Company believes that its accruals are appropriate, unfavorable resolutions could occur, which could materially impact the Company’s results of operations or cash flows in a particular reporting period.

Commitment for the Acquisition of Avis Europe

On June 14, 2011, the Company and Avis Europe announced that they had reached an agreement on the terms of an acquisition by the Company of all outstanding shares of Avis Europe in exchange for £3.15 in cash per Avis Europe share, which values Avis Europe’s ordinary equity at approximately £635 million, or approximately $1.0 billion. The acquisition by the Company was effected by means of a scheme of arrangement between Avis Europe and its shareholders pursuant to Part 26 of the UK Companies Act 2006. On October 3, 2011, the Company completed the acquisition of Avis Europe. The Company funded the acquisition using a combination of its own cash resources and incremental indebtedness.

Commitments to Purchase Vehicles

The Company maintains agreements with vehicle manufacturers under which the Company has agreed to purchase approximately $4.4 billion of vehicles from manufacturers over the next twelve months. The majority of these commitments are subject to the vehicle manufacturers’ satisfying their obligations under the repurchase and guaranteed depreciation agreements. The purchase of such vehicles is financed primarily through the issuance of vehicle-backed debt in addition to cash received upon the sale of vehicles in the used car market and under repurchase and guaranteed depreciation programs.

Concentrations

Concentrations of credit risk at September 30, 2011 include (i) risks related to the Company’s repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers, including General Motors Company, Kia Motors America, Inc., Hyundai Motor America, Chrysler Group LLC, and Ford Motor Company and (ii) risks related to Realogy and Wyndham, including receivables of $97 million and $59 million, respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with the Separation.

Other Guarantees

The Company has provided certain guarantees to, or for the benefit of, subsidiaries of Realogy, Wyndham and Travelport. These guarantees primarily relate to various real estate operating leases that were entered into prior to the Separation. The maximum potential amount of future payments that the Company may be required to make under the guarantees relating to the various real estate operating leases is estimated to be approximately $130 million, the majority of which expire by the end of 2014. At September 30, 2011, the liability recorded by the Company in connection with these guarantees was approximately $3 million. To the extent that the Company would be required to perform under any of these guarantees, the Company is entitled to indemnification by Realogy, Wyndham and Travelport, as applicable. The Company monitors the credit ratings and other relevant information for Realogy, Wyndham and Travelport’s parent company in order to assess the status of the payment/performance risk of these guarantees.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Stockholders' Equity

9 Months Ended

Sep. 30, 2011

Stockholders' Equity

Stockholders' Equity

12.Stockholders’ Equity

Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income were as follows:

	Currency Translation Adjustments		Net Unrealized Gains (Losses) on Cash Flow Hedges		Net Unrealized Gains on Available-for Sale Securities		Minimum Pension Liability Adjustment		Accumulated Other Comprehensive Income
Balance, January 1, 2011	$	182	$	(46)	$	0	$	(44)	$	92
Current period change		(37)		24		2		0		(11)
Balance, September 30, 2011	$	145	$	(22)	$	2	$	(44)	$	81

__________

All components of accumulated other comprehensive income are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries.

Total Comprehensive Income

Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income.

The components of other comprehensive income were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Net income	$	82	$	90	$	141	$	78

Other comprehensive income:
Currency translation adjustment		(75)		62		(37)		35
Reclassification of unrealized losses on
cash flow hedges to net income, net of tax		0		0		0		22
Net unrealized gains on available-for-sale securities		0		0		2		0
Net unrealized gains on cash flow hedges, net of tax		8		8		24		22
		(67)		70		(11)		79
Total comprehensive income	$	15	$	160	$	130	$	157

During the nine months ended September 30, 2011 and 2010, the Company’s net unrealized losses on cash flow hedges decreased by $40 million and $36 million ($24 million and $22 million, net of tax), respectively, primarily due to the realization of losses in income. These cash flow hedges were primarily used to manage the interest-rate risk associated with the Company’s floating rate vehicle-backed and corporate debt. Such decrease during the nine months ended September 30, 2011 and 2010 included $39 million and $42 million ($24 million and $26 million, net of tax), respectively, related to the Company’s vehicle-backed debt and is offset by a corresponding change in the Company’s Investment in Avis Budget Rental Car Funding on the Consolidated Condensed Balance Sheets.

In first quarter 2010, the Company reclassified $36 million ($22 million, net of tax) of unrealized losses on certain interest rate swaps to early extinguishment of debt in connection with the repayment of a portion of the Company’s floating rate term loan and the settlement of such hedges.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Number 210
-Section 08
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-Section 02
-Paragraph 29, 30, 31
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+ Details

Stock Based Compensation

9 Months Ended

Sep. 30, 2011

Stock Based Compensation

Stock Based Compensation

13.Stock-Based Compensation

The Company records compensation expense for all outstanding employee stock awards based on the estimated fair value of the award at the grant date, which is recognized over the requisite service period. The Company recorded stock-based compensation expense of $3 million and $3 million ($2 million and $2 million, net of tax) during third quarter 2011 and 2010, respectively, and $14 million and $11 million ($8 million and $7 million, net of tax) during the nine months ended September 30, 2011 and 2010, respectively, related to employee stock awards that were granted by the Company.

The Company applies the direct method and tax law ordering approach to calculate the tax effects of stock-based compensation. In jurisdictions with net operating loss carryforwards, tax deductions for 2011 and 2010 exercises of stock-based awards did not generate a cash benefit. Approximately $40 million of tax benefits will be recorded in additional paid-in capital when realized in these jurisdictions.

Restricted Stock and Stock Unit Awards

During the nine months ended September 30, 2011 and 2010, the Company granted 355,000 and 971,000 market-vesting restricted stock units, respectively, and 648,000 and 989,000 time-based restricted stock units, respectively, under the Company’s amended 2007 Equity and Incentive Plan. The number of market-vesting restricted stock units which will ultimately vest is based on the Company’s common stock achieving certain price targets for a specified number of trading days. Of the market-vesting restricted stock units granted during the nine months ended September 30, 2011, 262,000 units vest after three years and 93,000 units vest 50% on each of the third and fourth anniversary of the date of grant. Of the time-based restricted stock units granted during the nine months ended September 30, 2011, 617,000 vest ratably on the first three anniversaries of the grant date and 31,000 vest on the first anniversary of the date of the grant. For the market-vesting restricted stock units granted during the nine months ended September 30, 2010, 600,000 units vest ratably over years two through five following the date of grant and 371,000 vest after three years. Of the time-based restricted stock units granted during the nine months ended September 30, 2010, 789,000 vest ratably on the first three anniversaries of the grant date and 200,000 vest on the first anniversary of the date of the grant.

The Company determined the fair value of its market-vesting restricted stock units granted in 2011 and 2010 using a Monte Carlo simulation model. The fair value of each of the Company’s market-vesting restricted stock units which contain three- and four-year vesting periods, issued in 2011, was estimated to be approximately $11.39 and $12.53, respectively. The fair value of each of the Company’s market-vesting restricted stock units which contain three- and five-year vesting periods, issued in 2010, was estimated to be approximately $8.88 and $9.57, respectively. The assumptions used to estimate the fair values of the market-vesting restricted stock awards using the Monte Carlo simulation model in 2011 and 2010 were as follows:

	Nine Months Ended September 30,
	2011	2010
Expected volatility of stock price	48%	54%
Risk-free interest rate	0.62% - 1.21%	1.47% - 1.74%
Valuation period	3-4 years	3-5 years
Dividend yield	0.0%	0.0%

Stock Options

During first quarter 2010, the Company granted 160,000 stock options under the Company’s amended 2007 Equity and Incentive Plan. The stock options (i) vest ratably over a five-year term, (ii) expire ten years from the date of grant and (iii) have an exercise price that was set at the closing price of the Company’s common stock on the date of the grant.

The Company used the Black-Scholes option pricing model to calculate the fair value of the time-vesting stock options granted in first quarter 2010. Based on facts and circumstances at the time of the grant, the Company used the implied volatility of its publicly traded, near-the-money stock options with a remaining maturity of at least one year. The Company considered several factors in estimating the life of the options granted, including the historical option exercise behavior of employees and the option vesting periods. 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 did not currently pay or plan to pay a dividend on its common stock, the expected dividend yield was zero. The fair value of the Company’s time-vesting stock options issued in first quarter 2010 was estimated to be $6.16. The assumptions used to estimate the fair value using the Black-Scholes simulation option pricing in first quarter 2010 were as follows:

	Three Months Ended March 31, 2010
Expected volatility of stock price	54%
Risk-free interest rate	2.82%
Expected life of options	6 years
Dividend yield	0.0%

The activity related to the Company’s restricted stock units (“RSUs”) and stock option plans consisted of (in thousands of shares):

	RSUs				Options
	Number of RSUs		Weighted Average Grant Price		Number of Options		Weighted Average Exercise Price
Balance at January 1, 2011		3,059	$	13.64		5,026	$	7.22
Granted at fair market value		1,003		14.46		0		0
Vested/exercised (a)		(728)		14.40		(1,219)		0.98
Canceled		(307)		23.35		(278)		21.54
Balance at September 30, 2011 (b) (c)		3,027		12.74		3,529		8.25

__________

(a)	During the nine months ended September 30, 2011, zero performance-based RSUs vested. Stock options exercised during the nine months ended September 30, 2011 had intrinsic value of $18 million.
(b)	As of September 30, 2011, the Company’s outstanding RSUs had aggregate intrinsic value of $29 million; aggregate unrecognized compensation expense related to RSUs amounted to $21 million; and the balance of RSUs at September 30, 2011 consists of 1,284,000 related to time-based awards and 1,743,000 related to market-vesting and performance-based awards. Approximately 2,000 time-based and 2,000 performance-based RSUs are eligible to vest in 2011, if applicable service and performance criteria are satisfied.
(c)	As of September 30, 2011, the Company’s outstanding stock options had aggregate intrinsic value of $21 million; there were 2.4 million “in-the-money” stock options; and aggregate unrecognized compensation expense related to unvested stock options amounted to $1 million. Approximately 3.4 million stock options are exercisable as of September 30, 2011.

The table below summarizes information regarding the Company’s outstanding stock options as of September 30, 2011 (in thousands of shares):

Range of Exercise Prices	Weighted Average Contractual Life (years)	Number of Options
Less than $10.00	7.3	2,388
$10.01 to $15.00	8.3	160
$15.01 to $20.00	1.2	155
$20.01 to $25.00	0	0
$25.01 to $30.00	0.4	816
$30.01 and above	3.0	10
	5.5	3,529

As of September 30, 2011, the Company also had approximately 0.5 million outstanding stock appreciation rights with a weighted average exercise price of $24.40, and a weighted average remaining contractual life of 1.8 years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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+ Details

Segment Information

9 Months Ended

Sep. 30, 2011

Segment Information

Segment Information

14.Segment Information

The reportable segments presented below represent the Company’s operating segments for which separate financial information is available and is utilized on a regular basis by its chief operating decision maker, the Company’s chief executive officer, to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments. Management evaluates the operating results of each of its reportable segments based upon revenue and “Adjusted EBITDA”, which is defined as income from continuing operations before non-vehicle related depreciation and amortization, any impairment charge, transaction-related costs, non-vehicle related interest and income taxes. As of June 30, 2011 management revised the manner in which it evaluates the operating results by excluding transaction-related costs from “Adjusted EBITDA” for all periods presented. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

	Three Months Ended September 30,
	2011				2010
	Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Domestic Car Rental	$	1,193	$	179	$	1,127	$	137
International Car Rental		318		74		274		62
Truck Rental		112		22		111		19
Corporate and Other (a)		0		(3)		0		(5)
Total Company	$	1,623		272	$	1,512		213

Less: Non-vehicle related depreciation and amortization				22				24
Interest expense related to corporate debt, net				48				40
Transaction-related costs (b)				66				5
Income before income taxes			$	136			$	144

	Nine Months Ended September 30,
	2011				2010
	Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Domestic Car Rental	$	3,177	$	380	$	2,989	$	205
International Car Rental		802		136		687		124
Truck Rental		290		40		282		30
Corporate and Other (a)		0		(10)		1		(13)
Total Company	$	4,269		546	$	3,959		346

Less: Non-vehicle related depreciation and amortization				65				70
Interest expense related to corporate debt, net:
Interest expense				143				122
Early extinguishment of debt				0				40
Transaction-related costs (b)				102				8
Income before income taxes			$	236			$	106

__________

(a)	Includes unallocated corporate overhead and the elimination of transactions between segments.
(b)	During the three and nine months ended September 30, 2011, the Company incurred $66 million and $102 million, respectively, in transaction-related costs related to due diligence, financing and other expenses associated with its announced agreement to acquire Avis Europe, including $26 million and $49 million, respectively, of losses on foreign-currency transactions related to the purchase price, and our previous efforts to acquire Dollar Thrifty. During the three and nine months ended September 30, 2010, the Company incurred $5 million and $8 million, respectively of expenses related to our previous efforts to acquire Dollar Thrifty.

Since December 31, 2010, there have been no significant changes in segment assets with the exception of the Company’s Domestic Car Rental segment assets under vehicle programs and International Car Rental segment assets under vehicle programs. As of September 30, 2011 and December 31, 2010, Domestic Car Rental segment assets under vehicle programs were approximately $6.9 billion and approximately $5.5 billion, respectively. International Car Rental segment assets under vehicle programs were approximately $1.1 billion as of September 30, 2011 and $966 million as of December 31, 2010.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Guarantor and Non Guarantor Consolidating Condensed Financial Statements

9 Months Ended

Sep. 30, 2011

Guarantor and Non Guarantor Consolidating Condensed Financial Statements

Guarantor and Non Guarantor Consolidating Condensed Financial Statements

15.Guarantor and Non-Guarantor Consolidating Condensed Financial Statements

The following consolidating financial information presents Consolidating Condensed Statements of Income for the three and nine months ended September 30, 2011 and 2010, Consolidating Condensed Balance Sheets as of September 30, 2011 and December 31, 2010, and Consolidating Condensed Statements of Cash Flows for the nine months ended September 30, 2011 and 2010 for: (i) Avis Budget Group, Inc. (the “Parent”); (ii) Avis Budget Car Rental and Avis Budget Finance, Inc. (the “Subsidiary Issuers”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries; (v) elimination entries necessary to consolidate the Parent with the Subsidiary Issuers, and the guarantor and non-guarantor subsidiaries; and (vi) the Company on a consolidated basis. The Subsidiary Issuers and the guarantor and non-guarantor subsidiaries are 100% owned by the Parent, either directly or indirectly. All guarantees are full and unconditional and joint and several. This financial information is being presented in relation to the Company’s guarantee of the payment of principal, premium (if any) and interest on the senior notes issued by Avis Budget Car Rental. These senior notes consist of Avis Budget Car Rental’s 7⅝% Notes due 2014, 7¾% Notes due 2016, Floating Rate Notes due 2014, 9⅝% Notes due 2018 and 8¼% Notes due 2019 (collectively, the “Notes”). See Note 9—Long-term Debt and Borrowing Arrangements for additional information regarding these Notes. The Notes are guaranteed by the Parent and certain subsidiaries.

Investments in subsidiaries are accounted for using the equity method of accounting for purposes of the consolidating presentation. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions. For purposes of the accompanying Consolidating Condensed Statements of Income, certain expenses incurred by the Subsidiary Issuers are allocated to the guarantor and non-guarantor subsidiaries.

Consolidating Condensed Statements of Income

Three Months Ended September 30, 2011

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Revenues
Vehicle rental	$	-	$	-	$	995	$	216	$	-	$	1,211
Other		-		-		282		512		(382)		412
Net revenues		-		-		1,277		728		(382)		1,623

Expenses
Operating		-		1		615		167		-		783
Vehicle depreciation and lease
charges, net		-		-		246		318		(260)		304
Selling, general and administrative		3		-		159		28		-		190
Vehicle interest, net		-		-		59		53		(38)		74
Non-vehicle related depreciation
and amortization		-		-		20		2		-		22
Interest expense related to corporate
debt, net:
Interest expense (income)		3		46		-		(1)		-		48
Intercompany interest
expense (income)		-		(46)		46		-		-		-
Transaction-related costs		66		-		-		-		-		66
Total expenses		72		1		1,145		567		(298)		1,487
Income (loss) before income taxes
and equity in earnings of
subsidiaries		(72)		(1)		132		161		(84)		136
Provision for (benefit from) income
taxes		(27)		-		58		23		-		54
Equity in earnings (loss) of
subsidiaries		127		128		54		-		(309)		-
Net income (loss)	$	82	$	127	$	128	$	138	$	(393)	$	82

Nine Months Ended September 30, 2011

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Revenues
Vehicle rental	$	-	$	-	$	2,623	$	540	$	-	$	3,163
Other		-		-		772		1,399		(1,065)		1,106
Net revenues		-		-		3,395		1,939		(1,065)		4,269

Expenses
Operating		2		5		1,709		450		-		2,166
Vehicle depreciation and lease
charges, net		-		-		686		865		(711)		840
Selling, general and administrative		8		-		427		76		-		511
Vehicle interest, net		-		(1)		166		148		(108)		205
Non-vehicle related depreciation
and amortization		-		-		59		6		-		65
Interest expense related to corporate
debt, net:
Interest expense (income)		7		138		-		(2)		-		143
Intercompany interest
expense (income)		(8)		(138)		146		-		-		-
Transaction-related costs		102		-		-		-		-		102
Restructuring charges		-		-		1		-		-		1
Total expenses		111		4		3,194		1,543		(819)		4,033
Income (loss) before income taxes
and equity in earnings of
subsidiaries		(111)		(4)		201		396		(246)		236
Provision for (benefit from) income
taxes		(39)		(1)		90		45		-		95
Equity in earnings (loss) of
subsidiaries		213		216		105		-		(534)		-
Net income (loss)	$	141	$	213	$	216	$	351	$	(780)	$	141

Three Months Ended September 30, 2010

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Revenues
Vehicle rental	$	-	$	-	$	958	$	187	$	-	$	1,145
Other		-		-		257		465		(355)		367
Net revenues		-		-		1,215		652		(355)		1,512

Expenses
Operating		1		2		560		142		-		705
Vehicle depreciation and lease
charges, net		-		-		293		313		(254)		352
Selling, general and administrative		3		-		131		22		-		156
Vehicle interest, net		-		-		73		40		(33)		80
Non-vehicle related depreciation
and amortization		-		-		22		2		-		24
Interest expense related to corporate
debt, net:
Interest expense (income)		2		39		-		(1)		-		40
Intercompany interest
expense (income)		(4)		(39)		43		-		-		-
Transaction-related costs		5		-		-		-		-		5
Restructuring charges		-		-		6		-		-		6
Total expenses		7		2		1,128		518		(287)		1,368
Income (loss) before income taxes
and equity in earnings of
subsidiaries		(7)		(2)		87		134		(68)		144
Provision for (benefit from) income
taxes		(3)		-		37		20		-		54
Equity in earnings (loss) of
subsidiaries		94		96		46		-		(236)		-
Net income (loss)	$	90	$	94	$	96	$	114	$	(304)	$	90

Nine Months Ended September 30, 2010

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Revenues
Vehicle rental	$	-	$	-	$	2,508	$	464	$	-	$	2,972
Other		1		-		702		1,272		(988)		987
Net revenues		1		-		3,210		1,736		(988)		3,959

Expenses
Operating		5		6		1,563		382		-		1,956
Vehicle depreciation and lease
charges, net		-		-		837		813		(662)		988
Selling, general and administrative		9		-		359		62		-		430
Vehicle interest, net		-		-		214		106		(90)		230
Non-vehicle related depreciation
and amortization		-		-		65		5		-		70
Interest expense related to corporate
debt, net:
Interest expense (income)		7		116		-		(1)		-		122
Intercompany interest
expense (income)		(10)		(116)		126		-		-		-
Early extinguishment of debt		-		40		-		-		-		40
Transaction-related costs		8		-		-		-		-		8
Restructuring charges		-		-		9		-		-		9
Total expenses		19		46		3,173		1,367		(752)		3,853
Income (loss) before income taxes
and equity in earnings of
subsidiaries		(18)		(46)		37		369		(236)		106
Provision for (benefit from) income
taxes		(7)		1		5		29		-		28
Equity in earnings (loss) of
subsidiaries		89		136		104		-		(329)		-
Net income (loss)	$	78	$	89	$	136	$	340	$	(565)	$	78

Consolidating Condensed Balance Sheets

As of September 30, 2011

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Assets
Current assets:
Cash and cash equivalents	$	2	$	688	$	2	$	310	$	-	$	1,002
Restricted cash		384		-		1		10		-		395
Receivables, net		-		94		168		108		-		370
Deferred income taxes		8		-		122		5		(2)		133
Other current assets		32		87		67		94		(24)		256
Total current assets		426		869		360		527		(26)		2,156

Property and equipment, net		-		66		288		40		-		394
Deferred income taxes		38		363		220		13		-		634
Goodwill		-		-		74		2		-		76
Other intangibles, net		-		7		381		87		-		475
Other non-current assets		141		108		6		12		-		267
Intercompany receivables (payables)		(38)		296		(486)		228		-		-
Investment in subsidiaries		577		1,308		2,504		-		(4,389)		-
Total assets exclusive of assets under
vehicle programs		1,144		3,017		3,347		909		(4,415)		4,002

Assets under vehicle programs:
Program cash		-		-		-		21		-		21
Vehicles, net		-		9		4		7,779		-		7,792
Receivables from vehicle manufacturers
and other		-		-		-		167		-		167
Investment in Avis Budget Rental Car
Funding (AESOP) LLC-related party		-		-		-		329		-		329
		-		9		4		8,296		-		8,309
Total assets	$	1,144	$	3,026	$	3,351	$	9,205	$	(4,415)	$	12,311

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and other current
liabilities	$	118	$	275	$	529	$	154	$	(23)	$	1,053
Current portion of long-term debt		-		3		3		-		-		6
Total current liabilities		118		278		532		154		(23)		1,059

Long-term debt		345		2,138		9		-		-		2,492
Other non-current liabilities		129		54		223		121		-		527
Total liabilities exclusive of liabilities
under vehicle programs		592		2,470		764		275		(23)		4,078

Liabilities under vehicle programs:
Debt		-		1		-		806		-		807
Due to Avis Budget Rental Car
Funding (AESOP) LLC-related party		-		-		-		5,326		-		5,326
Deferred income taxes		-		-		1,279		182		-		1,461
Other		-		-		-		87		-		87
		-		1		1,279		6,401		-		7,681
Total stockholders’ equity		552		555		1,308		2,529		(4,392)		552
Total liabilities and stockholders’
equity	$	1,144	$	3,026	$	3,351	$	9,205	$	(4,415)	$	12,311

As of December 31, 2010

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Assets
Current assets:
Cash and cash equivalents	$	257	$	513	$	3	$	138	$	-	$	911
Restricted cash		-		10		-		-		-		10
Receivables, net		-		77		148		90		-		315
Deferred income taxes		8		-		122		5		(5)		130
Other current assets		70		55		84		97		(34)		272
Total current assets		335		655		357		330		(39)		1,638

Property and equipment, net		-		61		321		43		-		425
Deferred income taxes		44		300		229		14		-		587
Goodwill		-		-		74		2		-		76
Other intangibles, net		-		7		382		92		-		481
Other non-current assets		140		97		11		24		(17)		255
Intercompany receivables (payables)		105		539		(792)		148		-		-
Investment in subsidiaries		337		1,112		2,392		-		(3,841)		-
Total assets exclusive of assets under
vehicle programs		961		2,771		2,974		653		(3,897)		3,462

Assets under vehicle programs:
Program cash		-		-		-		4		-		4
Vehicles, net		-		8		24		6,390		-		6,422
Receivables from vehicle manufacturers
and other		-		-		-		149		-		149
Investment in Avis Budget Rental Car
Funding (AESOP) LLC-related party		-		-		-		290		-		290
		-		8		24		6,833		-		6,865
Total assets	$	961	$	2,779	$	2,998	$	7,486	$	(3,897)	$	10,327

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and other current
liabilities	$	72	$	250	$	488	$	148	$	(33)	$	925
Current portion of long-term debt		-		4		4		-		-		8
Total current liabilities		72		254		492		148		(33)		933

Long-term debt		345		2,139		10		-		-		2,494
Other non-current liabilities		134		58		237		120		(14)		535
Total liabilities exclusive of liabilities
under vehicle programs		551		2,451		739		268		(47)		3,962

Liabilities under vehicle programs:
Debt		-		7		-		521		-		528
Due to Avis Budget Rental Car
Funding (AESOP) LLC-related party		-		-		-		3,987		-		3,987
Deferred income taxes		-		-		1,147		186		-		1,333
Other		-		-		-		107		-		107
		-		7		1,147		4,801		-		5,955
Total stockholders’ equity		410		321		1,112		2,417		(3,850)		410
Total liabilities and stockholders’
equity	$	961	$	2,779	$	2,998	$	7,486	$	(3,897)	$	10,327

Consolidating Condensed Statements of Cash Flows

Nine Months Ended September 30, 2011

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total

Net cash provided by (used in) operating
activities	$	(11)	$	183	$	(256)	$	874	$	482	$	1,272

Investing activities
Property and equipment additions		-		(9)		(16)		(5)		-		(30)
Proceeds received on asset sales		-		6		2		1		-		9
Acquisition-related restricted cash		(401)		-		-		-		-		(401)
Other, net		(7)		(3)		-		(1)		-		(11)
Net cash used in investing activities
exclusive of vehicle programs		(408)		(6)		(14)		(5)		-		(433)

Vehicle programs:
Decrease (increase) in program cash		-		-		-		(19)		-		(19)
Investment in vehicles		-		(12)		(3)		(6,686)		-		(6,701)
Proceeds received on disposition
of vehicles		-		9		8		4,362		-		4,379
Investment in debt securities of AESOP
- related party		(400)		-		-		-		-		(400)
Proceeds from debt securities of AESOP
- related party		400		-		-		-		-		400
		-		(3)		5		(2,343)		-		(2,341)
Net cash used in investing activities		(408)		(9)		(9)		(2,348)		-		(2,774)

Financing activities
Principal payments on borrowings		-		(3)		(3)		-		-		(6)
Net intercompany transactions		177		38		268		(1)		(482)		-
Debt financing fees		(14)		(19)		-		-		-		(33)
Other, net		1		-		-		-		-		1
Net cash provided by (used in)
financing activities exclusive of
vehicle programs		164		16		265		(1)		(482)		(38)

Vehicle programs:
Proceeds from borrowings		-		-		-		8,235		-		8,235
Principal payments on borrowings		-		-		-		(6,568)		-		(6,568)
Other, net		-		(15)		(1)		(4)		-		(20)
		-		(15)		(1)		1,663		-		1,647
Net cash provided by (used in)
financing activities		164		1		264		1,662		(482)		1,609

Effect of changes in exchange rates
on cash and cash equivalents		-		-		-		(16)		-		(16)
Net (decrease) increase in cash and cash
equivalents		(255)		175		(1)		172		-		91
Cash and cash equivalents, beginning
of period		257		513		3		138		-		911
Cash and cash equivalents, end of period	$	2	$	688	$	2	$	310	$	-	$	1,002

Nine Months Ended September 30, 2010

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total

Net cash provided by (used in) operating
activities	$	83	$	19	$	(177)	$	1,107	$	306	$	1,338

Investing activities
Property and equipment additions		-		(9)		(26)		(4)		-		(39)
Proceeds received on asset sales		-		10		-		1		-		11
Other, net		(3)		(3)		-		(1)		-		(7)
Net cash used in investing activities
exclusive of vehicle programs		(3)		(2)		(26)		(4)		-		(35)

Vehicle programs:
Decrease (increase) in program cash		-		-		-		123		-		123
Investment in vehicles		-		(18)		-		(6,531)		-		(6,549)
Proceeds received on disposition
of vehicles		-		28		7		4,410		-		4,445
Investment in debt securities of AESOP
- related party		(380)		-		-		-		-		(380)
Proceeds from debt securities of AESOP
- related party		380		-		-		-		-		380
		-		10		7		(1,998)		-		(1,981)
Net cash used in investing activities		(3)		8		(19)		(2,002)		-		(2,016)

Financing activities
Proceeds from borrowings		-		444		-		-		-		444
Principal payments on borrowings		-		(455)		(3)		-		-		(458)
Net intercompany transactions		(63)		150		218		1		(306)		-
Debt financing fees		-		(32)		-		-		-		(32)
Other, net		2		2		-		-		-		4
Net cash provided by (used in)
financing activities exclusive of
vehicle programs		(61)		109		215		1		(306)		(42)

Vehicle programs:
Proceeds from borrowings		-		-		-		7,196		-		7,196
Principal payments on borrowings		-		(1)		(19)		(6,371)		-		(6,391)
Net change in short-term borrowing		-		-		-		67		-		67
Other, net		-		(8)		(5)		(4)		-		(17)
		-		(9)		(24)		888		-		855
Net cash provided by (used in)
financing activities		(61)		100		191		889		(306)		813

Effect of changes in exchange rates
on cash and cash equivalents		-		-		-		6		-		6
Net (decrease) increase in cash and cash
equivalents		19		127		(5)		-		-		141
Cash and cash equivalents, beginning
of period		242		70		7		163		-		482
Cash and cash equivalents, end of period	$	261	$	197	$	2	$	163	$	-	$	623

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

Subsequent Events

9 Months Ended

Sep. 30, 2011

Subsequent Events

Subsequent Events

16.Subsequent Events

On October 3, 2011, the Company completed the previously announced acquisition of the entire issued share capital of Avis Europe for approximately $1.0 billion. The acquisition reunited the global operation of the Avis and Budget brands under one corporate umbrella, and the Company expects the acquisition to allow it to more effectively serve vehicle-rental customers worldwide. Primarily as a result of change-of-control provisions included in Avis Europe’s debt, the Company is repaying approximately $620 million of Avis Europe’s existing indebtedness. During October 2011, the Company repaid $290 million of Avis Europe’s existing indebtedness and obtained an approximately $480 million multi-national vehicle-backed financing facility maturing in October 2013 to help fund the Company’s European vehicle fleet. The accounting for the acquisition was incomplete at the time the Company issued its financial statements as it was still in the process of determining the fair value of the assets acquired and liabilities assumed. Accordingly, at the time of this filing it was impracticable for the Company to (i) present the acquisition date fair value of assets acquired and liabilities assumed, or assets and liabilities arising from contingencies; (ii) calculate the amount of goodwill and intangibles acquired and the total amount of goodwill that is expected to be deductible for tax purposes; and (iii) provide the pro forma segment disclosures.

On October 3, 2011, the Company’s AE Escrow Corporation subsidiary completed an offering of $250 million of its 9.75% Senior Notes due 2020. The notes were issued at par and will pay interest semi-annually on March 15 and September 15 of each year, beginning in March 2012. The Company used the proceeds to partially fund the acquisition of Avis Europe. Following the completion of the acquisition, the notes became obligations of the Company’s Avis Budget Car Rental LLC subsidiary in accordance with their terms and are guaranteed on a senior basis by the Company and certain of its domestic subsidiaries.

During October 2011, the Company’s Avis Budget Rental Car Funding subsidiary completed the renewal of its principal U.S. asset-backed bank conduit facility, expanding its borrowing capacity by $450 million to $2.5 billion and extending the facility’s expiration date to October 2013.

* * * *

Restructuring Charges (Tables)

9 Months Ended

Sep. 30, 2011

Restructuring Charges:

Change in restructuring reserve

The utilization of the restructuring liability is recorded within the Company’s segments as follows:

	Domestic Car Rental		Total
Balance as of January 1, 2011	$	6	$	6
Incremental charge		1		1
Cash payment/utilization		(6)		(6)
Balance as of September 30, 2011	$	1	$	1

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2011

Earnings Per Share Footnote

Computation of basic and diluted earnings per share

The following table sets forth the computation of basic and diluted earnings per share (“EPS”):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Net income for basic EPS	$	82	$	90	$	141	$	78
Convertible debt interest, net of tax		2		2		5		6
Net income for diluted EPS	$	84	$	92	$	146	$	84

Basic weighted average shares outstanding		105.4		103.2		105.1		103.0
Options, warrants and non-vested stock		2.3		2.2		2.6		2.2
Convertible debt		21.2		21.2		21.2		21.2
Diluted weighted average shares outstanding		128.9		126.6		128.9		126.4

Earnings per share:
Basic	$	0.78	$	0.88	$	1.34	$	0.76
Diluted	$	0.65	$	0.73	$	1.14	$	0.66

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:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Options (a)		1.1		2.0		1.2		2.0
Warrants (b)		21.2		21.2		21.2		21.2

__________

(a)	The weighted average exercise price for anti-dilutive options for the three and nine months ended September 30, 2011 was $24.59 and $24.59, respectively. For the three and nine months ended September 30, 2010, the weighted average exercise price for anti-dilutive options was $20.92.
(b)	Represents all outstanding warrants for the three and nine months ended September 30, 2011 and 2010. The exercise price for the warrants outstanding for the three and nine months ended September 30, 2011 and 2010 was $22.50.

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2011

Intangible Assets

Intangible assets

Intangible assets consisted of:

	As of September 30, 2011								As of December 31, 2010
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
Franchise agreements	$	73		$	26		$	47		$	73		$	24		$	49
Customer lists		19			10			9			19			10			9
Other		2			1			1			2			1			1
	$	94		$	37		$	57		$	94		$	35		$	59

Unamortizable Intangible Assets
Goodwill	$	76								$	76
Trademarks (a)	$	418								$	422

__________

(a)	The decrease in trademarks is primarily due to fluctuations in foreign currency.

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2011

Financial Instruments

Carrying amounts and estimated fair values of debt instruments

The carrying amounts and estimated fair values of debt instruments are as follows:

	As of September 30, 2011				As of December 31, 2010
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
Current portion of long-term debt	$	6	$	6	$	8	$	8
Long-term debt, excluding convertible debt		2,147		2,006		2,149		2,211
Convertible debt		345		334		345		407

Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding
(AESOP) LLC	$	5,326	$	5,403	$	3,987	$	4,045
Vehicle-backed debt		805		834		521		526

Fair value of derivative instruments, by balance sheet location

Fair values of derivative instruments are as follows:

	As of September 30, 2011				As of December 31, 2010
	Fair Value, Asset Derivatives		Fair Value, Liability Derivatives		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives
Derivatives designated as hedging instruments (a)
Interest rate swaps (b)	$	0	$	4	$	0	$	4

Derivatives not designated as hedging instruments (a)
Foreign exchange forward contracts (c)		0		31		0		3
Foreign exchange swaps (c)		0		1		0		0
Interest rate swaps (b)		0		0		0		1
Interest rate contracts (d)		2		2		1		7
Commodity contracts (c)		0		3		0		0
Total	$	2	$	41	$	1	$	15

____________

(a)	Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding (AESOP) LLC (“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, as discussed in Note 12—Stockholders’ Equity.
(b)	Included in other non-current liabilities.
(c)	Included in other current liabilities.
(d)	Included in assets under vehicle programs and liabilities under vehicle programs.

Schedule of Derivative Instruments Gain Loss in Statement of Financial Statements

The effect of derivatives recognized in the Company’s Consolidated Condensed Financial Statements are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Derivatives designated as hedging instruments
Interest rate swaps (a)	$	8	$	8	$	24	$	22

Derivatives not designated as hedging instruments
Foreign exchange forward contracts (b)	$	(12)	$	(1)	$	(33)	$	(1)
Foreign exchange swaps (c)		(1)		16		4		15
Interest rate contracts (d)		0		0		(1)		(2)
Commodity contracts (c)		(3)		0		(2)		0

____________

(a)	Amounts are recognized as a component of other comprehensive income within stockholders’ equity, net of tax.
(b)	For the three months ended September 30, 2011, includes a $14 million loss in transaction-related costs and a $2 million gain in operating expenses. For the nine months ended September 30, 2011, includes a $31 million loss in transaction-related costs and $2 million loss in operating expenses. For the three and nine months ended September 30, 2010, the amounts are included in operating expenses.
(c)	Included in operating expenses.
(d)	Included in interest expense.

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 14
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15
-Subparagraph b-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-Subparagraph a, c(1), c(2), c(3), d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph c(2), d, e, f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 19
-Subparagraph a, b, c(1), d(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

+ Details

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

Vehicle Rental Activities (Tables)

9 Months Ended

Sep. 30, 2011

Vehicle Rental Activities

Components of the Company's vehicles

The components of the Company’s vehicles, net within assets under vehicle programs are as follows:

	As of September 30, 2011		As of December 31, 2010
Rental vehicles	$	8,074	$	7,007
Less: Accumulated depreciation		(1,087)		(1,135)
		6,987		5,872
Vehicles held for sale		805		550
Vehicles, net	$	7,792	$	6,422

Components of vehicle depreciation and lease charges

The components of vehicle depreciation and lease charges, net are summarized below:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Depreciation expense	$	370	$	355	$	1,034	$	981
Lease charges		10		6		30		25
Gain on sales of vehicles, net and vehicle disposition costs		(76)		(9)		(224)		(18)
Vehicle depreciation and lease charges, net	$	304	$	352	$	840	$	988

Accounts Payable and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2011

Accounts Payable and Other Current Liabilities

Schedule of accounts payable and other current liabilities

Accounts payable and other current liabilities consisted of:

	As of September 30, 2011		As of December 31, 2010
Accounts payable	$	218	$	209
Accrued payroll and related		158		155
Public liability and property damage insurance liabilities − current		93		93
Advertising and marketing		70		53
Other		514		415
	$	1,053	$	925

Long Term Debt and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2011

Long Term Debt and Borrowing Arrangements

Schedule of long-term debt

Long-term debt consisted of:

	Maturity Dates	As of September 30, 2011		As of December 31, 2010
Floating rate term loan (a)	April 2014	$	268	$	271
Floating rate notes	May 2014		250		250
7⅝% notes	May 2014		200		200
3½% convertible notes	October 2014		345		345
7¾% notes	May 2016		375		375
9⅝% notes	March 2018		445		444
8¼% notes	January 2019		602		602
			2,485		2,487
Other			13		15
Total long-term debt			2,498		2,502
Less: Current portion			6		8
Long-term debt		$	2,492	$	2,494

__________

(a)

Schedule of committed credit facilities

At September 30, 2011, the committed credit facilities available to the Company and/or its subsidiaries included:

	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Revolving credit facility maturing 2016 (a) (b)	$	1,200	$	0	$	784	$	416

__________

(a)	This revolving credit facility matures in 2016 and bears interest of one month LIBOR plus 325 basis points. The senior credit facility, which encompasses the floating rate term loan, the Term Loan A, the Term Loan B and the revolving credit facility, is secured by pledges of all of the capital stock of all of the Company’s direct or indirect domestic subsidiaries and up to 66% of the capital stock of each foreign subsidiary directly owned by the Company’s domestic subsidiaries, subject to certain exceptions, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.
(b)	During September 2011, this revolving credit facility was amended to expand the available capacity to $1.4 billion, contingent upon the completion of the Company’s acquisition of Avis Europe, which occurred on October 3, 2011.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

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-Name Accounting Standards Codification
-Topic 210
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-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2011

Debt Under Vehicle Programs and Borrowing Arrangements

Schedule of debt under vehicle programs

Debt under vehicle programs (including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC) consisted of:

	As of September 30, 2011		As of December 31, 2010
Debt due to Avis Budget Rental Car Funding (a)	$	5,326	$	3,987
Budget Truck Funding program		194		244
Other (b)		613		284
	$	6,133	$	4,515

__________

(a)	The increase reflects increased borrowing within Domestic Car Rental operations to fund an increase in the size of the Company’s domestic car rental fleet.
(b)	The increase principally reflects increased borrowing within International Car Rental operations due to an increase in the size of the Company’s international vehicle rental fleet.

Schedule of contractual maturities

The following table provides the contractual maturities of the Company’s debt under vehicle programs (including related party debt due to Avis Budget Rental Car Funding) at September 30, 2011:

		Vehicle- Backed Debt
Within 1 year (a)	$	2,251
Between 1 and 2 years		815
Between 2 and 3 years		658
Between 3 and 4 years		771
Between 4 and 5 years		741
Thereafter		897
	$	6,133

__________

(a)	Vehicle-backed debt maturing within one year includes term asset-backed securities maturities of approximately $1.6 billion and bank and bank-sponsored borrowings of $607 million.

Schedule of available funding under the vehicle program

As of September 30, 2011, available funding under the Company’s vehicle programs (including related party debt due to Avis Budget Rental Car Funding) consisted of:

	Total Capacity (a)		Outstanding Borrowings		Available Capacity
Debt due to Avis Budget Rental Car Funding (b)	$	7,241	$	5,326	$	1,915
Budget Truck financing (c)		194		194		0
Other (d)		954		613		341
	$	8,389	$	6,133	$	2,256

_____________

(a)	Capacity is subject to maintaining sufficient assets to collateralize debt.
(b)	The outstanding debt is collateralized by approximately $6.9 billion of underlying vehicles and related assets.
(c)	The outstanding debt is collateralized by $313 million of underlying vehicles and related assets.
(d)	The outstanding debt is collateralized by approximately $1.1 billion of underlying vehicles and related assets.

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2011

Stockholders' Equity

Accumulated Other Comprehensive Income

	Currency Translation Adjustments		Net Unrealized Gains (Losses) on Cash Flow Hedges		Net Unrealized Gains on Available-for Sale Securities		Minimum Pension Liability Adjustment		Accumulated Other Comprehensive Income
Balance, January 1, 2011	$	182	$	(46)	$	0	$	(44)	$	92
Current period change		(37)		24		2		0		(11)
Balance, September 30, 2011	$	145	$	(22)	$	2	$	(44)	$	81

Total comprehensive income

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Net income	$	82	$	90	$	141	$	78

Other comprehensive income:
Currency translation adjustment		(75)		62		(37)		35
Reclassification of unrealized losses on
cash flow hedges to net income, net of tax		0		0		0		22
Net unrealized gains on available-for-sale securities		0		0		2		0
Net unrealized gains on cash flow hedges, net of tax		8		8		24		22
		(67)		70		(11)		79
Total comprehensive income	$	15	$	160	$	130	$	157

Stock Based Compensation (Tables)

3 Months Ended

9 Months Ended

Mar. 31, 2010

Sep. 30, 2011

Stock Based Compensation

Assumptions used to estimate the fair values of the market-vesting restricted stock awards

	Nine Months Ended September 30,
	2011	2010
Expected volatility of stock price	48%	54%
Risk-free interest rate	0.62% - 1.21%	1.47% - 1.74%
Valuation period	3-4 years	3-5 years
Dividend yield	0.0%	0.0%

Schedule Of Share-Based Payment Award Stock Options Valuation Assumptions

	Three Months Ended March 31, 2010
Expected volatility of stock price	54%
Risk-free interest rate	2.82%
Expected life of options	6 years
Dividend yield	0.0%

Stock Based Compensation Activity

The activity related to the Company’s restricted stock units (“RSUs”) and stock option plans consisted of (in thousands of shares):

	RSUs				Options
	Number of RSUs		Weighted Average Grant Price		Number of Options		Weighted Average Exercise Price
Balance at January 1, 2011		3,059	$	13.64		5,026	$	7.22
Granted at fair market value		1,003		14.46		0		0
Vested/exercised (a)		(728)		14.40		(1,219)		0.98
Canceled		(307)		23.35		(278)		21.54
Balance at September 30, 2011 (b) (c)		3,027		12.74		3,529		8.25

__________

(a)	During the nine months ended September 30, 2011, zero performance-based RSUs vested. Stock options exercised during the nine months ended September 30, 2011 had intrinsic value of $18 million.
(b)	As of September 30, 2011, the Company’s outstanding RSUs had aggregate intrinsic value of $29 million; aggregate unrecognized compensation expense related to RSUs amounted to $21 million; and the balance of RSUs at September 30, 2011 consists of 1,284,000 related to time-based awards and 1,743,000 related to market-vesting and performance-based awards. Approximately 2,000 time-based and 2,000 performance-based RSUs are eligible to vest in 2011, if applicable service and performance criteria are satisfied.
(c)	As of September 30, 2011, the Company’s outstanding stock options had aggregate intrinsic value of $21 million; there were 2.4 million “in-the-money” stock options; and aggregate unrecognized compensation expense related to unvested stock options amounted to $1 million. Approximately 3.4 million stock options are exercisable as of September 30, 2011.

Schedule of Share-Based Compensation Shares Authorized Under Stock Option Plans by Exercise Price Range

Range of Exercise Prices	Weighted Average Contractual Life (years)	Number of Options
Less than $10.00	7.3	2,388
$10.01 to $15.00	8.3	160
$15.01 to $20.00	1.2	155
$20.01 to $25.00	0	0
$25.01 to $30.00	0.4	816
$30.01 and above	3.0	10
	5.5	3,529

Segment Information (Tables)

9 Months Ended

Sep. 30, 2011

Segment Information

Segment information

	Three Months Ended September 30,
	2011				2010
	Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Domestic Car Rental	$	1,193	$	179	$	1,127	$	137
International Car Rental		318		74		274		62
Truck Rental		112		22		111		19
Corporate and Other (a)		0		(3)		0		(5)
Total Company	$	1,623		272	$	1,512		213

Less: Non-vehicle related depreciation and amortization				22				24
Interest expense related to corporate debt, net				48				40
Transaction-related costs (b)				66				5
Income before income taxes			$	136			$	144

	Nine Months Ended September 30,
	2011				2010
	Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Domestic Car Rental	$	3,177	$	380	$	2,989	$	205
International Car Rental		802		136		687		124
Truck Rental		290		40		282		30
Corporate and Other (a)		0		(10)		1		(13)
Total Company	$	4,269		546	$	3,959		346

Less: Non-vehicle related depreciation and amortization				65				70
Interest expense related to corporate debt, net:
Interest expense				143				122
Early extinguishment of debt				0				40
Transaction-related costs (b)				102				8
Income before income taxes			$	236			$	106

__________

(a)	Includes unallocated corporate overhead and the elimination of transactions between segments.
(b)	During the three and nine months ended September 30, 2011, the Company incurred $66 million and $102 million, respectively, in transaction-related costs related to due diligence, financing and other expenses associated with its announced agreement to acquire Avis Europe, including $26 million and $49 million, respectively, of losses on foreign-currency transactions related to the purchase price, and our previous efforts to acquire Dollar Thrifty. During the three and nine months ended September 30, 2010, the Company incurred $5 million and $8 million, respectively of expenses related to our previous efforts to acquire Dollar Thrifty.

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Guarantor and Non Guarantor Consolidating Condensed Financial Statements (Tables)

9 Months Ended

Sep. 30, 2011

Guarantor and Non Guarantor Consolidating Condensed Financial Statements

Consolidating Condensed Statements of Operations

Consolidating Condensed Statements of Income

Three Months Ended September 30, 2011

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Revenues
Vehicle rental	$	-	$	-	$	995	$	216	$	-	$	1,211
Other		-		-		282		512		(382)		412
Net revenues		-		-		1,277		728		(382)		1,623

Expenses
Operating		-		1		615		167		-		783
Vehicle depreciation and lease
charges, net		-		-		246		318		(260)		304
Selling, general and administrative		3		-		159		28		-		190
Vehicle interest, net		-		-		59		53		(38)		74
Non-vehicle related depreciation
and amortization		-		-		20		2		-		22
Interest expense related to corporate
debt, net:
Interest expense (income)		3		46		-		(1)		-		48
Intercompany interest
expense (income)		-		(46)		46		-		-		-
Transaction-related costs		66		-		-		-		-		66
Total expenses		72		1		1,145		567		(298)		1,487
Income (loss) before income taxes
and equity in earnings of
subsidiaries		(72)		(1)		132		161		(84)		136
Provision for (benefit from) income
taxes		(27)		-		58		23		-		54
Equity in earnings (loss) of
subsidiaries		127		128		54		-		(309)		-
Net income (loss)	$	82	$	127	$	128	$	138	$	(393)	$	82

Nine Months Ended September 30, 2011

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Revenues
Vehicle rental	$	-	$	-	$	2,623	$	540	$	-	$	3,163
Other		-		-		772		1,399		(1,065)		1,106
Net revenues		-		-		3,395		1,939		(1,065)		4,269

Expenses
Operating		2		5		1,709		450		-		2,166
Vehicle depreciation and lease
charges, net		-		-		686		865		(711)		840
Selling, general and administrative		8		-		427		76		-		511
Vehicle interest, net		-		(1)		166		148		(108)		205
Non-vehicle related depreciation
and amortization		-		-		59		6		-		65
Interest expense related to corporate
debt, net:
Interest expense (income)		7		138		-		(2)		-		143
Intercompany interest
expense (income)		(8)		(138)		146		-		-		-
Transaction-related costs		102		-		-		-		-		102
Restructuring charges		-		-		1		-		-		1
Total expenses		111		4		3,194		1,543		(819)		4,033
Income (loss) before income taxes
and equity in earnings of
subsidiaries		(111)		(4)		201		396		(246)		236
Provision for (benefit from) income
taxes		(39)		(1)		90		45		-		95
Equity in earnings (loss) of
subsidiaries		213		216		105		-		(534)		-
Net income (loss)	$	141	$	213	$	216	$	351	$	(780)	$	141

Three Months Ended September 30, 2010

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Revenues
Vehicle rental	$	-	$	-	$	958	$	187	$	-	$	1,145
Other		-		-		257		465		(355)		367
Net revenues		-		-		1,215		652		(355)		1,512

Expenses
Operating		1		2		560		142		-		705
Vehicle depreciation and lease
charges, net		-		-		293		313		(254)		352
Selling, general and administrative		3		-		131		22		-		156
Vehicle interest, net		-		-		73		40		(33)		80
Non-vehicle related depreciation
and amortization		-		-		22		2		-		24
Interest expense related to corporate
debt, net:
Interest expense (income)		2		39		-		(1)		-		40
Intercompany interest
expense (income)		(4)		(39)		43		-		-		-
Transaction-related costs		5		-		-		-		-		5
Restructuring charges		-		-		6		-		-		6
Total expenses		7		2		1,128		518		(287)		1,368
Income (loss) before income taxes
and equity in earnings of
subsidiaries		(7)		(2)		87		134		(68)		144
Provision for (benefit from) income
taxes		(3)		-		37		20		-		54
Equity in earnings (loss) of
subsidiaries		94		96		46		-		(236)		-
Net income (loss)	$	90	$	94	$	96	$	114	$	(304)	$	90

Nine Months Ended September 30, 2010

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Revenues
Vehicle rental	$	-	$	-	$	2,508	$	464	$	-	$	2,972
Other		1		-		702		1,272		(988)		987
Net revenues		1		-		3,210		1,736		(988)		3,959

Expenses
Operating		5		6		1,563		382		-		1,956
Vehicle depreciation and lease
charges, net		-		-		837		813		(662)		988
Selling, general and administrative		9		-		359		62		-		430
Vehicle interest, net		-		-		214		106		(90)		230
Non-vehicle related depreciation
and amortization		-		-		65		5		-		70
Interest expense related to corporate
debt, net:
Interest expense (income)		7		116		-		(1)		-		122
Intercompany interest
expense (income)		(10)		(116)		126		-		-		-
Early extinguishment of debt		-		40		-		-		-		40
Transaction-related costs		8		-		-		-		-		8
Restructuring charges		-		-		9		-		-		9
Total expenses		19		46		3,173		1,367		(752)		3,853
Income (loss) before income taxes
and equity in earnings of
subsidiaries		(18)		(46)		37		369		(236)		106
Provision for (benefit from) income
taxes		(7)		1		5		29		-		28
Equity in earnings (loss) of
subsidiaries		89		136		104		-		(329)		-
Net income (loss)	$	78	$	89	$	136	$	340	$	(565)	$	78

Consolidating Condensed Balance Sheets

As of September 30, 2011

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Assets
Current assets:
Cash and cash equivalents	$	2	$	688	$	2	$	310	$	-	$	1,002
Restricted cash		384		-		1		10		-		395
Receivables, net		-		94		168		108		-		370
Deferred income taxes		8		-		122		5		(2)		133
Other current assets		32		87		67		94		(24)		256
Total current assets		426		869		360		527		(26)		2,156

Property and equipment, net		-		66		288		40		-		394
Deferred income taxes		38		363		220		13		-		634
Goodwill		-		-		74		2		-		76
Other intangibles, net		-		7		381		87		-		475
Other non-current assets		141		108		6		12		-		267
Intercompany receivables (payables)		(38)		296		(486)		228		-		-
Investment in subsidiaries		577		1,308		2,504		-		(4,389)		-
Total assets exclusive of assets under
vehicle programs		1,144		3,017		3,347		909		(4,415)		4,002

Assets under vehicle programs:
Program cash		-		-		-		21		-		21
Vehicles, net		-		9		4		7,779		-		7,792
Receivables from vehicle manufacturers
and other		-		-		-		167		-		167
Investment in Avis Budget Rental Car
Funding (AESOP) LLC-related party		-		-		-		329		-		329
		-		9		4		8,296		-		8,309
Total assets	$	1,144	$	3,026	$	3,351	$	9,205	$	(4,415)	$	12,311

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and other current
liabilities	$	118	$	275	$	529	$	154	$	(23)	$	1,053
Current portion of long-term debt		-		3		3		-		-		6
Total current liabilities		118		278		532		154		(23)		1,059

Long-term debt		345		2,138		9		-		-		2,492
Other non-current liabilities		129		54		223		121		-		527
Total liabilities exclusive of liabilities
under vehicle programs		592		2,470		764		275		(23)		4,078

Liabilities under vehicle programs:
Debt		-		1		-		806		-		807
Due to Avis Budget Rental Car
Funding (AESOP) LLC-related party		-		-		-		5,326		-		5,326
Deferred income taxes		-		-		1,279		182		-		1,461
Other		-		-		-		87		-		87
		-		1		1,279		6,401		-		7,681
Total stockholders’ equity		552		555		1,308		2,529		(4,392)		552
Total liabilities and stockholders’
equity	$	1,144	$	3,026	$	3,351	$	9,205	$	(4,415)	$	12,311

As of December 31, 2010

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Assets
Current assets:
Cash and cash equivalents	$	257	$	513	$	3	$	138	$	-	$	911
Restricted cash		-		10		-		-		-		10
Receivables, net		-		77		148		90		-		315
Deferred income taxes		8		-		122		5		(5)		130
Other current assets		70		55		84		97		(34)		272
Total current assets		335		655		357		330		(39)		1,638

Property and equipment, net		-		61		321		43		-		425
Deferred income taxes		44		300		229		14		-		587
Goodwill		-		-		74		2		-		76
Other intangibles, net		-		7		382		92		-		481
Other non-current assets		140		97		11		24		(17)		255
Intercompany receivables (payables)		105		539		(792)		148		-		-
Investment in subsidiaries		337		1,112		2,392		-		(3,841)		-
Total assets exclusive of assets under
vehicle programs		961		2,771		2,974		653		(3,897)		3,462

Assets under vehicle programs:
Program cash		-		-		-		4		-		4
Vehicles, net		-		8		24		6,390		-		6,422
Receivables from vehicle manufacturers
and other		-		-		-		149		-		149
Investment in Avis Budget Rental Car
Funding (AESOP) LLC-related party		-		-		-		290		-		290
		-		8		24		6,833		-		6,865
Total assets	$	961	$	2,779	$	2,998	$	7,486	$	(3,897)	$	10,327

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and other current
liabilities	$	72	$	250	$	488	$	148	$	(33)	$	925
Current portion of long-term debt		-		4		4		-		-		8
Total current liabilities		72		254		492		148		(33)		933

Long-term debt		345		2,139		10		-		-		2,494
Other non-current liabilities		134		58		237		120		(14)		535
Total liabilities exclusive of liabilities
under vehicle programs		551		2,451		739		268		(47)		3,962

Liabilities under vehicle programs:
Debt		-		7		-		521		-		528
Due to Avis Budget Rental Car
Funding (AESOP) LLC-related party		-		-		-		3,987		-		3,987
Deferred income taxes		-		-		1,147		186		-		1,333
Other		-		-		-		107		-		107
		-		7		1,147		4,801		-		5,955
Total stockholders’ equity		410		321		1,112		2,417		(3,850)		410
Total liabilities and stockholders’
equity	$	961	$	2,779	$	2,998	$	7,486	$	(3,897)	$	10,327

Consolidating Condensed Statements of Cash Flows

Nine Months Ended September 30, 2011

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total

Net cash provided by (used in) operating
activities	$	(11)	$	183	$	(256)	$	874	$	482	$	1,272

Investing activities
Property and equipment additions		-		(9)		(16)		(5)		-		(30)
Proceeds received on asset sales		-		6		2		1		-		9
Acquisition-related restricted cash		(401)		-		-		-		-		(401)
Other, net		(7)		(3)		-		(1)		-		(11)
Net cash used in investing activities
exclusive of vehicle programs		(408)		(6)		(14)		(5)		-		(433)

Vehicle programs:
Decrease (increase) in program cash		-		-		-		(19)		-		(19)
Investment in vehicles		-		(12)		(3)		(6,686)		-		(6,701)
Proceeds received on disposition
of vehicles		-		9		8		4,362		-		4,379
Investment in debt securities of AESOP
- related party		(400)		-		-		-		-		(400)
Proceeds from debt securities of AESOP
- related party		400		-		-		-		-		400
		-		(3)		5		(2,343)		-		(2,341)
Net cash used in investing activities		(408)		(9)		(9)		(2,348)		-		(2,774)

Financing activities
Principal payments on borrowings		-		(3)		(3)		-		-		(6)
Net intercompany transactions		177		38		268		(1)		(482)		-
Debt financing fees		(14)		(19)		-		-		-		(33)
Other, net		1		-		-		-		-		1
Net cash provided by (used in)
financing activities exclusive of
vehicle programs		164		16		265		(1)		(482)		(38)

Vehicle programs:
Proceeds from borrowings		-		-		-		8,235		-		8,235
Principal payments on borrowings		-		-		-		(6,568)		-		(6,568)
Other, net		-		(15)		(1)		(4)		-		(20)
		-		(15)		(1)		1,663		-		1,647
Net cash provided by (used in)
financing activities		164		1		264		1,662		(482)		1,609

Effect of changes in exchange rates
on cash and cash equivalents		-		-		-		(16)		-		(16)
Net (decrease) increase in cash and cash
equivalents		(255)		175		(1)		172		-		91
Cash and cash equivalents, beginning
of period		257		513		3		138		-		911
Cash and cash equivalents, end of period	$	2	$	688	$	2	$	310	$	-	$	1,002

Nine Months Ended September 30, 2010

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total

Net cash provided by (used in) operating
activities	$	83	$	19	$	(177)	$	1,107	$	306	$	1,338

Investing activities
Property and equipment additions		-		(9)		(26)		(4)		-		(39)
Proceeds received on asset sales		-		10		-		1		-		11
Other, net		(3)		(3)		-		(1)		-		(7)
Net cash used in investing activities
exclusive of vehicle programs		(3)		(2)		(26)		(4)		-		(35)

Vehicle programs:
Decrease (increase) in program cash		-		-		-		123		-		123
Investment in vehicles		-		(18)		-		(6,531)		-		(6,549)
Proceeds received on disposition
of vehicles		-		28		7		4,410		-		4,445
Investment in debt securities of AESOP
- related party		(380)		-		-		-		-		(380)
Proceeds from debt securities of AESOP
- related party		380		-		-		-		-		380
		-		10		7		(1,998)		-		(1,981)
Net cash used in investing activities		(3)		8		(19)		(2,002)		-		(2,016)

Financing activities
Proceeds from borrowings		-		444		-		-		-		444
Principal payments on borrowings		-		(455)		(3)		-		-		(458)
Net intercompany transactions		(63)		150		218		1		(306)		-
Debt financing fees		-		(32)		-		-		-		(32)
Other, net		2		2		-		-		-		4
Net cash provided by (used in)
financing activities exclusive of
vehicle programs		(61)		109		215		1		(306)		(42)

Vehicle programs:
Proceeds from borrowings		-		-		-		7,196		-		7,196
Principal payments on borrowings		-		(1)		(19)		(6,371)		-		(6,391)
Net change in short-term borrowing		-		-		-		67		-		67
Other, net		-		(8)		(5)		(4)		-		(17)
		-		(9)		(24)		888		-		855
Net cash provided by (used in)
financing activities		(61)		100		191		889		(306)		813

Effect of changes in exchange rates
on cash and cash equivalents		-		-		-		6		-		6
Net (decrease) increase in cash and cash
equivalents		19		127		(5)		-		-		141
Cash and cash equivalents, beginning
of period		242		70		7		163		-		482
Cash and cash equivalents, end of period	$	261	$	197	$	2	$	163	$	-	$	623

Basis Of Presentation And Recently Issued Accounting Pronouncements (Details) - Sep. 30, 2011 £ in Millions, $ in Millions	GBP (£)	USD ($)
Basis of Presentation and Recently Issued Accounting Pronouncements
Agreed Purchase Price For Future Business Acquisitions In GBP	£ 635
Agreed Purchase Price For Future Business Acquisitions In USD \| $		$ 1,000
Cash Placed In Escrow For Avis Europe Acquisition (in GBP)	£ 246

Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Restructuring Charges (Details) - USD ($) $ in Millions	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Restructuring Cost and Reserve
Restructuring charges	$ 0	$ 6	$ 1	$ 9
DomesticCarRentalMember[Member]
Restructuring Charges:
Remaining liability relating to restructuring actions	1		1
Restructuring Cost and Reserve
Balance, beginning			6
Cash payment/utilization			(6)
Balance, ending	$ 1		$ 1

Earnings Per Share (Details)	3 Months Ended		9 Months Ended
Earnings Per Share (Details)	Sep. 30, 2011 USD ($) $ / shares shares	Sep. 30, 2010 USD ($) $ / shares shares	Sep. 30, 2011 USD ($) $ / shares shares	Sep. 30, 2010 USD ($) $ / shares shares
Earnings Per Share Footnote
Net income (loss) for basic EPS \| $	$ 82,000,000	$ 90,000,000	$ 141,000,000	$ 78,000,000
Convertible debt interest, net of tax \| $	2,000,000	2,000,000	5,000,000	6,000,000
Net income (loss) for diluted EPS \| $	$ 84,000,000	$ 92,000,000	$ 146,000,000	$ 84,000,000
Basic weighted average shares outstanding (in shares)	105.4	103.2	105.1	103.0
Options, warrants and non-vested stock (in shares)	2.3	2.2	2.6	2.2
Convertible debt (in shares)	21.2	21.2	21.2	21.2
Diluted weighted average shares outstanding (in shares)	128.9	126.6	128.9	126.4
Earnings per share:
Basic (in dollars per share) \| $ / shares	$ 0.78	$ 0.88	$ 1.34	$ 0.76
Diluted (in dollars per share) \| $ / shares	$ 0.65	$ 0.73	$ 1.14	$ 0.66
Antidilutive Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive shares (in shares)	1.1	2.0	1.2	2.0
Weighted average exercise price for anti-dilutive options (in dollars per share) \| (per share)	$ 24.59	$ 20.92	$ 24.59	$ 20.92
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive shares (in shares)	21.2	21.2	21.2	21.2
Exercise price for the warrants outstanding (in dollars per share) \| $	$ 22.50	$ 22.50	$ 22.50	$ 22.50

Other Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2011	Dec. 31, 2010
Other Current Assets
Restricted cash	$ 395	$ 10
Total Other Current Assets	$ 256	$ 272

Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended		12 Months Ended
Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2011	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2010
Finite-Lived Intangible Assets
Amortization expense relating to all intangible assets		$ 1	$ 1	$ 2	$ 2
Amortization expense for remainder of the year	$ 1
Amortization expense for each of the five fiscal years						$ 3	$ 3	$ 3	$ 3	$ 3
Indefinite-lived Intangible Assets by Major Class
Goodwill		76		76							$ 76
Trademarks		418		418							422
Franchise Rights [Member]
Finite-Lived Intangible Assets
Gross Carrying Amount		73		73							73
Accumulated Amortization		26		26							24
Net Carrying Amount		47		47							49
Customer Lists [Member]
Finite-Lived Intangible Assets
Gross Carrying Amount		19		19							19
Accumulated Amortization		10		10							10
Net Carrying Amount		9		9							9
Other Intangible Assets [Member]
Finite-Lived Intangible Assets
Gross Carrying Amount		2		2							2
Accumulated Amortization		1		1							1
Net Carrying Amount		$ 1		$ 1							$ 1

Financial Instruments (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2010	Jun. 30, 2012	Sep. 30, 2011	Dec. 31, 2010
Corporate debt
Current portion of long-term debt			$ 6	$ 8
Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding (AESOP) LLC			5,326	3,987
Amount estimated to be reclassified from accumulated other comprehensive income to earnings over the next 12 months		$ 37
Amount Reclassified From Other Comprehensive Income To Earnings	$ 36
Amount of derivatives offset against cash collateral			5
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Corporate debt
Current portion of long-term debt			6	8
Long-term debt, excluding convertible debt			2,147	2,149
Convertible debt			345	345
Debt under vehicle programs
Vehicle-backed debt			805	521
Estimate of Fair Value, Fair Value Disclosure [Member]
Corporate debt
Current portion of long-term debt			6	8
Long-term debt, excluding convertible debt			2,006	2,211
Convertible debt			334	407
Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding (AESOP) LLC			5,403	4,045
Vehicle-backed debt			$ 834	$ 526

Financial Instruments, Fair Value Derivatives (Details) gallon in Millions, $ in Millions	Sep. 30, 2011 USD ($) gallon	Dec. 31, 2010 USD ($)
Derivatives, Fair Value
Nonmonetary notional amount of derivative instruments \| gallon	14
Interest Rate Swap [Member]
Derivatives, Fair Value
Fair Value Liability Derivatives	$ 4	$ 4
Absolute notional values of derivative instruments	132
Foreign Exchange Forward [Member]
Derivatives, Fair Value
Fair Value Liability Derivatives	31	3
Absolute notional values of derivative instruments	1,400
Interest Rate Contract [Member]
Derivatives, Fair Value
Fair Value Asset Derivatives	2	1
Fair Value Liability Derivatives	2	7
Interest Rate Cap [Member]
Derivatives, Fair Value
Fair Value Liability Derivatives		$ 1
Absolute notional values of derivative instruments	4,000
Currency Swap [Member]
Derivatives, Fair Value
Fair Value Asset Derivatives	0
Absolute notional values of derivative instruments	19
Not Designated as Hedging Instrument [Member] \| Commodity Contract [Member] \| Other Current Liabilities [Member]
Derivatives, Fair Value
Fair Value Liability Derivatives	3
Not Designated as Hedging Instrument [Member] \| Currency Swap [Member] \| Other Current Liabilities [Member]
Derivatives, Fair Value
Fair Value Liability Derivatives	$ 1

Financial Instruments, Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Derivative Instruments, Gain (Loss)
Component of interest expense related to interest rate swaps and interest rate caps				$ (2)
Foreign Exchange Forward [Member] \| Operating Expense [Member]
Derivative Instruments, Gain (Loss)
Component of operating expense			$ (2)
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss)
Unrealized gains on cash flow hedges, net of tax	$ 8	$ 8	24	22
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member]
Derivative Instruments, Gain (Loss)
Component of operating expense	(12)	(1)	(33)	(1)
Unrealized gain (loss) Fx Forward Contracts Acquisition Hedge	(14)		(31)
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member] \| Operating Expense [Member]
Derivative Instruments, Gain (Loss)
Component of operating expense	(2)
Not Designated as Hedging Instrument [Member] \| Commodity Contract [Member]
Derivative Instruments, Gain (Loss)
Component of operating expense	(3)	0	(2)
Not Designated as Hedging Instrument [Member] \| Currency Swap [Member]
Derivative Instruments, Gain (Loss)
Component of operating expense	$ (1)	$ 16	$ 4	$ 15

Vehicle Rental Activities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Vehicle Rental Activities (Details) - USD ($) $ in Millions	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010
Vehicle Rental Activities
Rental vehicles	$ 8,074		$ 8,074		$ 7,007
Less: Accumulated depreciation	(1,087)		(1,087)		(1,135)
Rental vehicles, net	6,987		6,987		5,872
Vehicles held for sale	805		805		550
Vehicles, net	7,792		7,792		$ 6,422
Vehicle Depreciated and Lease Charge Summary
Depreciation expense	370	$ 355	1,034	$ 981
Lease charges	10	6	30	25
Gain on sales of vehicles, net including cost of vehicle disposition	(76)	(9)	(224)	(18)
Vehicle depreciation and lease charges, net	304	352	840	988
Amount of vehicle interest excluded as related to borrowings from subsidiary	$ 49	$ 43	$ 150	$ 127

Income Taxes (Details)	9 Months Ended
Income Taxes (Details)	Sep. 30, 2011	Sep. 30, 2010
Income Taxes
Effective tax rate (in hundredths)	40.30%	26.40%
Federal statutory rate (in hundredths)	35.00%	35.00%

Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2011	Dec. 31, 2010
Accounts Payable and Other Current Liabilities
Accounts payable	$ 218	$ 209
Accrued payroll and related	158	155
Public liability and property damage insurance liabilities - current	93	93
Advertising and marketing	70	53
Other	514	415
Accounts payable and other current liabilities	$ 1,053	$ 925

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable to insurance entities to mitigate potential loss from various risks or to satisfy a promise to provide certain coverage's to employees. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

Long Term Debt and Borrowing Arrangements (Details) - USD ($) $ in Millions	Sep. 30, 2011	Dec. 31, 2010
Debt Instrument
Total long-term debt	$ 2,498	$ 2,502
Less: current portion	6	8
Long-term debt	2,492	2,494
Line of Credit Facility
Total Capacity	1,200
Outstanding Borrowings	0
Letters of Credit Issued	784
Available Capacity	416
Incremental Term Loan A Mature May 2016	20
Incremental Term Loan B Mature Sept 2018	420
Expanded Revolving Credit Facility Maturing 2016	1,400
Floating rate term loan [Member]
Debt Instrument
Long-term debt	268	271
Floating rate notes [Member]
Debt Instrument
Long-term debt	250	250
Notes due May 2014 [Member]
Debt Instrument
Long-term debt	200	200
Convertible Notes due October 2014 [Member]
Debt Instrument
Long-term debt	345	345
Notes due May 2016 [Member]
Debt Instrument
Long-term debt	375	375
Notes due March 2018 [Member]
Debt Instrument
Long-term debt	445	444
Notes due January 2019 [Member]
Debt Instrument
Long-term debt	602	602
Subtotal of Notes [Member]
Debt Instrument
Long-term debt	2,485	2,487
Other long-term notes [Member]
Debt Instrument
Long-term debt	$ 13	$ 15

Debt Under Vehicle Programs and Borrowing Arrangements (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2011	Dec. 31, 2010
Contractual maturities
Within 1 year	$ 2,251	$ 2,251
Between 1 and 2 years	815	815
Between 2 and 3 years	658	658
Between 3 and 4 years	771	771
Between 4 and 5 years	741	741
Thereafter	897	897
Maximum capacity of variable funding note program to finance vehicle purchases	$ 400	$ 400
Interest rate on variable funding notes issued under the vehicle program (in hundredths)	4.50%	4.50%
Interest income earned	$ 4	$ 4
Amount of vehicle-backed debt covered by asset-backed securities	1,600	1,600
Amount of vehicle-backed debt covered by bank and bank-sponsored borrowings	607	607
Debt due to Avis Budget Rental Car Funding [Member]
Debt under Vehicle Programs and Borrowing Arrangements
Total capacity	7,241	7,241
Outstanding borrowings	5,326	5,326
Available Capacity	1,915	1,915
Debt Under Vehicle Programs	5,326	5,326	$ 3,987
Collateralized assets for vehicle backed debt	6,900	6,900
Contractual maturities
Vehicle Program Debt, Amount Outstanding	5,326	5,326
Budget Truck Funding program [Member]
Debt under Vehicle Programs and Borrowing Arrangements
Total capacity	194	194
Outstanding borrowings	194	194
Available Capacity	0	0
Debt Under Vehicle Programs	194	194	244
Collateralized assets for vehicle backed debt	313	313
Contractual maturities
Vehicle Program Debt, Amount Outstanding	194	194
Other debt under Vehicle Program [Member]
Debt under Vehicle Programs and Borrowing Arrangements
Total capacity	954	954
Outstanding borrowings	613	613
Available Capacity	341	341
Debt Under Vehicle Programs	613	613	$ 284
Collateralized assets for vehicle backed debt	1,100	1,100
Contractual maturities
Vehicle Program Debt, Amount Outstanding	$ 613	$ 613

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2011 USD ($)
Loss Contingencies
Amount of judgment was entered against Company	$ 16
Additional amount of order against Company for pre-judgment interest and attorneys' fees	3
Amount of agreements with vehicle manufacturers to purchase vehicles over the next 12 months	4,400
Maximum potential amount of future payments under the guarantees relating to the various real estate operating leases	130
Liability recorded in connection with real estate operating lease guarantees	$ 3
Realogy Corporation [Member]
Loss Contingencies
Percentage of any Assumed Liabilities for which the Company would be responsible in the event of a default (in hundredths)	50.00%
Amount of receivables related to certain contingent, income tax and other corporate liabilities assumed in separation	$ 97
Wyndham Worldwide Corporation [Member]
Loss Contingencies
Percentage of any Assumed Liabilities for which the Company would be responsible in the event of a default (in hundredths)	50.00%
Amount of receivables related to certain contingent, income tax and other corporate liabilities assumed in separation	$ 59

Stockholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Stockholders' Equity (Details) - USD ($) $ in Millions	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010
Balance of Accumulated Comprehensive Income
Currency Translation Adjustments	$ 145		$ 145		$ 182
Net Unrealized Gains (Losses) on Cash Flow Hedges	(22)		(22)		(46)
Net Unrealized Gains on Available-for Sale Securities	2		2		0
Minimum Pension Liability Adjustment	(44)		(44)		(44)
Accumulated Other Comprehensive Income	81		81		$ 92
Total comprehensive Income
Net income (loss)	82	$ 90	141	$ 78
Other comprehensive income:
Reclassification of unrealized losses on cash flow hedges to net loss, net of tax	0	0	0	22
Unrealized gains on cash flow hedges, net of tax	8	8	24	22
Unrealized gains on available-for-sale securities	0	0	2	0
Currency translation adjustments	(75)	62	(37)	35
Total comprehensive income	15	160	130	157
Unrealized gains on cash flow hedges, before tax			40	36
Unrealized gain (loss) on cash flow hedges related to vehicle-backed debt, before tax			39	42
Unrealized gain (loss) on cash flow hedges related to vehicle-backed debt, net of tax			24	26
Reclassification of unrealized losses on cash flow hedges to net loss, before tax				36
Reclassification of unrealized losses on cash flow hedges to net loss, net of tax	$ 0	$ 0	$ 0	$ 22

Stock Based Compensation (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2011 USD ($) $ / shares shares	Sep. 30, 2010 USD ($)	Mar. 31, 2010 shares	Sep. 30, 2011 USD ($) $ / shares shares	Sep. 30, 2010 USD ($) $ / shares shares	Sep. 30, 2011 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense \| $	$ 3	$ 3		$ 14	$ 11
Stock-based compensation expense (net of tax) \| $	$ 2	$ 2		8	$ 7
Tax benefits from compensation expense \| $				$ 40
Assumptions Used to Estimate Fair Value of Stock-based Awards
Fair value of award \| $ / shares	$ 12.74			$ 12.74		$ 12.74
Equity instruments other than options, nonvested [Roll Forward]
Weighted average grant date fair value, beginning of period (in dollars per unit) \| $ / shares				13.64
Weighted average grant date fair value, end of period (in dollars per unit) \| $ / shares	$ 12.74			$ 12.74
Equity instruments other than options, additional disclosures
Number Of Performance-Based and Market-Based Stock Units Outstanding				1,743
Number of units that cliff vest after three years (in number of units)				262	371
Number of units that vest 50% on each of the third and fourth anniversary of the date of grant (in number of units)				93
Number of units that vest ratably over a three-year period (in number of units)				617	789
Number of units that vest on the first anniversary of the date of the grant (in number of units)				31	200
Number of units that vest ratably over years two through five following the date of grant (in number of units)					600
Fair value of restricted stock units which contain three-year vesting periods \| $ / shares				$ 11.39	$ 8.88
Fair value of restricted stock units which contain four-year vesting periods \| $ / shares				$ 12.53
Fair value of restricted stock units which contain five-year vesting periods (in dollars per unit) \| $ / shares					$ 9.57
Share-based payment award, options, additional disclosures
Number of Options						3,529
Stock Option Excercise Price Range
Weighted Average Contractual Life (years)						5.5
Number of Options						3,529
Time-based vesting schedule [Member]
Equity instruments other than options, additional disclosures
Other than options expected to vest, exercisable number (in number of units)						2
Performance-based vesting schedule [Member]
Equity instruments other than options, additional disclosures
Other than options expected to vest, exercisable number (in number of units)						2
Less than $10.00
Share-based payment award, options, additional disclosures
Number of Options						2,388
Stock Option Excercise Price Range
Weighted Average Contractual Life (years)						7.3
Number of Options						2,388
$10.01 to $15.00
Share-based payment award, options, additional disclosures
Number of Options						160
Stock Option Excercise Price Range
Weighted Average Contractual Life (years)						8.3
Number of Options						160
$15.01 to $20.00
Share-based payment award, options, additional disclosures
Number of Options						155
Stock Option Excercise Price Range
Weighted Average Contractual Life (years)						1.2
Number of Options						155
$20.01 to $25.00
Share-based payment award, options, additional disclosures
Number of Options						0
Stock Option Excercise Price Range
Weighted Average Contractual Life (years)						0
Number of Options						0
$25.01 to $30.00
Share-based payment award, options, additional disclosures
Number of Options						816
Stock Option Excercise Price Range
Weighted Average Contractual Life (years)						0.4
Number of Options						816
$30.01 and above
Share-based payment award, options, additional disclosures
Number of Options						10
Stock Option Excercise Price Range
Weighted Average Contractual Life (years)						3.0
Number of Options						10
Total Outstanding Stock Options
Equity instruments other than options, additional disclosures
Time Based Restricted Stock Units Outstanding				1,284
Restricted Stock Units (RSUs) [Member]
Assumptions Used to Estimate Fair Value of Stock-based Awards
Expected volatility of stock price (in hundredths)				48.00%	54.00%
Risk-free interest rate - minimum (in hundredths)				0.62%	1.47%
Risk-free interest rate - maximum (in hundredths)				1.21%	1.74%
Valuation period range (in years)				3-4 years	3-5 years
Dividend yield (in hundredths)				0.00%	0.00%
Equity instruments other than options, nonvested [Roll Forward]
Beginning balance (in number of RSUs)				3,059
Granted at fair market value (in number of RSUs)				1,003
Vested/exercised (in number of RSUs)				(728)
Cancelled (in number of RSUs)				(307)
Ending balance (in number of RSUs)	3,027			3,027
Weighted average grant date fair value, grants in period (in dollars per unit) \| $ / shares				$ 14.46
Weighted average grant date fair value, vested/exercised in period (in dollars per unit) \| $ / shares				$ 14.40
Weighted average grant date fair value, cancelled in period (in dollars per unit) \| $ / shares						$ 23.35
Equity instruments other than options, additional disclosures
Equity instruments, other than options, nonvested, intrinsic value \| $						$ 29
Aggregate unrecognized compensation expense related to awards \| $						21
Number of units granted (in number of units)				1,003
Share-based payment award, options, additional disclosures
Aggregate unrecognized compensation expense related to awards \| $						21
Stock Options [Member]
Assumptions Used to Estimate Fair Value of Stock-based Awards
Expected volatility of stock price (in hundredths)			54.00%
Risk-free interest rate (in hundredths)			2.82%
Expected life of options (in years)			6
Dividend yield (in hundredths)			0.00%
Estimated Fair Value of Stock Option \| $ / shares				$ 6.16
Equity instruments other than options, additional disclosures
Aggregate unrecognized compensation expense related to awards \| $						$ 1
Share based payment award, options outstanding [Roll Forward]
Beginning balance (in number of options)				5,026
Granted at fair market value (in number of options)			160	0
Vested/exercised (in number of options)				(1,219)
Cancelled (in number of options)				(278)
Ending balance (in number of options)	3,529			3,529
Weighted average exercise price, beginning balance (in dollars per option) \| $ / shares				$ 7.22
Weighted average exercise price, grants in period (in dollars per option) \| $ / shares						$ 0
Weighted average exercise price, cancelled in period (in dollars per option) \| $ / shares				21.54
Options outstanding, weighted average exercise price, ending balance (in dollars per option) \| $ / shares	$ 8.25			8.25
Weighted average exercise price, vested/exercised in period (in dollars per option) \| $ / shares				$ 0.98
Share-based payment award, options, additional disclosures
Stock options exercised during the period, intrinsic value \| $				$ 18
Aggregate unrecognized compensation expense related to awards \| $						$ 1
Number of stock options exercisable at period end (in number of options)	3,400			3,400
'In-the-money' stock options (in number of options)						2,400
Options outstanding, intrinsic value \| $						$ 21
Stock Appreciation Rights (SARs) [Member]
Share-based payment award, options, additional disclosures
Number of SARS Outstanding				500
Weighted Average Exercise Price SARS \| $ / shares				$ 24.40
Weighted average remaining contractual life (in years)				1.8

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Segment Information (Details) - USD ($) $ in Millions	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010
Segment Reporting Information
Revenues	$ 1,623	$ 1,512	$ 4,269	$ 3,959
Less: Non-vehicle related depreciation and amortization	22	24	65	70
Interest expense related to corporate debt, net
Interest expense	48	40	143	122
Early extinguishment of debt	0	0	0	40
Transaction-related costs	66	5	102	8
Income (loss) before income taxes	136	144	236	106
FX related transaction costs	26		49
Domestic Assets Under Vehicle Program	6,900		6,900		$ 5,500
International Assets Under Vehicle Program	1,100		1,100		$ 966
Domestic Car Rental [Member]
Segment Reporting Information
Revenues	1,193	1,127	3,177	2,989
Adjusted EBITDA	179	137	380	205
International Car Rental [Member]
Segment Reporting Information
Revenues	318	274	802	687
Adjusted EBITDA	74	62	136	124
Truck Rental [Member]
Segment Reporting Information
Revenues	112	111	290	282
Adjusted EBITDA	22	19	40	30
Corporate and Other [Member]
Segment Reporting Information
Revenues	0	0	0	1
Adjusted EBITDA	$ (3)	$ (5)	$ (10)	$ (13)

Guarantor and Non Guarantor Consolidated Statements Of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenues
Vehicle rental	$ 1,211	$ 1,145	$ 3,163	$ 2,972
Other	412	367	1,106	987
Net revenues	1,623	1,512	4,269	3,959
Expenses
Operating	783	705	2,166	1,956
Vehicle depreciation and lease charges, net	304	352	840	988
Selling, general and administrative	190	156	511	430
Vehicle interest, net	74	80	205	230
Non-vehicle related depreciation and amortization	22	24	65	70
Interest expense related to corporate debt, net
Interest expense (income)	48	40	143	122
Early extinguishment of debt	0	0	0	40
Transaction-related costs	66	5	102	8
Restructuring charges	0	6	1	9
Total expenses	1,487	1,368	4,033	3,853
Income before income taxes and equity in earnings of subsidiaries	136	144	236	106
Provision for (benefit from) income taxes	54	54	95	28
Net income (loss)	82	90	141	78
Parent Company [Member]
Revenues
Vehicle rental	0	0	0	0
Other	0	0	0	1
Net revenues		0	0	1
Expenses
Operating	0	1	2	5
Vehicle depreciation and lease charges, net		0	0	0
Selling, general and administrative	3	3	8	9
Vehicle interest, net	0	0	0	0
Non-vehicle related depreciation and amortization	0	0	0	0
Interest expense related to corporate debt, net
Interest expense (income)	3	2	7	7
Intercompany interest expense (income)	0	(4)	(8)	(10)
Early extinguishment of debt				0
Transaction-related costs	66	5	102	8
Restructuring charges		0		0
Total expenses	72	7	111	19
Income before income taxes and equity in earnings of subsidiaries	(72)	(7)	(111)	(18)
Provision for (benefit from) income taxes	(27)	(3)	(39)	(7)
Equity in earnings (loss) of subsidiaries	127	94	213	89
Net income (loss)	82	90	141	78
Subsidiary Issuers [Member]
Revenues
Vehicle rental	0	0	0	0
Other	0	0	0	0
Net revenues		0	0	0
Expenses
Operating	1	2	5	6
Vehicle depreciation and lease charges, net		0	0	0
Selling, general and administrative		0	0	0
Vehicle interest, net	0	0	(1)	0
Non-vehicle related depreciation and amortization	0	0	0	0
Interest expense related to corporate debt, net
Interest expense (income)	46	39	138	116
Intercompany interest expense (income)	(46)	(39)	(138)	(116)
Early extinguishment of debt				40
Transaction-related costs	0	0	0	0
Restructuring charges		0		0
Total expenses	1	2	4	46
Income before income taxes and equity in earnings of subsidiaries	(1)	(2)	(4)	(46)
Provision for (benefit from) income taxes	0	0	(1)	1
Equity in earnings (loss) of subsidiaries	128	96	216	136
Net income (loss)	127	94	213	89
Guarantor Subsidiaries [Member]
Revenues
Vehicle rental	995	958	2,623	2,508
Other	282	257	772	702
Net revenues	1,277	1,215	3,395	3,210
Expenses
Operating	615	560	1,709	1,563
Vehicle depreciation and lease charges, net	246	293	686	837
Selling, general and administrative	159	131	427	359
Vehicle interest, net	59	73	166	214
Non-vehicle related depreciation and amortization	20	22	59	65
Interest expense related to corporate debt, net
Interest expense (income)	0	0	0	0
Intercompany interest expense (income)	46	43	146	126
Early extinguishment of debt				0
Transaction-related costs	0	0	0	0
Restructuring charges		6	1	9
Total expenses	1,145	1,128	3,194	3,173
Income before income taxes and equity in earnings of subsidiaries	132	87	201	37
Provision for (benefit from) income taxes	58	37	90	5
Equity in earnings (loss) of subsidiaries	54	46	105	104
Net income (loss)	128	96	216	136
Subsidiaries - Non-Guarantor [Member]
Revenues
Vehicle rental	216	187	540	464
Other	512	465	1,399	1,272
Net revenues	728	652	1,939	1,736
Expenses
Operating	167	142	450	382
Vehicle depreciation and lease charges, net	318	313	865	813
Selling, general and administrative	28	22	76	62
Vehicle interest, net	53	40	148	106
Non-vehicle related depreciation and amortization	2	2	6	5
Interest expense related to corporate debt, net
Interest expense (income)	(1)	(1)	(2)	(1)
Intercompany interest expense (income)	0	0	0	0
Early extinguishment of debt				0
Transaction-related costs	0	0	0	0
Restructuring charges		0	0	0
Total expenses	567	518	1,543	1,367
Income before income taxes and equity in earnings of subsidiaries	161	134	396	369
Provision for (benefit from) income taxes	23	20	45	29
Equity in earnings (loss) of subsidiaries	0	0	0	0
Net income (loss)	138	114	351	340
Eliminations [Member]
Revenues
Vehicle rental	0	0	0	0
Other	(382)	(355)	(1,065)	(988)
Net revenues	(382)	(355)	(1,065)	(988)
Expenses
Operating		0	0	0
Vehicle depreciation and lease charges, net	(260)	(254)	(711)	(662)
Selling, general and administrative		0	0	0
Vehicle interest, net	(38)	(33)	(108)	(90)
Non-vehicle related depreciation and amortization	0	0	0	0
Interest expense related to corporate debt, net
Interest expense (income)	0	0	0	0
Intercompany interest expense (income)	0	0	0	0
Early extinguishment of debt				0
Transaction-related costs	0	0	0	0
Restructuring charges		0	0	0
Total expenses	(298)	(287)	(819)	(752)
Income before income taxes and equity in earnings of subsidiaries	(84)	(68)	(246)	(236)
Provision for (benefit from) income taxes	0	0	0	0
Equity in earnings (loss) of subsidiaries	(309)	(236)	(534)	(329)
Net income (loss)	$ (393)	$ (304)	$ (780)	$ (565)

Guarantor and Non Guarantor Statement of Financial Position (Details) - USD ($) $ in Millions	Sep. 30, 2011	Dec. 31, 2010	Sep. 30, 2010	Dec. 31, 2009
Current assets
Cash and cash equivalents	$ 1,002	$ 911	$ 623	$ 482
Restricted cash	395	10
Receivables, net	370	315
Deferred income taxes	133	130
Other current assets	256	272
Total current assets	2,156	1,638
Property and equipment, net	394	425
Deferred income taxes	634	587
Goodwill	76	76
Other intangibles, net	475	481
Other non-current assets	267	255
Total assets exclusive of assets under vehicle programs	4,002	3,462
Assets under vehicle programs: [Abstract]
Program cash	21	4
Vehicles, net	7,792	6,422
Receivables from vehicle manufacturers and other	167	149
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	329	290
Total Assets under vehicle programs	8,309	6,865
Total assets	12,311	10,327
Current liabilities:
Accounts payable and other current liabilities	1,053	925
Current portion of long-term debt	6	8
Total current liabilities	1,059	933
Long-term debt	2,492	2,494
Other non-current liabilities	527	535
Total liabilities exclusive of liabilities under vehicle programs	4,078	3,962
Liabilities under vehicle programs: [Abstract]
Debt	807	528
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	5,326	3,987
Deferred income taxes	1,461	1,333
Other	87	107
Total liabilities under vehicle programs	7,681	5,955
Total stockholders' equity	552	410
Total liabilities and stockholders' equity	12,311	10,327
Parent Company [Member]
Current assets
Cash and cash equivalents	2	257	261	242
Restricted cash	384
Deferred income taxes	8	8
Other current assets	32	70
Total current assets	426	335
Deferred income taxes	38	44
Other non-current assets	141	140
Intercompany receivables (payables)	(38)	105
Investment in subsidiaries	577	337
Assets under vehicle programs: [Abstract]
Total assets	1,144	961
Current liabilities:
Accounts payable and other current liabilities	118	72
Total current liabilities	118	72
Long-term debt	345	345
Other non-current liabilities	129	134
Total liabilities exclusive of liabilities under vehicle programs	592	551
Liabilities under vehicle programs: [Abstract]
Total stockholders' equity	552	410
Total liabilities and stockholders' equity	1,144	961
Subsidiary Issuers [Member]
Current assets
Cash and cash equivalents	688	513	197	70
Restricted cash		10
Receivables, net	94	77
Other current assets	87	55
Total current assets	869	655
Property and equipment, net	66	61
Deferred income taxes	363	300
Other intangibles, net	7	7
Other non-current assets	108	97
Intercompany receivables (payables)	296	539
Investment in subsidiaries	1,308	1,112
Assets under vehicle programs: [Abstract]
Vehicles, net	9	8
Total Assets under vehicle programs	9	8
Total assets	3,026	2,779
Current liabilities:
Accounts payable and other current liabilities	275	250
Current portion of long-term debt	3	4
Total current liabilities	278	254
Long-term debt	2,138	2,139
Other non-current liabilities	54	58
Total liabilities exclusive of liabilities under vehicle programs	2,470	2,451
Liabilities under vehicle programs: [Abstract]
Debt	1	7
Total liabilities under vehicle programs	1	7
Total stockholders' equity	555	321
Total liabilities and stockholders' equity	3,026	2,779
Guarantor Subsidiaries [Member]
Current assets
Cash and cash equivalents	2	3	2	7
Restricted cash	1
Receivables, net	168	148
Deferred income taxes	122	122
Other current assets	67	84
Total current assets	360	357
Property and equipment, net	288	321
Deferred income taxes	220	229
Goodwill	74	74
Other intangibles, net	381	382
Other non-current assets	6	11
Intercompany receivables (payables)	(486)	(792)
Investment in subsidiaries	2,504	2,392
Assets under vehicle programs: [Abstract]
Vehicles, net	4	24
Total Assets under vehicle programs	4	24
Total assets	3,351	2,998
Current liabilities:
Accounts payable and other current liabilities	529	488
Current portion of long-term debt	3	4
Total current liabilities	532	492
Long-term debt	9	10
Other non-current liabilities	223	237
Total liabilities exclusive of liabilities under vehicle programs	764	739
Liabilities under vehicle programs: [Abstract]
Deferred income taxes	1,279	1,147
Other	0
Total liabilities under vehicle programs	1,279	1,147
Total stockholders' equity	1,308	1,112
Total liabilities and stockholders' equity	3,351	2,998
Subsidiaries - Non-Guarantor [Member]
Current assets
Cash and cash equivalents	310	138	$ 163	$ 163
Restricted cash	10
Receivables, net	108	90
Deferred income taxes	5	5
Other current assets	94	97
Total current assets	527	330
Property and equipment, net	40	43
Deferred income taxes	13	14
Goodwill	2	2
Other intangibles, net	87	92
Other non-current assets	12	24
Intercompany receivables (payables)	228	148
Investment in subsidiaries	0	0
Assets under vehicle programs: [Abstract]
Program cash	21	4
Vehicles, net	7,779	6,390
Receivables from vehicle manufacturers and other	167	149
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	329	290
Total Assets under vehicle programs	8,296	6,833
Total assets	9,205	7,486
Current liabilities:
Accounts payable and other current liabilities	154	148
Total current liabilities	154	148
Other non-current liabilities	121	120
Total liabilities exclusive of liabilities under vehicle programs	275	268
Liabilities under vehicle programs: [Abstract]
Debt	806	521
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	5,326	3,987
Deferred income taxes	182	186
Other	87	107
Total liabilities under vehicle programs	6,401	4,801
Total stockholders' equity	2,529	2,417
Total liabilities and stockholders' equity	9,205	7,486
Eliminations [Member]
Current assets
Receivables, net	0	0
Deferred income taxes	(2)	(5)
Other current assets	(24)	(34)
Total current assets	(26)	(39)
Property and equipment, net	0	0
Deferred income taxes	0	0
Goodwill	0	0
Other intangibles, net	0	0
Other non-current assets	0	(17)
Intercompany receivables (payables)	0	0
Investment in subsidiaries	(4,389)	(3,841)
Assets under vehicle programs: [Abstract]
Total assets	(4,415)	(3,897)
Current liabilities:
Accounts payable and other current liabilities	(23)	(33)
Total current liabilities	(23)	(33)
Other non-current liabilities		(14)
Total liabilities exclusive of liabilities under vehicle programs	(23)	(47)
Liabilities under vehicle programs: [Abstract]
Total stockholders' equity	(4,392)	(3,850)
Total liabilities and stockholders' equity	$ (4,415)	$ (3,897)

Guarantor and Non Guarantor Consolidating Condensed Statements of Cash Flows (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Consolidating Condensed Statements of Cash Flows:
Net cash provided by operating activities	$ 1,272	$ 1,338
Investing activities
Property and equipment additions	(30)	(39)
Proceeds received on asset sales	9	11
Acquisition-related restricted cash	(401)	0
Other, net	(11)	(7)
Net cash used in investing activities exclusive of vehicle programs	(433)	(35)
Vehicle programs: [Abstract]
Decrease (increase) in program cash	(19)	123
Investment in vehicles	(6,701)	(6,549)
Proceeds received on disposition of vehicles	4,379	4,445
Net cash used in investing activities of vehicle programs	(2,341)	(1,981)
Net cash provided by (used in) Investing activities	(2,774)	(2,016)
Financing activities
Proceeds from borrowings	0	444
Principal payments on borrowings	(6)	(458)
Debt financing fees	(33)	(32)
Other, net	1	4
Net cash used in financing activities exclusive of vehicle programs	(38)	(42)
Vehicle programs: [Abstract]
Proceeds from borrowings	8,235	7,196
Principal payments on borrowings	(6,568)	(6,391)
Net change in short-term borrowing	0	67
Debt financing fees	(20)	(17)
Net cash provided by financing activities of vehicle programs	1,647	855
Net cash provided by financing activities	1,609	813
Effect of changes in exchange rates on cash and cash equivalents	(16)	6
Net increase (decrease) in cash and cash equivalents	91	141
Cash and cash equivalents, beginning of period	911	482
Cash and cash equivalents, end of period	1,002	623
Parent Company [Member]
Consolidating Condensed Statements of Cash Flows:
Net cash provided by operating activities	(11)	83
Investing activities
Property and equipment additions	0
Proceeds received on asset sales	0
Acquisition-related restricted cash	(401)
Other, net	(7)	(3)
Net cash used in investing activities exclusive of vehicle programs	(408)	(3)
Vehicle programs: [Abstract]
Decrease (increase) in program cash	0
Investment in vehicles	0
Proceeds received on disposition of vehicles	0
Investment in AESOP debt securities - related party	(400)	(380)
Proceeds from AESOP debt securities - related party	400	380
Net cash used in investing activities of vehicle programs	0
Net cash provided by (used in) Investing activities	(408)	(3)
Financing activities
Principal payments on borrowings	0
Net intercompany transactions	177	(63)
Debt financing fees	(14)
Other, net	1	2
Net cash used in financing activities exclusive of vehicle programs	164	(61)
Vehicle programs: [Abstract]
Proceeds from borrowings	0
Principal payments on borrowings	0
Debt financing fees	0
Net cash provided by financing activities of vehicle programs	0
Net cash provided by financing activities	164	(61)
Effect of changes in exchange rates on cash and cash equivalents	0
Net increase (decrease) in cash and cash equivalents	(255)	19
Cash and cash equivalents, beginning of period	257	242
Cash and cash equivalents, end of period	2	261
Subsidiary Issuers [Member]
Consolidating Condensed Statements of Cash Flows:
Net cash provided by operating activities	183	19
Investing activities
Property and equipment additions	(9)	(9)
Proceeds received on asset sales	6	10
Other, net	(3)	(3)
Net cash used in investing activities exclusive of vehicle programs	(6)	(2)
Vehicle programs: [Abstract]
Decrease (increase) in program cash	0
Investment in vehicles	(12)	(18)
Proceeds received on disposition of vehicles	9	28
Investment in AESOP debt securities - related party	0
Proceeds from AESOP debt securities - related party	0
Net cash used in investing activities of vehicle programs	(3)	10
Net cash provided by (used in) Investing activities	(9)	8
Financing activities
Proceeds from borrowings		444
Principal payments on borrowings	(3)	(455)
Net intercompany transactions	38	150
Debt financing fees	(19)	(32)
Other, net	0	2
Net cash used in financing activities exclusive of vehicle programs	16	109
Vehicle programs: [Abstract]
Proceeds from borrowings	0
Principal payments on borrowings	0	(1)
Debt financing fees	(15)	(8)
Net cash provided by financing activities of vehicle programs	(15)	(9)
Net cash provided by financing activities	1	100
Effect of changes in exchange rates on cash and cash equivalents	0
Net increase (decrease) in cash and cash equivalents	175	127
Cash and cash equivalents, beginning of period	513	70
Cash and cash equivalents, end of period	688	197
Guarantor Subsidiaries [Member]
Consolidating Condensed Statements of Cash Flows:
Net cash provided by operating activities	(256)	(177)
Investing activities
Property and equipment additions	(16)	(26)
Proceeds received on asset sales	2
Other, net	0
Net cash used in investing activities exclusive of vehicle programs	(14)	(26)
Vehicle programs: [Abstract]
Decrease (increase) in program cash	0
Investment in vehicles	(3)
Proceeds received on disposition of vehicles	8	7
Investment in AESOP debt securities - related party	0
Proceeds from AESOP debt securities - related party	0
Net cash used in investing activities of vehicle programs	5	7
Net cash provided by (used in) Investing activities	(9)	(19)
Financing activities
Principal payments on borrowings	(3)	(3)
Net intercompany transactions	268	218
Debt financing fees	0
Other, net	0
Net cash used in financing activities exclusive of vehicle programs	265	215
Vehicle programs: [Abstract]
Proceeds from borrowings	0
Principal payments on borrowings	0	(19)
Debt financing fees	(1)	(5)
Net cash provided by financing activities of vehicle programs	(1)	(24)
Net cash provided by financing activities	264	191
Effect of changes in exchange rates on cash and cash equivalents	0
Net increase (decrease) in cash and cash equivalents	(1)	(5)
Cash and cash equivalents, beginning of period	3	7
Cash and cash equivalents, end of period	2	2
Subsidiaries - Non-Guarantor [Member]
Consolidating Condensed Statements of Cash Flows:
Net cash provided by operating activities	874	1,107
Investing activities
Property and equipment additions	(5)	(4)
Proceeds received on asset sales	1	1
Acquisition-related restricted cash	0
Other, net	(1)	(1)
Net cash used in investing activities exclusive of vehicle programs	(5)	(4)
Vehicle programs: [Abstract]
Decrease (increase) in program cash	(19)	123
Investment in vehicles	(6,686)	(6,531)
Proceeds received on disposition of vehicles	4,362	4,410
Investment in AESOP debt securities - related party	0
Proceeds from AESOP debt securities - related party	0
Net cash used in investing activities of vehicle programs	(2,343)	(1,998)
Net cash provided by (used in) Investing activities	(2,348)	(2,002)
Financing activities
Principal payments on borrowings	0
Net intercompany transactions	(1)	1
Debt financing fees	0
Other, net	0
Net cash used in financing activities exclusive of vehicle programs	(1)	1
Vehicle programs: [Abstract]
Proceeds from borrowings	8,235	7,196
Principal payments on borrowings	(6,568)	(6,371)
Net change in short-term borrowing		67
Debt financing fees	(4)	(4)
Net cash provided by financing activities of vehicle programs	1,663	888
Net cash provided by financing activities	1,662	889
Effect of changes in exchange rates on cash and cash equivalents	(16)	6
Net increase (decrease) in cash and cash equivalents	172	0
Cash and cash equivalents, beginning of period	138	163
Cash and cash equivalents, end of period	310	163
Eliminations [Member]
Consolidating Condensed Statements of Cash Flows:
Net cash provided by operating activities	482	306
Vehicle programs: [Abstract]
Decrease (increase) in program cash	0
Investment in vehicles	0
Proceeds received on disposition of vehicles	0
Investment in AESOP debt securities - related party	0
Proceeds from AESOP debt securities - related party	0
Net cash used in investing activities of vehicle programs	0
Net cash provided by (used in) Investing activities	0
Financing activities
Principal payments on borrowings	0
Net intercompany transactions	(482)	(306)
Debt financing fees	0
Other, net	0
Net cash used in financing activities exclusive of vehicle programs	(482)	(306)
Vehicle programs: [Abstract]
Net cash provided by financing activities	$ (482)	$ (306)

Subsequent Events (Details) - USD ($) $ in Millions	Oct. 31, 2011	Oct. 03, 2011
Subsequent Events
Avis Europe Indebtedness		$ 620
Amount of Avis Europe Indebtedness repaid during October 2011	$ 290
Multi-national vehicle-backed financing maturing October 2013	480
9.75% Senior Notes due 2020		$ 250
U.S. Asset Backed Bank Conduit Facility maturing October 2013	$ 2,500