View Filing Data

1,562

1,303

1,225

5,900

5,185

5,131

Expenses

Operating

3,025

2,616

2,636

Selling, general and administrative

1,223

1,287

1,425

756

569

551

Interest expense related to corporate debt, net

286

304

294

Interest expense

$ 7

219

170

153

Early extinguishment of debt

Restructuring charges

Transaction-related costs

255

Impairment

Total expenses

5,864

5,113

5,208

Income (loss) before income taxes

(77)

Provision for (benefit from) income taxes

(30)

Net income (loss)

$ (29)

$ 54

$ (47)

Earnings (loss) per share

Basic

$ (1.62)

$ 0.78

$ 0.49

^[6],[7]

$ 0.07

^[1],[8],[9]

$ (0.23)

$ 0.88

$ 0.25

$ (0.37)

$ (0.28)

$ 0.53

$ (0.46)

Diluted

$ (1.62)

$ 0.65

$ 0.42

^[6],[7]

$ 0.06

^[1],[8],[9]

$ (0.23)

$ 0.73

$ 0.22

$ (0.37)

$ (0.28)

$ 0.49

$ (0.46)

[1]	As the Company incurred a loss from continuing operations for this period, all outstanding stock options, restricted stock units, stock warrants and issuable shares underlying the convertible notes issued in 2009 are anti-dilutive for such period. Accordingly, basic and diluted weighted average shares outstanding are equal for such period.
[2]	Net income for fourth quarter 2010 includes charges of $12 million ($8 million, net of tax) related to the early extinguishment of corporate debt, $15 million ($9 million, net of tax) of transaction-related costs and interest expense related to the Company's previous efforts to acquire Dollar Thrifty and $2 million ($1 million, net of tax) related to the Company's restructuring initiatives.
[3]	Net income for fourth quarter 2011 includes charges of $160 million ($153 million, net of tax) related primarily to the Avis Europe Acquisition, including a $117 million ($117 million, net of tax) non-cash charge related to the unfavorable license rights acquired by the Company, $39 million ($33 million, net of tax) related to due-diligence, advisory and other expenses, and $4 million ($3 million, net of tax) for amortization expense related to intangible assets recognized in the Avis Europe acquisition; and $5 million ($3 million, net of tax) related to the Company's restructuring initiatives (see Note 4—Restructuring Charges).
[4]	Net income for third quarter 2010 includes $6 million ($4 million, net of tax) in restructuring charges and $5 million ($3 million, net of tax) of expenses related to the Company's previous efforts to acquire Dollar Thrifty.
[5]	Net income for third quarter 2011 includes $47 million ($31 million, net of tax) related to due-diligence, advisory and other expenses related to the Avis Europe Acquisition and the Company's previous efforts to acquire Dollar Thrifty, and $26 million ($16 million, net of taxes) of losses on foreign-currency hedges related to the Avis Europe purchase price.
[6]	Net income for second quarter 2010 includes a $2 million charge ($1 million, net of tax) related to restructuring initiatives, $2 million ($1 million, net of tax) of expenses related to the Company's previous efforts to acquire of Dollar Thrifty and $1 million ($1 million, net of tax) of expense related to a charge recorded in 2009 for an adverse litigation judgment.
[7]	Net income for second quarter 2011 includes $11 million ($9 million, net of tax) of due-diligence, advisory and other expenses, and $7 million ($4 million, net of tax) of interest expense, both related to the Avis Europe Acquisition and the Company's previous efforts to acquire Dollar Thrifty, and $23 million ($14 million, net of taxes) of losses on foreign-currency hedges related to the Avis Europe Acquisition purchase price.
[8]	Net income for first quarter 2010 includes charges of $40 million ($24 million, net of tax) related to the early extinguishment of corporate debt and $1 million ($1 million, net of tax) related to the Company's restructuring initiatives.
[9]	Net income for first quarter 2011 includes $7 million ($4 million, net of tax) of interest expense and $2 million ($1 million, net of tax) of transaction-related costs related to the Company's previous efforts to acquire Dollar Thrifty.

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 534	$ 911
Receivables (net of allowance for doubtful accounts of $21 and $16)	507	315
Deferred income taxes	120	130
Other current assets	380	282
Total current assets	1,541	1,638
Property and equipment, net	493	425
Deferred income taxes	444	587
Goodwill	353	76
Other intangibles, net	713	481
Other non-current assets	304	255
Total assets exclusive of assets under vehicle programs	3,848	3,462
Assets under vehicle programs:
Program cash	11	4
Vehicles, net	8,356	6,422
Receivables from vehicle manufacturers and other	380	149
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	343	290
Total Assets under vehicle programs	9,090	6,865
Total assets	12,938	10,327
Current liabilities:
Accounts payable and other current liabilities	1,433	925
Short-term debt and current portion of long-term debt	37	8
Total current liabilities	1,470	933
Long-term debt	3,168	2,494
Other non-current liabilities	960	535
Total liabilities exclusive of liabilities under vehicle programs	5,598	3,962
Liabilities under vehicle programs:
Debt	990	528
Debt due to Avis Budget Rental Car Funding (AESOP) LLC-related party	4,574	3,987
Deferred income taxes	982	1,333
Other	382	107
Total liabilities under vehicle programs	6,928	5,955
Commitments and contingencies (Note 17)
Stockholders' equity:
Preferred stock, $.01 par value-authorized 10 million shares; none issued and outstanding
Common stock, $.01 par value-authorized 250 million shares; issued 137,028,464 and 136,982,068 shares	1	1
Additional paid-in capital	8,532	8,828
Accumulated deficit	(2,666)	(2,637)
Accumulated other comprehensive income	78	92
Treasury stock, at cost-31,551,170 and 33,247,139 shares	(5,533)	(5,874)
Total stockholders' equity	412	410
Total liabilities and stockholders' equity	$ 12,938	$ 10,327

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Current assets
Receivables, allowance for doubtful accounts	$ 21	$ 16
Stockholders' equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	137,028,464	136,982,068
Treasury stock, shares	31,551,170	33,247,139

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Operating Activities
Net income (loss)	$ (29)	$ 54	$ (47)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Vehicle depreciation	1,395	1,277	1,391
(Gain) loss on sale of vehicles, net	(234)	(24)	(30)
Non-vehicle related depreciation and amortization	95	90	96
Deferred income taxes	32	(20)	(60)
Impairment			33
Non-cash charge on unfavorable license rights reacquired with the acquisition of Avis Europe plc	117
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Receivables	29	(20)	52
Income taxes	(18)	(104)	10
Accounts payable and other current liabilities	20	108	(19)
Reimbursement from Realogy and Wyndham for taxes paid		114
Reimbursement from Wyndham for tax attributes		89
Other, net	171	76	65
Net cash provided by operating activities	1,578	1,640	1,491
Investing Activities
Property and equipment additions	(65)	(61)	(39)
Proceeds received on asset sales	14	14	14
Net assets acquired (net of cash acquired)	(841)	(2)
Other, net	(7)	(6)
Net cash (used in) investing activities exclusive of vehicle programs	(899)	(55)	(25)
Vehicle programs:
Decrease (increase) in program cash	(11)	162	(145)
Investment in vehicles	(8,659)	(8,031)	(6,775)
Proceeds received on disposition of vehicles	7,196	6,319	7,144
Investment in debt securities of Avis Budget Rental Car Funding (AESOP LLC)-related party	(400)	(570)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP LLC)-related party	400	570
Other, net		2	(33)
Net cash used in investing activities of vehicle programs	(1,474)	(1,548)	191
Net cash provided by (used in) investing activities	(2,373)	(1,603)	166
Financing Activities
Proceeds from long-term borrowings	682	1,046	445
Principal payments on long-term borrowings	(668)	(688)	(111)
Net change in short-term borrowings	(97)
Proceeds from warrant issuance			62
Purchase of call options			(95)
Debt financing fees	(78)	(46)	(11)
Other, net	1	10	(2)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(160)	322	288
Vehicle programs:
Proceeds from borrowings	10,534	9,355	7,527
Principal payments on borrowings	(9,917)	(9,152)	(9,147)
Net change in short-term borrowings	(97)	(110)	(107)
Debt financing fees	(33)	(35)	(26)
Net cash provided by (used in) financing activities of vehicle programs	584	58	(1,753)
Net cash provided by (used in) financing activities	424	380	(1,465)
Effect of changes in exchange rates on cash and cash equivalents	(6)	12	32
Net increase (decrease) in cash and cash equivalents	(377)	429	224
Cash and cash equivalents, beginning of period	911	482	258
Cash and cash equivalents, end of period	534	911	482
Supplemental Disclosure
Interest payments	465	483	461
Income tax payments, net	$ 51	$ 142	$ 20

Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Millions	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2008	$ 1	$ 9,197	$ (2,644)	$ (194)	$ (6,267)	$ 93
Balance (in shares) at Dec. 31, 2008	136,800				(35,000)
Comprehensive income:
Net income (loss)			(47)			(47)
Currency translation adjustment				104
Unrealized gains on cash flow hedges, net of tax				43		43
Pension liability adjustment, net of tax				10		(42)
Total comprehensive income						110
Issuance of warrants		62				62
Purchase of call options, net of tax of $36		(59)				(59)
Net activity related to restricted stock units		(101)			$ 115	14
Net activity related to restricted stock units (in shares)	100				400
Activity related to employee stock purchase plan		(3)			$ 3
Post-separation dividend adjustment		1				1
Other		1				1
Balance at Dec. 31, 2009	$ 1	9,098	(2,691)	(37)	$ (6,149)	222
Balance (in shares) at Dec. 31, 2009	136,900				(34,600)
Comprehensive income:
Net income (loss)			54			54
Currency translation adjustment				71
Unrealized gains on cash flow hedges, net of tax				36		60
Reclassification of unrealized losses on cash flow hedges, net of tax benefit				24
Pension liability adjustment, net of tax				(2)		(44)
Total comprehensive income						183
Net activity related to restricted stock units		(88)			$ 101	13
Net activity related to restricted stock units (in shares)	100				400
Exercise of stock options		(166)			$ 174	$ 8
Exercise of stock options (in shares)					1,000	982
Reallocation of deferred taxes		(16)				$ (16)
Post-separation dividend adjustment		(1)				(1)
Other		1				1
Balance at Dec. 31, 2010	$ 1	8,828	(2,637)	92	$ (5,874)	410
Balance (in shares) at Dec. 31, 2010	137,000				(33,200)
Comprehensive income:
Net income (loss)			(29)			(29)
Currency translation adjustment				(23)
Unrealized gains on cash flow hedges, net of tax				33		33
Unrealized gains on available-for-sale securities, net of tax of $[0]				2
Pension liability adjustment, net of tax				(26)		(70)
Total comprehensive income						(43)
Net activity related to restricted stock units		(111)			$ 124	13
Net activity related to restricted stock units (in shares)					400
Exercise of stock options		(215)			$ 217	$ 2
Exercise of stock options (in shares)					1,200	1,231
Realization of tax benefits for stock-based awards		30				$ 30
Balance at Dec. 31, 2011	$ 1	$ 8,532	$ (2,666)	$ 78	$ (5,533)	$ 412
Balance (in shares) at Dec. 31, 2011	137,000				(31,600)

Consolidated Statements Of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Consolidated Statements Of Stockholders' Equity [Abstract]
Unrealized gains on cash flow hedges, tax	$ 21	$ 24	$ 28
Unrealized gains on available-for-sale securities, tax	0
Reclassification of unrealized losses on cash flow hedges, tax benefit		16
Pension liability adjustment, tax			7
Pension liability adjustment, tax benefit	$ 16	$ 1
Purchase of call options, tax			$ 36

The tax effect of the amount of the change in the additional minimum pension liability not yet recognized pursuant to FAS 87 as a net periodic pension cost. If the additional pension liability required to be recognized exceeds the unrecognized prior service costs, then the excess (which is the net loss not yet recognized as net periodic pension cost) is to be recorded as a separate component in other comprehensive income, before adjusting for tax effects. In a subsequent measurement, the elimination or adjustment to the amount of the minimum pension liability recorded in accumulated other comprehensive income is included in this line. Eliminated upon adoption of FAS 158.

Basis Of Presentation

12 Months Ended

Dec. 31, 2011

Basis Of Presentation [Abstract]

Basis Of Presentation

1.	Basis of Presentation

Avis Budget Group, Inc. provides car and truck rentals and ancillary services to businesses and consumers worldwide. The accompanying Consolidated 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").

In conjunction with the Company's October 2011 acquisition of Avis Europe plc ("Avis Europe" and the "Avis Europe Acquisition") and its increased global presence, the Company re-aligned its operating regions and business segments. The Company now operates the following business segments:

•

North America—provides car rentals in the United States and vehicle rentals in Canada, as well as related products and services.

•

International—provides, and licenses the Company's brands to third parties for, vehicle rentals and ancillary products and services in Europe, the Middle East, Asia, Africa, South America, central America, the Caribbean, Australia and New Zealand.

•

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

The Company's business segment financial information presented in these Notes to Consolidated Financial Statements has been recast and presented to conform with the Company's current business segment reporting alignment for all periods presented.

In presenting the Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates.

Vehicle Programs. The Company presents separately the financial data of its vehicle programs. These programs are distinct from the Company's other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of the Company's vehicle programs. The Company believes it is appropriate to segregate the financial data of its vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.

Transaction-related Costs

The Company completed the Avis Europe Acquisition on October 3, 2011. In addition, in September 2011, the Company announced that it had decided at the time not to pursue the acquisition of Dollar Thrifty Automotive Group, Inc. ("Dollar Thrifty") in light of current market conditions. Transaction-related costs are now being classified separately in the Consolidated Statements of Operations for the years ended December 31, 2011 and 2010. These costs comprise acquisition-related activity including due-diligence and other costs associated with the Company's Avis Europe Acquisition and its previous efforts to acquire Dollar Thrifty. Transaction-related costs in 2011 include a non-cash charge related to the reacquired unfavorable license rights, costs for due-diligence activity, losses on foreign-currency transactions related to the Avis Europe Acquisition purchase price and other costs. Transaction-related costs for the year ended December 31, 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. There were no transaction-related costs in 2009.

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-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
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Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Summary Of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Accounting Principles

The Company's Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Avis Budget and all entities in which the Company has a direct or indirect controlling financial interest and variable interest entities ("VIEs") for which the Company has determined it is the primary beneficiary. The Company is considered to be the primary beneficiary if it has (i) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb the losses (or the right to receive the benefits) of the VIE that could potentially be significant to the VIE. Intercompany transactions have been eliminated in consolidation.

Use of Estimates and Assumptions

The use of estimates and assumptions as determined by management is required in the preparation of the Consolidated Financial Statements in conformity with GAAP. These estimates are based on management's evaluation of historical trends and other information available when the Consolidated Financial Statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate. Actual results could differ from those estimates.

Revenue Recognition

The Company derives revenue through the operation and licensing of the Avis and Budget rental systems and, providing vehicle rentals and other services to business and leisure travelers and others. Other revenue includes rentals of GPS navigation units, sales of loss damage waivers and insurance products, fuel and fuel service charges, and other items. Revenue is recognized when persuasive evidence of an arrangement exists, the services have been rendered to customers, the pricing is fixed or determinable and collection is reasonably assured.

Vehicle rental and rental-related revenue is recognized over the period the vehicle is rented. Licensing revenue principally consists of royalties paid by the Company's licensees and is recorded as the licensees' revenue is earned (generally over the rental period of a vehicle). Revenue and expenses associated with gasoline, vehicle licensing and airport concessions are recorded on a gross basis within revenue and operating expenses.

Foreign Currency Translation

Assets and liabilities of foreign operations are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the weighted average rate of exchange prevailing during the year. The related translation adjustments are reflected in "Accumulated other comprehensive income (loss)" in the stockholders' equity section of the Consolidated Balance Sheets. The accumulated foreign currency translation adjustment as of December 31, 2011 and December 31, 2010 was $159 million and $182 million, respectively. Foreign currency gains and losses resulting from transactions are included in earnings.

Cash and Cash Equivalents

The Company considers highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Property and Equipment

Property and equipment (including leasehold improvements) are stated at cost, net of accumulated depreciation and amortization. Depreciation (non-vehicle related) is computed utilizing the straight-line method over the estimated useful lives of the related assets. Amortization of leasehold improvements is computed utilizing the straight-line method over the estimated benefit period of the related assets, which may not exceed 20 years, or the lease term, if shorter. Useful lives are as follows:


Buildings		30 years
Furniture, fixtures & equipment		3 to 10 years
Capitalized software		3 to 7 years
Buses and support vehicles		4 to 15 years

The Company capitalizes the costs of software developed for internal use when the preliminary project stage is completed and management (i) commits to funding the project and (ii) believes it is probable that the project will be completed and the software will be used to perform the function intended. The software developed or obtained for internal use is amortized on a straight-line basis commencing when such software is ready for its intended use. The net carrying value of software developed or obtained for internal use was $74 million and $73 million as of December 31, 2011 and 2010, respectively.

Goodwill and Other Intangible Assets

Goodwill represents the excess, if any, of the fair value of the consideration transferred by the acquirer and the fair value of any non-controlling interest remaining in the acquiree, if any, over the fair values of the identifiable net assets acquired. The Company does not amortize goodwill, but assesses it for impairment at least annually for recoverability. Other intangible assets, primarily trademarks, with indefinite lives are not amortized but are evaluated annually for impairment. Other intangible assets with finite lives are amortized over their remaining useful lives.

Impairment of Long-Lived Assets

The Company is required to assess goodwill and other indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred. The Company performs its annual impairment assessment in the fourth quarter of each year at the reporting unit level. If the carrying value of an intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.

The Company assesses goodwill for such impairment by comparing the carrying value of each reporting unit to its fair value using the present value of expected future cash flows. When available and as appropriate, comparative market multiples and other factors are used to corroborate the discounted cash flow results.

The Company also evaluates the recoverability of its other long-lived assets, including amortizable intangible assets, if circumstances indicate impairment may have occurred. This analysis is performed by comparing the respective carrying values of the assets to the expected future cash flows, on an undiscounted basis, to be generated from such assets. Property and equipment is evaluated separately within each segment. If such analysis indicates that the carrying value of these assets is not recoverable, the carrying value of such assets is reduced to fair value.

Program Cash

Program cash primarily represents amounts specifically designated to purchase assets under vehicle programs and/or to repay the related debt.

Vehicles

Vehicles are stated at cost, net of accumulated depreciation. The initial cost of the vehicles is recorded net of incentives and allowances from manufacturers. The Company acquires many of its rental vehicles pursuant to repurchase and guaranteed depreciation programs established by automobile manufacturers. Under these programs, the manufacturers agree to repurchase vehicles at a specified price and date, or guarantee the depreciation rate for a specified period of time, subject to certain eligibility criteria (such as car condition and mileage requirements). The Company depreciates vehicles such that the net book value on the date of return to the manufacturers is intended to equal the contractual guaranteed residual values, thereby minimizing any gain or loss.

Rental vehicles acquired outside of manufacturer repurchase and guaranteed depreciation programs are depreciated based upon their estimated residual values at their expected dates of disposition, after giving effect to anticipated conditions in the used car market, which are reviewed on a continuous basis. Any adjustments to depreciation are made prospectively.

For 2011, 2010 and 2009, rental vehicles were depreciated at rates ranging from 3% to 46% per annum. Upon disposal of the vehicles, depreciation expense is adjusted for any difference between the net sales proceeds and the remaining book value. Vehicle-related interest expense amounts are net of vehicle-related interest income of $8 million, $11 million and $15 million for 2011, 2010 and 2009, respectively.

Advertising Expenses

Advertising costs are generally expensed in the period incurred. Advertising expenses, recorded within selling, general and administrative expense on our Consolidated Statements of Operations, include radio, television, "yellow pages" and other advertising, travel partner rewards programs, internet advertising and other promotions and were approximately $107 million, $66 million and $87 million in 2011, 2010 and 2009, respectively.

Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company records net deferred tax assets to the extent it believes that it is more likely than not that these assets will be realized. In making such determination, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent results of operations. In the event the Company were to determine that it would be able to realize the deferred income tax assets in the future in excess of their net recorded amount, the Company would adjust the valuation allowance, which would reduce the provision for income taxes.

The Company reports revenues net of any tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction between a seller and a customer.

Fair Value Measurements

The Company measures its assets and liabilities at fair value at the time of acquisition and revalues its derivative assets and liabilities on a recurring basis. Financial assets and liabilities are classified as follows: Level 1, which refers to assets and liabilities valued using quoted prices from active markets for identical assets or liabilities; Level 2, which refers to assets and liabilities for which significant other observable market inputs are readily available; and Level 3, which are valued based on significant unobservable inputs.

Derivative Instruments

Derivative instruments are used as part of the Company's overall strategy to manage exposure to market risks associated with fluctuations in foreign currency exchange rates, interest rates and gasoline costs. As a matter of policy, derivatives are not used for trading or speculative purposes.

All derivatives are recorded at fair value either as assets or liabilities. Changes in fair value of derivatives not designated as hedging instruments are recognized currently in earnings within the same line item as the hedged item (principally vehicle interest, net). The effective portion of changes in fair value of derivatives designated as cash flow hedging instruments is recorded as a component of other comprehensive income. The ineffective portion is recognized currently in earnings within the same line item as the hedged item, including vehicle interest, net or interest related to corporate debt, net, based upon the nature of the hedged item. Amounts included in other comprehensive income are reclassified into earnings in the same period during which the hedged item affects earnings. Generally, all amounts related to our derivative instruments are recognized in the Consolidated Statements of Cash Flows consistent with the nature of the hedged item (principally operating activities).

Valuation Techniques. Derivatives entered into by the Company are typically executed over-the-counter and are valued using internal valuation techniques, as no quoted market prices exist for such instruments. The valuation technique and inputs depend on the type of derivative and the nature of the underlying exposure. The Company principally uses discounted cash flows to value these instruments. These models take into account a variety of factors including, where applicable, maturity, 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.

Investments

The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determination at each balance sheet date. Common stock investments in affiliates over which the Company has the ability to exercise significant influence but not a controlling interest are carried on the equity method of accounting. Available-for-sale securities are carried at current fair value with unrealized gains or losses reported net of taxes as a separate component of stockholders' equity. Trading securities are recorded at fair value with realized and unrealized gains and losses reported currently in earnings. As of December 31, 2011, the Company has investments in equity securities with a fair value of $9 million.

Joint venture investments are typically accounted for under the equity method of accounting. Under this method, the Company records its proportional share of the joint venture's net income or loss within operating expenses in the Consolidated Statements of Operations. As of December 31, 2011, the Company had investments in several joint ventures with a carrying value of $29 million, recorded within the non-current assets on the Consolidated Balance Sheets.

The Company recorded a $33 million charge ($20 million, net of tax) for impairment of its investments in 2009 to reflect the other-than-temporary decline of the investments' fair value below their carrying value, based on estimated future cash flows, thereby reducing the carrying value of the investment to zero.

Aggregate realized gains and losses on investments and dividend income are recorded within operating expenses on the Consolidated Statements of Operations. During 2011, the Company realized a gain of $1 million from the sale of certain equity investments. There were no net realized gains or losses in 2010 and 2009.

Self-Insurance Reserves

The Consolidated Balance Sheets include $409 million and $305 million of liabilities associated with retained risks of liability to third parties as of December 31, 2011 and 2010, respectively. Such liabilities relate primarily to public liability and third-party property damage claims, as well as claims arising from the sale of ancillary insurance products including but not limited to supplemental liability, personal effects protection and personal accident insurance. These obligations represent an estimate for both reported claims not yet paid and claims incurred but not yet reported. The estimated reserve requirements for such claims are recorded on an undiscounted basis utilizing actuarial methodologies and various assumptions which include, but are not limited to, the Company's historical loss experience and projected loss development factors. The required liability is also subject to adjustment in the future based upon the changes in claims experience, including changes in the number of incidents and changes in the ultimate cost per incident. These amounts are included within accounts payable and other current liabilities and other non-current liabilities.

The Consolidated Balance Sheets also include liabilities of approximately $50 million and $56 million as of December 31, 2011 and 2010, respectively, related to workers' compensation, health and welfare and other employee benefit programs. The liabilities represent an estimate for both reported claims not yet paid and claims incurred but not yet reported, utilizing actuarial methodologies similar to those mentioned above. These amounts are included within accounts payable and other current liabilities and other non-current liabilities.

Business Combinations

The Company uses the acquisition method of accounting for business combinations, which requires that the assets acquired and liabilities assumed be recorded at their respective fair values at the date of acquisition. Assets acquired and liabilities assumed in a business combination that arise from contingencies are recognized if fair value can be reasonably estimated at the acquisition date. The excess, if any, of (i) the fair value of the consideration transferred by the acquirer and the fair value of any non-controlling interest remaining in the acquiree, over (ii) the fair values of the identifiable net assets acquired is recorded as goodwill. Gains and losses on the re-acquisition of unfavorable license agreements are recorded in the Consolidated Statements of Operations upon completion of the respective acquisition. Transaction-related costs incurred to effect a business combination are expensed as incurred, except for the cost to issue debt related to the acquisition. The operating results of the acquired business are reflected in the Company's consolidated financial statements after the date of the acquisition.

Adoption of New Accounting Standards During 2011

In January 2010, the FASB issued ASU No. 2010-6, "Fair Value Measurements and Disclosures" ("ASU No. 2010-6"). ASU No. 2010-6 which expands the level of fair value disclosures for financial assets and liabilities. The Company adopted the guidance on January 1, 2010, as required, except for disclosures about purchases, sales, issuances and settlements for Level 3 instruments and fair value measurements, which were adopted on January 1, 2011, as required, and it did not have a significant impact on its financial statements.

In December 2010, the FASB issued ASU No. 2010-28, "When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts". For such reporting units, the guidance requires an entity to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. The Company adopted this guidance on January 1, 2011, as required, and it did not have an impact on its financial statements.

In December 2010, the FASB issued ASU No. 2010-29, "Disclosure of Supplementary Pro Forma Information for Business Combinations", which amends the disclosure requirements for supplementary pro forma information for business combinations. The Company adopted the guidance for all acquisitions occurring during 2011, and it resulted in incremental disclosure about the Company's acquisition.

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 plans to provide additional quantitative and qualitative disclosures regarding their participation in multiemployer plans. The Company adopted this guidance on December 31, 2011, as required, and it resulted in incremental disclosure about the Company's participation in multiemployer plans.

Recently Issued Accounting Pronouncements

On January 1, 2012, the Company adopted accounting pronouncements amending (i) fair value measurement and disclosure requirements, (ii) the presentation of other comprehensive income and (iii) the rules for testing goodwill for impairment, and they did not have a significant impact on the Company's financial statements.

Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

3.	Earnings Per Share

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


	Year Ended December 31,
	2011			2010		2009
Net income (loss) for basic EPS	$	(29	)	$	54	$	(47	)
Convertible debt interest, net of tax		—			7		—

Net income (loss) for diluted EPS	$	(29	)	$	61	$	(47	)

Basic weighted average shares outstanding		105.2			103.1		102.2
Options, warrants and non-vested stock		—			2.4		—
Convertible debt		—			21.2		—

Diluted weighted average shares outstanding ^(a)		105.2			126.7		102.2

Earnings (loss) per share:
Basic	$	(0.28	)	$	0.53	$	(0.46	)
Diluted	$	(0.28	)	$	0.49	$	(0.46	)

^(a⁾

As the Company incurred a net loss in 2011 and 2009, all outstanding stock options, restricted stock units, stock warrants and issuable shares underlying the convertible notes issued in 2009 have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. Accordingly, basic and diluted weighted average shares outstanding are equal for such periods.

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


	Year Ended December 31,
		2011		2010		2009
Options ^(a)			3.4		1.4		7.2
Warrants ^(b)			21.2		21.2		21.2
Shares underlying 3¹/2% Convertible Senior Notes due 2014			21.2		—		21.2

^(a)	Represents all outstanding stock options for 2011 and 2009. The weighted average exercise price for anti-dilutive options for 2010 was $23.28.

^(b)	Represents all outstanding warrants for 2011, 2010 and 2009. The exercise price for the warrants issued in 2009 was $22.50.

Restructuring Charges

12 Months Ended

Dec. 31, 2011

Restructuring Charges [Abstract]

Restructuring Charges

4.	Restructuring Charges

During fourth quarter 2011, subsequent to the Avis Europe Acquisition, the Company initiated a restructuring initiative, identifying synergies across the Company, enhancing organizational efficiencies and consolidating and rationalizing processes and facilities. During the year ended December 31, 2011, as part of this process, the Company formally communicated the termination of employment to approximately 50 employees. In 2011, the Company recorded restructuring charges of $3 million in connection with these initiatives. These charges primarily represent costs associated with severance, outplacement services and other costs associated with employee terminations. As of December 31, 2011, the Company has terminated substantially all of these employees. The Company is further developing this initiative and identifying the additional restructuring costs that are expected to be incurred.

Beginning in 2008, the Company initiated strategic initiatives within the Company's North America, International and Truck Rental segments, as part of a cost-reduction and efficiency improvement plan to reduce costs, enhance organizational efficiency and consolidate and rationalize existing processes and facilities. During the years ended December 31, 2011, 2010 and 2009, as part of this process, the Company formally communicated the termination of employment to approximately 850, 1,350 and 1,750 employees, respectively. The Company recorded restructuring charges in connection with these initiatives of $2 million, $11 million and $20 million in 2011, 2010 and 2009, respectively. The majority of these restructuring charges have been settled in cash. These charges primarily represent costs associated with the closure and consolidation of certain administrative facilities and severance, outplacement services and other costs associated with employee terminations. As of December 31, 2011, the Company had terminated substantially all of these employees. The Company has substantially completed its activities under this restructuring initiative.

As of December 31, 2011, the remaining liability relating to these restructuring actions amounted to approximately $2 million, primarily for the closure and consolidation of certain facilities and severance, outplacement services and other costs associated with employee terminations.

As of January 1, 2009, the Company had $2 million of liabilities related to pre-2008 restructuring activities.

The following tables summarize the changes to our restructuring-related liabilities and identifies the amount recorded within the Company's reporting segments for restructuring charges and corresponding payments and utilizations:


	Personnel Related			Facility Related			Asset Impairments			Total
Balance as of January 1, 2009	$	10		$	5		$	1		$	16
Restructuring charge		11			6			3			20
Cash payment/utilization		(20	)		(7	)		(4	)		(31	)

Balance as of December 31, 2009		1			4			—			5
Restructuring charge		4			7			—			11
Cash payment/utilization		(5	)		(5	)		—			(10	)

Balance as of December 31, 2010		—			6			—			6
Restructuring charge		5			—			—			5
Assumed restructuring obligation		—			1			—			1
Cash payment/utilization		(4	)		(6	)		—			(10	)

Balance as of December 31, 2011	$	1		$	1		$	—		$	2


	North America			International			Truck Rental			Total
Balance as of January 1, 2009	$	12		$	2		$	2		$	16
Restructuring charge		16			2			2			20
Cash payment/utilization		(25	)		(3	)		(3	)		(31	)

Balance as of December 31, 2009		3			1			1			5
Restructuring charge		11			—			—			11
Cash payment/utilization		(8	)		(1	)		(1	)		(10	)

Balance as of December 31, 2010		6			—			—			6
Restructuring charge		2			3			—			5
Acquired restructuring obligation		—			1			—			1
Cash payment/utilization		(7	)		(3	)		—			(10	)

Balance as of December 31, 2011	$	1		$	1		$	—		$	2

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.

Licensing Activities

12 Months Ended

Dec. 31, 2011

Licensing Activities [Abstract]

Licensing Activities

5.	Licensing Activities

Revenues from licensing, which are recorded within other revenues on the accompanying Consolidated Statements of Operations, amounted to $70 million, $46 million and $43 million during 2011, 2010 and 2009, respectively. The Company renews license agreements in the normal course of business and occasionally terminates, purchases or sells license agreements. In connection with ongoing fees that the Company receives from its licensees pursuant to license agreements, the Company is required to provide certain services, such as training, marketing and the operation of reservation systems.

Acquisition

12 Months Ended

Dec. 31, 2011

Acquisition [Abstract]

Acquisition

6.	Acquisition

On October 3, 2011, the Company completed the acquisition of the entire issued share capital of Avis Europe for $976 million and subsequently repaid $649 million of Avis Europe's assumed indebtedness. Avis Europe provides vehicle rental and ancillary products and services in Europe, the Middle East, Africa and Asia. The acquisition reunited the global operation of the Avis and Budget brands under one corporate umbrella.

The Company recorded a $117 million net, non-cash charge, within transaction-related costs, related to the reacquired unfavorable license rights that provided Avis Europe with royalty-free license rights within certain territories. This net charge reflects the difference, as of the acquisition date, between the fair value of the license rights and their contractual value. The Company used a relief from royalty rate analysis to determine the fair value. This valuation considered, but was not limited to, (i) the contracted royalty rates, (ii) the market royalty rate and (iii) the term of the license contracts.

The excess of the purchase price over preliminary fair value of net assets acquired was allocated to goodwill, which was assigned to the Company's International segment. The goodwill is not expected to be deductible for tax purposes. The estimated fair value of the assets acquired and liabilities assumed, as set forth in the table below, reflects various preliminary fair value estimates and analyses, including preliminary work performed by third-party valuation specialists, which are subject to change within the measurement period (up to one year from the acquisition date) as valuations are finalized. The fair values of certain tangible assets and liabilities acquired, identifiable intangible assets, income and non-income based taxes, and residual goodwill are therefore not yet finalized and subject to change. The following summarizes the preliminary allocation of the purchase price of Avis Europe:


Cash	$	136
Receivables		246
Other current assets		210
Property and equipment		86
Deferred income taxes		27
Other intangibles		247
Other non-current assets		34
Vehicles		1,710
Receivables from vehicle manufacturers and other		282

Total identifiable assets acquired		2,978
Accounts payable and other current liabilities		(550	)
Debt		(763	)
Other non-current liabilities		(312	)
Liabilities under vehicles program—debt		(779	)

Total liabilities assumed		(2,404	)

Net assets acquired		574
Goodwill		285
Non-cash charge related to the reacquired unfavorable license rights		117

Total	$	976

Other intangibles consisted primarily of $185 million related to license agreements and $62 million related to customer relationships. These license agreements will be amortized over a weighted-average life of approximately 20 years. Customer relationships will be amortized over a weighted-average life of approximately 12 years.

Avis Europe contributed net revenues of $359 million and a net loss of $223 million including $213 million transaction-related costs, net of tax to the Company's results from October 3, 2011 through December 31, 2011. The net loss was primarily due to the non-cash charge, recorded at the time of the acquisition, related to the unfavorable license rights reacquired by the Company. The following unaudited pro forma summary presents the Company's consolidated information as if Avis Europe had been acquired on January 1, 2010. These amounts were calculated after conversion of Avis Europe's results into U.S. dollars, applying adjustments to align the financial information with GAAP and the Company's accounting policies. In addition, adjustments were made to reflect the impact to amortization expense and related income tax expense for fair value adjustments and revised useful lives assigned to intangible assets as if Avis Europe had been acquired on January 1, 2010. In the pro forma net income, $213 million transaction-related costs, net of tax incurred in the year ended December 31, 2011 were treated as incurred in the year ended December 31, 2010.


	(unaudited)
	Pro Forma Summary for the Year Ended December 31,
	2011		2010
Net revenues	$	7,259	$	6,768
Net income		234		(133	)
Earnings per share—Diluted		1.82		(1.29	)

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-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 141
-Paragraph 51, 52
-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 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-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 Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6927-128479

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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Intangible Assets

12 Months Ended

Dec. 31, 2011

Intangible Assets [Abstract]

Intangible Assets

7.	Intangible Assets

Intangible assets consisted of:


	As of December 31, 2011						As of December 31, 2010
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements ^(a) (d)	$	252	$	29	$	223	$	73	$	24	$	49
Customer relationships ^(b) (d)		80		12		68		19		10		9
Other ^(c)		2		1		1		2		1		1

	$	334	$	42	$	292	$	94	$	35	$	59

Unamortized Intangible Assets
Goodwill ^(d)	$	353					$	76

Trademarks ^(e)	$	421					$	422

^(a)	Primarily amortized over a period ranging from 20 to 40 years.

^(b)	Primarily amortized over a period ranging from 8 to 20 years.

^(c)	Primarily amortized over 27 years.

^(d)	The increase in 2011 primarily relates to the Avis Europe Acquisition.

^(e)	The decrease relates to fluctuations in foreign currency.

Amortization

expense relating to all intangible assets was as follows:


	Year Ended December 31,
	2011		2010		2009
License agreements	$	4	$	2	$	2
Customer relationships		3		1		1

Total	$	7	$	3	$	3

Based on the Company's amortizable intangible assets at December 31, 2011, the Company expects related amortization expense to approximate $17 million for each of the five succeeding fiscal years excluding effects of foreign exchange rates.

The carrying amounts of goodwill and related charges are as follows:


	North America			International			Truck Rental			Total Company
Gross goodwill as of January 1, 2010	$	1,359		$	592		$	243		$	2,194
Accumulated impairment losses as of January 1, 2010		(1,355	)		(535	)		(228	)		(2,118	)

Goodwill as of January 1, 2010		4			57			15			76
Adjustments		—			—			—			—

Goodwill as of December 31, 2010		4			57			15			76

Acquisition		—			285			—			285
Foreign currency translation adjustments		—			(8	)		—			(8	)

Goodwill as of December 31, 2011	$	4		$	334		$	15		$	353

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

Vehicle Rental Activities [Abstract]

Vehicle Rental Activities

12 Months Ended

Dec. 31, 2011

Vehicle Rental Activities

8.	Vehicle Rental Activities

The components of vehicles, net within assets under vehicle programs are as follows:


	As of December 31,
	2011			2010
Rental vehicles	$	9,077		$	7,007
Less: Accumulated depreciation		(1,258	)		(1,135	)

		7,819			5,872
Vehicles held for sale		537			550

Vehicles, net	$	8,356		$	6,422

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


	Year Ended December 31,
	2011			2010			2009
Depreciation expense	$	1,395		$	1,277		$	1,391
Lease charges		62			34			64
(Gain) loss on sale of vehicles, net and cost of vehicle disposition		(234	)		(24	)		(30	)

Vehicle depreciation and lease charges, net	$	1,223		$	1,287		$	1,425

During 2011, 2010 and 2009, vehicle interest, net on the accompanying Consolidated Statements of Operations excludes $228 million, $178 million and $157 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. Such interest is recorded within interest expense related to corporate debt, net on the accompanying Consolidated Statements of Operations.

Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income Taxes

9.	Income Taxes

The provision for (benefit from) income taxes consists of the following:


	Year Ended December 31,
	2011			2010			2009
Current
Federal	$	—		$	—		$	—
State		(3	)		2			3
Foreign		36			36			27

Current income tax provision		33			38			30

Deferred
Federal		36			(7	)		(40	)
State		10			8			(5	)
Foreign		(14	)		(21	)		(15	)

Deferred income tax benefit		32			(20	)		(60	)

Provision for (benefit from) income taxes	$	65		$	18		$	(30	)

Pretax income (loss) for domestic and foreign operations consists of the following:


	Year Ended December 31,
	2011			2010			2009
United States	$	74		$	(17	)	$	(146	)
Foreign ^(a)		(38	)		89			69

Pretax income (loss)	$	36		$	72		$	(77	)

^(a)	2011 includes $128 million of transaction-related costs.

Current and non-current deferred income tax assets and liabilities are comprised of the following:


	As of December 31,
	2011			2010
Current deferred income tax assets:
Accrued liabilities and deferred income	$	175		$	179
Provision for doubtful accounts		9			5
Acquisition and integration-related liabilities		8			9
Unrealized hedge loss		—			1
Convertible note hedge		7			8
Valuation allowance ^(a)		(45	)		(35	)

Current deferred income tax assets		154			167

Current deferred income tax liabilities:
Accrued liabilities and deferred income		8			—
Prepaid expenses		26			37

Current deferred income tax liabilities		34			37

Current net deferred income tax assets	$	120		$	130

Non-current deferred income tax assets:
Net tax loss carryforwards	$	358		$	373
Accrued liabilities and deferred income		155			131
Depreciation and amortization		74			99
Tax credits		62			75
Convertible note hedge		13			21
Acquisition and integration-related liabilities		18			21
Unrealized hedge loss		—			1
Other		39			23
Valuation allowance ^(a)		(228	)		(157	)

Non-current deferred income tax assets		491			587

Non-current deferred income tax liabilities:
Depreciation and amortization		43			—
Other		4			—

Non-current deferred income tax liabilities		47			—

Non-current net deferred income tax assets	$	444		$	587

^(a⁾

The valuation allowance of $273 million at December 31, 2011 relates to tax loss carryforwards, foreign tax credits and certain state deferred tax assets of $195 million, $53 million and $25 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized.

Deferred income tax assets and liabilities related to vehicle programs are comprised of the following:


	As of December 31,
	2011		2010
Deferred income tax assets:
Depreciation and amortization	$	35	$	—
Unrealized hedge loss		8		29

		43		29

Deferred income tax liabilities:
Depreciation		1,025		1,362

		1,025		1,362

Net deferred income tax liabilities under vehicle programs	$	982	$	1,333

At December 31, 2011, the Company had U.S. federal net operating loss carryforwards of approximately $500 million, most of which expire through 2031. Currently, the Company does not record valuation allowances on the majority of its U.S. federal tax loss carryforwards as there are adequate deferred tax liabilities that could be realized within the carryforward period. At December 31, 2011, the Company had foreign net operating loss carryforwards of approximately $250 million with an indefinite utilization period. No provision has been made for U.S. federal deferred income taxes on approximately $590 million of accumulated and undistributed earnings of foreign subsidiaries at December 31, 2011, since it is the present intention of management to reinvest the undistributed earnings indefinitely in those foreign operations. The determination of the amount of unrecognized U.S. federal deferred income tax liability for unremitted earnings is not practicable. In 2011, the Company recorded tax adjustments related to prior periods that reduced the Company's non-current deferred income tax assets by approximately $230 million, deferred income tax liabilities under vehicle programs by approximately $330 million, increased income taxes payable by approximately $65 million and increased additional paid-in capital by $30 million. There was no material impact to the Company's net income as a result of these adjustments.

The reconciliation between the U.S. federal income tax statutory rate and the Company's effective income tax rate is as follows:


	As of December 31,
	2011			2010			2009
U.S. federal statutory rate		35.0	%		35.0	%		35.0	%
Adjustments to reconcile to the effective rate:
State and local income taxes, net of federal tax benefits		4.2			(7.0	)		9.8
Changes in valuation allowances		(1.3	)		15.1			(10.1	)
Taxes on foreign operations at rates different than statutory U.S. federal rates ^(a)		(13.2	)		(22.0	)		16.5
Resolution of prior years' examination issues		—			—			2.6
Non-deductible transaction-related costs		146.5			—			—
Other non-deductible expenses		10.1			5.4			(13.2	)
Other		(0.7	)		(1.5	)		(1.6	)

		180.6	%		25.0	%		39.0	%

^(a)	In 2010 and 2009, the Company realized a benefit relating to additional tax depreciation within the Company's operations in Australia.

The following is a tabular reconciliation of the gross amount of unrecognized tax benefits for the year:


	2011			2010			2009
Balance at January 1	$	40		$	603		$	601
Additions based on tax positions related to the current year		—			—			1
Additions for tax positions for prior years		143			9			6
Additions associated with the Avis Europe Acquisition		34			—			—
Reductions for tax positions for prior years		(3	)		(443	)		(4	)
Settlements		—			(129	)		(1	)
Statute of limitations		(28	)		—			—

Balance at December 31	$	186		$	40		$	603

At December 31, 2011, the Company recharacterized $128 million of deferred income tax liabilities under vehicle programs for tax positions for prior years as unrecognized tax benefits. Substantially all of the gross amount of the unrecognized tax benefits at December 31, 2011, 2010 and 2009, if recognized, would affect the Company's provision for, or benefit from, income taxes. As of December 31, 2011, the Company's unrecognized tax benefits were offset by tax loss carryforwards in the amount of $11 million.

The following table presents unrecognized tax benefits reflected as of December 31:


	As of December 31,
	2011		2010
Unrecognized tax benefit in non-current income taxes payable ^(a)	$	169	$	37
Accrued interest payable on potential tax liabilities ^(b)		21		20

^(a)

Pursuant to the Tax Sharing Agreement and the Separation Agreement entered into in connection with the Separation (as defined below), the Company is entitled to indemnification for non-Avis Budget Car Rental tax contingencies for taxable periods prior to and including the Separation. As of December 31, 2011, $16 million of unrecognized tax benefits are non-Avis Budget Car Rental tax contingencies.

^(b)

The Company recognizes potential interest related to unrecognized tax benefits within interest expense related to corporate debt, net on the accompanying Consolidated Statements of Operations. Penalties incurred during the twelve months ended December 31, 2011, 2010 and 2009, were not significant and were recognized as a component of income taxes.

In 2010, the Company reached a settlement with the Internal Revenue Service ("IRS") with respect to its examination of the Company's taxable years 2003 through 2006, the year in which the Company was separated (the "Separation") into four independent companies. The Company was entitled to indemnification for most pre-Separation tax matters from the Company's former Realogy Corporation ("Realogy") and Wyndham Worldwide Corporation ("Wyndham") subsidiaries, and therefore amounts due to the IRS at the conclusion of the audit did not have a material impact on the Company's financial position. The Company made payments to the IRS and state tax authorities of $144 million, including interest, in conjunction with the conclusion of the audit, all of which were funded by Realogy and Wyndham. The Company was also reimbursed $89 million by Wyndham for the use of certain of the Company's tax attributes in connection with the conclusion of the IRS audit. As a result of the conclusion of the audit, the Company reduced income taxes payable and related receivables from Realogy and Wyndham by approximately $295 million, which items offset within income from discontinued operations. In addition, in connection with the conclusion of the IRS audit, a reallocation of certain deferred taxes with our former subsidiaries resulted in a $16 million decrease to stockholders' equity. The reductions in income taxes payable and receivables from Realogy and Wyndham are reflected in accounts payable and other current liabilities, and other current assets, respectively, as of December 31, 2010.

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.

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

Property And Equipment, Net [Abstract]

Other Current Assets

12 Months Ended

Dec. 31, 2011

Other Current Assets [Abstract]

Other Current Assets

10.

Other Current Assets

Other current assets consisted of:


	As of December 31,
	2011		2010
Prepaid expenses	$	179	$	140
Sales and use tax		92		28
Other		109		114

	$	380	$	282

Property And Equipment, Net

12 Months Ended

Dec. 31, 2011

Property And Equipment, Net

11.

Property and Equipment, net

Property and equipment, net consisted of:


	As of December 31,
	2011			2010
Land	$	58		$	48
Buildings and leasehold improvements		492			412
Capitalized software		400			346
Furniture, fixtures and equipment		259			182
Buses and support vehicles		54			53
Projects in process		37			30

		1,300			1,071
Less: Accumulated depreciation and amortization		(807	)		(646	)

	$	493		$	425

Depreciation and amortization expense relating to property and equipment during 2011, 2010, and 2009 was $88 million, $87 million and $93 million, respectively (including $26 million, $28 million and $26 million, respectively, of amortization expense relating to capitalized computer software).

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

Accounts Payable And Other Current Liabilities [Abstract]

Other Non-Current Assets

12 Months Ended

Dec. 31, 2011

Other Non-Current Assets [Abstract]

Other Non-Current Assets

12.

Other Non-Current Assets

Other non-current assets consisted of:


	As of December 31,
		2011		2010
Deferred financing costs		$	138	$	107
Receivables from Realogy ^(a)			67		80
Receivables from Wyndham ^(a)			41		48
Investments ^(b)			38		4
Other			20		16

		$	304	$	255

^(a)

Represents amounts due for certain contingent, tax and other corporate liabilities assumed by Realogy and Wyndham in connection with the Separation. These amounts are due from Realogy and Wyndham on demand upon the Company's settlement of the related liability. At December 31, 2011 and 2010, there are corresponding liabilities recorded within other non-current liabilities. Realogy has posted a letter of credit for the benefit of the Company to cover Realogy's performance in respect of these receivables, as more fully described under Note 17—Commitments and Contingencies.

^(b)	Includes the Company's (i) 50% ownership of Anji Car Rental and Leasing Company Limited, a joint venture that has a license agreement for the Avis brand in China, and (ii) 33% ownership of Mercury Car Rentals Limited, a joint venture that has a license agreement for the Avis brand in India.

Accounts Payable And Other Current Liabilities

12 Months Ended

Dec. 31, 2011

Accounts Payable And Other Current Liabilities

13.

Accounts Payable and Other Current Liabilities

Accounts payable and other current liabilities consisted of:


	As of December 31,
	2011		2010
Accounts payable	$	312	$	209
Accrued payroll and related		200		155
Accrued sales and use taxes		173		81
Public liability and property damage insurance liabilities—current		128		93
Income taxes payable—current		109		41
Advertising and marketing		77		53
Other		434		293

	$	1,433	$	925

Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2011

Other Non-Current Liabilities [Abstract]

Other Non-Current Liabilities

14.

Other Non-Current Liabilities

Other non-current liabilities consisted of:


	As of December 31,
	2011		2010
Public liability and property damage insurance liabilities—non-current	$	281	$	212
Pension liability		191		63
Income taxes payable—non-current		169		37
Acquisition-related liabilities		51		55
Other		268		168

	$	960	$	535

Long-Term Debt And Borrowing Arrangements

12 Months Ended

Dec. 31, 2011

Long-Term Debt And Borrowing Arrangements [Abstract]

Long-Term Debt And Borrowing Arrangements

15.

Long-term Debt and Borrowing Arrangements

Long-term debt and other borrowing arrangements consisted of:


	Maturity		As of December 31,
	Date		2011		2010
Floating Rate Term Loan ^(a)		April 2014	$	267	$	271
Floating Rate Senior Notes		May 2014		250		250
7⁵/8% Senior Notes		May 2014		200		200
3¹/2% Convertible Senior Notes		October 2014		345		345
7³/4% Senior Notes		May 2016		375		375
Floating Rate Term Loan ^(a)		May 2016		20		—
9⁵/8% Senior Notes		March 2018		445		444
Floating Rate Term Loan ^(a)		September 2018		412		—
8¹/4% Senior Notes		January 2019		602		602
9³/4% Senior Notes		March 2020		250		—

				3,166		2,487
Other				39		15

Total				3,205		2,502
Less: Short-term debt and current portion of long-term debt				37		8

Long-term debt			$	3,168	$	2,494

^(a)

The floating rate term loans are part of the Company's senior credit facilities, which include its revolving credit facility maturing 2016, and are secured by pledges of all of the capital stock of all of the Company's 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.

AVIS BUDGET GROUP, INC. CORPORATE DEBT

3¹/2% Convertible Senior Notes

The Company's 3¹/2% Convertible Senior Notes due 2014 (the "Convertible Notes") were issued in October 2009 at 100% of their face value for aggregate proceeds of $345 million. The Convertible Notes are general unsecured senior obligations of the Company. The Convertible Notes are not redeemable by the Company prior to maturity; however, they are convertible by the holders at any time prior to the second trading day before the maturity date of the Convertible Notes. The initial conversion rate for the Convertible Notes is 61.5385 shares of common stock per $1,000 principal amount, which is equal to an initial conversion price of approximately $16.25 per share. The Convertible Notes mature October 1, 2014.

Holders may require the Company to repurchase, for cash, all or part of the Convertible Notes upon a "fundamental change", as defined under the indenture, at a price equal to 100% of the principal amount of the Convertible Notes being repurchased plus any accrued and unpaid interest. In addition, upon a "make-whole fundamental change", prior to the maturity date of the Convertible Notes, the Company may, in some cases, increase the conversion rate for a holder that elects to convert its notes in connection with such make-whole fundamental change. Under these "make-whole" provisions the Company could be required to issue an additional 6.4 million shares to settle the Convertible Notes. The Company has designated 27.6 million shares (including the shares that could be issued under the "make-whole" provisions) which it can issue to settle its obligation upon conversion.

Concurrently with the issuance of the Convertible Notes, the Company purchased a convertible note hedge and entered into a warrant transaction, which effectively increased the conversion price of the Convertible Notes, from the Company's perspective, to $22.50 per share. The convertible note hedge is intended to reduce the net number of shares required to be issued upon conversion of the Convertible Notes. The significant terms of the convertible note hedge and warrant transactions can be found in Note 18—Stockholders' Equity.

AVIS BUDGET CAR RENTAL CORPORATE DEBT

Floating Rate Term Loans

The Company's floating rate term loan due 2014 was originally issued in April 2006 as part of the Company's senior credit facilities. In March 2010, the Company repaid $451 million of the loan and the terms were amended resulting in $52 million maturing in April 2012, which was subsequently repaid in October 2010, with the balance maturing in April 2014. The floating rate term loan bears interest at the greater of three-month LIBOR or 1.50% plus 4.25% per annum, for an aggregate rate of 5.75% at December 31, 2011. Quarterly installment payments of approximately $1 million are required through January 31, 2014. The remaining principal is due at the end of the term. During 2011, the Company repaid approximately $4 million of outstanding principal under the floating rate term loan pursuant to quarterly installment payment requirements.

The Company's floating rate term loan due 2016, was issued in October 2011. The $20 million loan matures in May 2016 and bears interest at three-month LIBOR plus 3% per annum, for an aggregate rate of 3.58% at December 31, 2011. The Company used the proceeds from the loan to partially fund the Avis Europe Acquisition.

The Company's floating rate term loan due 2018, was issued in October 2011. The $420 million loan matures in September 2018. The facility bears interest at the greater of three-month LIBOR or 1.25% plus 5% per annum, for an aggregate rate of 6.25% at December 31, 2011. Upon issuance of the loan, the Company paid to the lenders 2% of each lender's commitments under the loan, which payment was structured as an original issue discount. The Company used the proceeds from the loan to partially fund the Avis Europe Acquisition.

Floating Rate Senior Notes

The Company's Floating Rate Senior Notes were issued in April 2006 at 100% of their face value for aggregate proceeds of $250 million. The interest rate on these notes is equal to three-month LIBOR plus 250 basis points, for an aggregate rate of 3.08% at December 31, 2011. The floating rate notes pay interest quarterly on February 15, May 15, August 15 and November 15 of each year. The Company has the right to redeem these notes in whole or in part at any time at the applicable scheduled redemption price, plus in each case, accrued and unpaid interest through the redemption date.

7⁵/8% and 7³/4% Senior Notes

The Company's 7⁵/8% and 7³/4% Senior Notes were issued in April 2006 at 100% of their face value for aggregate proceeds of $750 million. The notes pay interest semi-annually on May 15 and November 15 of each year. The Company has the right to redeem the 7⁵/8% and 7³/4% Senior Notes in whole or in part at any time, at the applicable scheduled redemption price, plus any accrued and unpaid interest through the redemption date. In 2010, the Company redeemed $175 million of its 7⁵/8% Senior Notes due 2014 at 103.813% plus accrued and unpaid interest.

9⁵/8% Senior Notes

The Company's 9⁵/8% Senior Notes were issued in March 2010 at 98.6% of their face value for aggregate proceeds of $444 million. The notes pay interest semi-annually on March 15 and September 15 of each year. The Company has the right to redeem these notes in whole or in part at any time on or after March 15, 2014, at the applicable redemption price plus any accrued and unpaid interest through the redemption date.

8¹/4% Senior Notes

The Company's 8¹/4% Senior Notes were issued through two separate issuances of $400 million and $200 million, in October and November 2010, respectively, and form a single series of debt securities. The $400 million of notes were issued at 100% of their face value and the $200 million of notes were issued at 101% of their face value, for aggregate proceeds of $602 million. The notes pay interest semi-annually on January 15 and July 15 of each year. The Company has the right to redeem these notes in whole or in part at any time on or after October 15, 2014 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, pursuant to which it completed in February 2011 an offer to exchange the notes for new notes with terms substantially identical to those of the originally issued notes except that the transfer restrictions and registration rights provisions relating to the originally issued notes do not apply to the new notes.

9³/4% Senior Notes

The Company's 9³/4% Senior Notes were issued in October 2011 at 100% of their face value for aggregate proceeds of $250 million. The notes pay interest semi-annually on March 15 and September 15 of each year, beginning in March 2012. The notes were originally issued by the Company's AE Escrow Corporation subsidiary and were subsequently assumed by Avis Budget Car Rental. The Company has the right to redeem these notes in whole or in part at any time on or after September 15, 2015 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, pursuant to which it completed in November 2011 an offer to exchange the originally issued notes for new notes with terms substantially identical to those of the originally issued notes except that the transfer restrictions and registration rights provisions relating to the originally issued notes do not apply to the new notes.

The Floating Rate Senior Notes, the 7⁵/8% and 7³/4% Senior Notes, the 9⁵/8% Senior Notes, the 8¹/4% Senior Notes and the 9³/4% Senior Notes, in each case as described above, are senior unsecured obligations, rank equally in right of payment with all of the Company's existing and future senior indebtedness and are guaranteed on a senior basis by the Company and certain of its domestic subsidiaries.

CORPORATE GUARANTEE

In February 2007, the Company agreed to guarantee (the "Guarantee") the payment of principal, premium, if any, and interest on the 7⁵/8% Senior Notes, 7³/4% Senior Notes and Floating Rate Senior Notes. The Company executed a Supplemental Indenture to provide the Guarantee in accordance with the terms and limitations of such notes and the indenture governing the notes. In consideration for providing the Guarantee, the Company received $14 million, before fees and expenses, from certain institutional investors. This consideration has been deferred and is being amortized over the life of the debt. As of December 31, 2011, the deferred consideration remaining to be amortized amounted to approximately $5 million.

DEBT MATURITIES

The following table provides contractual maturities of the Company's corporate debt at December 31, 2011:


Year	Amount
2012	$	37
2013		10
2014		1,064
2015		8
2016		393
Thereafter		1,693

	$	3,205

COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS

At December 31, 2011, the committed credit facilities available to the Company and/or its subsidiaries at the corporate or Avis Budget Car Rental level were as follows:


	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Revolving credit facility maturing 2016 ^(a)^(b)	$	1,400	$	—	$	643	$	757
Other facilities ^(c)		11		2		—		9

^(a)	This revolving credit facility matures in April 2016 and bears interest of one month LIBOR plus 300 basis points.

^(b⁾

The senior credit facility, which encompass the floating rate term loans and the revolving credit facility, is secured by pledges of all of the capital stock of all of the Company's 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.

^(c⁾	These facilities encompass bank overdraft lines of credit, bearing interest of 5.14%-7.25% as of December 31, 2011

At December 31, 2011, the Company had various uncommitted credit facilities available, under which it had drawn approximately $25 million, which bear interest at rates between 0.50% and 3.58%.

DEBT COVENANTS

The agreements governing the Company's indebtedness contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries, the incurrence of additional indebtedness by the Company and certain of its subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. The Company's senior credit facilities contain maximum leverage and minimum coverage ratio requirements. As of December 31, 2011, the Company was in compliance with the financial covenants of its senior credit facilities.

Debt Under Vehicle Programs And Borrowing Arrangements

12 Months Ended

Dec. 31, 2011

Debt Under Vehicle Programs And Borrowing Arrangements [Abstract]

Debt Under Vehicle Programs And Borrowing Arrangements

16.

Debt Under Vehicle Programs and Borrowing Arrangements

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


	As of December 31,
	2011		2010
Debt due to Avis Budget Rental Car Funding ^(a)	$	4,574	$	3,987
Budget Truck financing ^(b)		188		244
Capital leases ^(c)		348		—
Other ^(d)		454		284

	$	5,564	$	4,515

^(a)	The increase reflects increased borrowing within U.S. operations due to an increase in the size of the Company's U.S. car rental fleet.

^(b ⁾

The decrease reflects principal payments on borrowings.

^(c ⁾

The increase reflects the inclusion of capital lease arrangements related to Avis Europe's vehicle rental fleet.

^(d)	The increase reflects an increase in borrowings related to an increase in the size of our international fleet, primarily as a result of the Avis Europe Acquisition.

Avis Budget Rental Car Funding (AESOP) LLC. Avis Budget Rental Car Funding, an unconsolidated bankruptcy remote qualifying special purpose limited liability company, issues privately placed notes to investors as well as to banks and bank-sponsored conduit entities. Avis Budget Rental Car Funding uses the proceeds from its note issuances to make loans to a wholly-owned subsidiary of the Company, AESOP Leasing LP ("AESOP Leasing"), on a continuing basis. AESOP Leasing is required to use the proceeds of such loans to acquire or finance the acquisition of vehicles used in the Company's rental car operations. By issuing debt through the Avis Budget Rental Car Funding program, Avis Budget pays a lower rate of interest than if it had issued debt directly to third parties. Avis Budget Rental Car Funding is not consolidated, as the Company is not the "primary beneficiary" of Avis Budget Rental Car Funding. The Company determined that it is not the primary beneficiary because the Company does not have the obligation to absorb the potential losses or receive the benefits of Avis Budget Rental Car Funding's activities since the Company's only significant source of variability in the earnings, losses or cash flows of Avis Budget Rental Car Funding is exposure to its own creditworthiness, due to its loan from Avis Budget Rental Car Funding. Because Avis Budget Rental Car Funding is not consolidated, AESOP Leasing's loan obligations to Avis Budget Rental Car Funding are reflected as related party debt on the Company's Consolidated Balance Sheets. The Company also has an asset within Assets under vehicle programs on its Consolidated Balance Sheets which represents securities issued to the Company by Avis Budget Rental Car Funding. AESOP Leasing is consolidated, as the Company is the "primary beneficiary" of AESOP Leasing; as a result, the vehicles purchased by AESOP Leasing remain on the Company's Consolidated Balance Sheets. The Company determined it is the primary beneficiary of AESOP Leasing, as it has the ability to direct its activities, an obligation to absorb a majority of its expected losses and the right to receive the benefits of AESOP Leasing's activities. AESOP Leasing's vehicles and related assets, which as of December 31, 2011, approximate $6.3 billion and many of which are subject to manufacturer repurchase and guaranteed depreciation agreements, collateralize the debt issued by Avis Budget Rental Car Funding. The assets and liabilities of AESOP Leasing are presented on the Company's Consolidated Balance Sheets within Assets under vehicle programs and Liabilities under vehicle programs, respectively. The assets of AESOP Leasing, included within Assets under vehicle programs (excluding the Investments in Avis Budget Rental Car Funding (AESOP) LLC– related party) are restricted. Such assets may be used only to repay the respective AESOP Leasing liabilities, included within Liabilities under vehicle programs, and to purchase new vehicles, although if certain collateral coverage requirements are met, AESOP Leasing may pay dividends from excess cash. The creditors of AESOP Leasing and Avis Budget Rental Car Funding have no recourse to the general credit of the Company. The Company periodically provides Avis Budget Rental Car Funding with non-contractually required support, in the form of equity and loans, to serve as additional collateral for the debt issued by Avis Budget Rental Car Funding. The Company also finances vehicles through other variable interest entities and partnerships, which are consolidated and whose assets and liabilities are included within Assets under vehicle programs and Liabilities under vehicle programs, respectively. The requirements of these entities include maintaining sufficient collateral levels and other covenants.

The business activities of Avis Budget Rental Car Funding are limited primarily to issuing indebtedness and using the proceeds thereof to make loans to AESOP Leasing for the purpose of acquiring or financing the acquisition of vehicles to be leased to the Company's rental car subsidiaries and pledging its assets to secure the indebtedness. Because Avis Budget Rental Car Funding is not consolidated by the Company, its results of operations and cash flows are not reflected within the Company's financial statements. Borrowings under the Avis Budget Rental Car Funding program primarily represent fixed rate notes and had a weighted average interest rate of 4% and 3% as of December 31, 2011 and 2010, respectively. Due to hedging transactions to reduce the Company's exposure to interest rate movements, the Company's weighted average effective interest rate related to the debt of Avis Budget Rental Car Funding was approximately 5% and 6% as of December 31, 2011 and 2010, respectively.

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 4.50% at December 31, 2011, and mature in March 2012. As of December 31, 2011, there were no outstanding amounts due to the Company from Avis Budget Rental Car Funding under the program; however, for the year ended December 31, 2011, the Company earned interest income of $4 million and incurred an equal amount of interest expense on these notes, which was eliminated in consolidation in the Company's financial statements. As of December 31, 2011, the Company's related interest receivable from Avis Budget Rental Car Funding was insignificant.

Truck financing. The Budget Truck Funding program consists of debt facilities established by the Company to finance the acquisition of the Budget Truck rental fleet. The borrowings under the Budget Truck Funding program are collateralized by $302 million of corresponding assets and are primarily fixed rate notes with a weighted average interest rate of 5% as of December 31, 2011 and 2010. The Company had also obtained a portion of its truck rental fleet under capital lease arrangements which all matured in 2010. Interest paid as part of capital lease obligations was $1 million and $4 million in 2010 and 2009, respectively.

Capital Leases. The Company obtained a portion of its vehicles and equipment under capital lease arrangements for which there are corresponding assets of $348 million classified within vehicles, net on the Company's Consolidated Balance Sheets as of December 31, 2011. For the year ended December 31, 2011, the interest rate on these leases ranged from 3% to 4%. All capital leases are on a fixed repayment basis and interest rates are fixed at the contract date.

Other. Borrowings under the Company's other vehicle rental programs primarily represent amounts issued under financing facilities that provide for borrowings to primarily support the acquisition of vehicles used in the Company's international operations. The debt issued is collateralized by approximately $1.7 billion of vehicles and related assets and the majority represents floating rate bank loans and a commercial paper conduit facility for which the weighted average interest rate as of December 31, 2011 and 2010, was 5% and 4%, respectively.

In 2011, the Company entered into a €350 million revolving credit facility which matures in October 2013 and bears interest of one-month EURIBOR plus 3% for an aggregate rate of 4.14% at December 31, 2011. This facility provides for the availability of fleet financing for certain of the Company's operations in Europe.

DEBT MATURITIES

The following table provides the contractual maturities of the Company's debt under vehicle programs (including related party debt due to Avis Budget Rental Car Funding) at December 31, 2011:


	Vehicle- Backed Debt
2012	$	2,184
2013		780
2014		865
2015		798
2016		883
Thereafter		54

	$	5,564

COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS

As of December 31, 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	$	7,199	$	4,574	$	2,625
Budget Truck Funding financing		188		188		—
Capital leases		542		348		194
Other		1,479		454		1,025

	$	9,408	$	5,564	$	3,844

^(a)	Capacity is subject to maintaining sufficient assets to collateralize debt.

DEBT COVENANTS

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 December 31, 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.

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.

Commitments And Contingencies [Abstract]

Commitments And Contingencies

12 Months Ended

Dec. 31, 2011

Commitments And Contingencies

17.

Commitments and Contingencies

Lease Commitments

The Company is committed to making rental payments under noncancelable operating leases covering various facilities and equipment. Many of the Company's operating leases for facilities contain renewal options. These renewal options vary, but the majority include clauses for renewal for various term lengths and prevailing market rate rents.

Future minimum lease payments required under noncancelable operating leases, including minimum concession fees charged by airport authorities which, in many locations, are recoverable from vehicle rental customers, as of December 31, 2011, are as follows:


Year	Amount
2012	$	516
2013		377
2014		272
2015		205
2016		157
Thereafter		784

	$	2,311

The future minimum lease payments in the above table have been reduced by minimum future sublease rental inflows in the aggregate of $6 million.

The Company maintains concession agreements with various airport authorities that allow the Company to conduct its car rental operations onsite. In general, concession fees for airport locations are based on a percentage of total commissionable revenue (as defined by each airport authority), subject to minimum annual guaranteed amounts. These concession fees are included in the Company's total rent expense and for the years ended December 31, 2011, 2010 and 2009, were as follows:


	2011			2010			2009
Rent and minimum concession fees	$	535		$	473		$	493
Contingent concession expense		104			114			94

		639			587			587
Less: sublease rental income		(5	)		(5	)		(5	)

Total	$	634		$	582		$	582

Commitments under capital leases, other than those within the Company's vehicle rental programs, for which the future minimum lease payments have been reflected in Note 16—Debt Under Vehicle Programs and Borrowing Arrangements, are not significant.

The Company leases a portion of its vehicles under operating leases, which terms extend through 2015. As of December 31, 2011, the Company has guaranteed $43 million of residual values for these vehicles at the end of their respective lease terms. The Company believes that, based on current market conditions, the net proceeds from the sale of these vehicles at the end of their lease terms will be equal to or exceed their net book values and therefore has not recorded a liability related to guaranteed residual values.

Contingencies

In connection with the spin-offs of Realogy and Wyndham, the Company entered into a 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, our former Travelport subsidiary and/or the Company's vehicle rental operations, and in each case incurred or allegedly incurred on or prior to the Separation ("Assumed Liabilities"). Realogy is entitled to receive 62.5% and Wyndham is entitled to receive 37.5% of the proceeds from certain contingent corporate assets of the Company, which are not primarily related to any of the respective businesses of Realogy, Wyndham, Travelport and/or the Company's vehicle rental operations, arising or accrued on or prior to the Separation ("Assumed Assets"). Additionally, 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. In such event, the Company would be allowed to use the defaulting party's share of the proceeds of any Assumed Assets as a right of offset.

The Company does not believe that the impact of any resolution of 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 each have agreed to assume responsibility for these liabilities.

The Company is also named in various litigation that is 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.

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 related to breach of contract 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 its 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 attorney's 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 or, for matters not requiring accrual, believes that they will not have a material impact on its results of operations, financial position or cash flows based on information currently available. However, litigation is inherently unpredictable and, although the Company believes that its accruals are adequate and/or that it has valid defenses in these matters, unfavorable resolutions could occur, which could materially impact the Company's results of operations or cash flows in a particular reporting period.

Commitments to Purchase Vehicles

The Company maintains agreements with vehicle manufacturers under which the Company has agreed to purchase approximately $5.2 billion of vehicles from manufacturers over the next 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.

Other Purchase Commitments

In the normal course of business, the Company makes various commitments to purchase goods or services from specific suppliers, including those related to capital expenditures. None of the purchase commitments made by the Company as of December 31, 2011 (aggregating approximately $152 million) was individually significant. These purchase obligations extend through 2015.

Concentrations

Concentrations of credit risk at December 31, 2011, include (i) risks related to the Company's repurchase and guaranteed depreciation agreements with car manufacturers, including General Motors Company, Volkswagen Group, Fiat Automobiles, Hyundai Motor America, PSA Peugeot Citroën, Chrysler Group LLC, Ford Motor Company, and Kia Motors America, Inc., primarily with respect to receivables for program cars that have been returned to car manufacturers and (ii) risks related to Realogy and Wyndham, including receivables of $71 million and $44 million, respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with the Separation.

Asset Retirement Obligations

The Company maintains a liability for asset retirement obligations. An asset retirement obligation is a legal obligation to perform certain activities in connection with the retirement, disposal or abandonment of assets. The Company's asset retirement obligations, which are measured at discounted fair values, are primarily related to the removal of underground gas storage tanks at its rental facilities. Liabilities accrued for asset retirement obligations were $28 million and $18 million at December 31, 2011 and 2010, respectively.

Standard Guarantees/Indemnifications

In the ordinary course of business, the Company enters into numerous agreements that contain standard guarantees and indemnities whereby the Company indemnifies another party, among other things, for breaches of representations and warranties. In addition, many of these parties are also indemnified against any third-party claim resulting from the transaction that is contemplated in the underlying agreement. Such guarantees or indemnifications are granted under various agreements, including those governing (i) purchases, sales or outsourcing of assets or businesses, (ii) leases of real estate, (iii) licensing of trademarks, (iv) access to credit facilities and use of derivatives and (v) issuances of debt or equity securities. The guarantees or indemnifications issued are for the benefit of the (i) buyers in sale agreements and sellers in purchase agreements, (ii) landlords in lease contracts, (iii) licensees under licensing agreements, (iv) financial institutions in credit facility arrangements and derivative contracts and (v) underwriters and placement agents in debt or equity security issuances. While some of these guarantees extend only for the duration of the underlying agreement, many survive the expiration of the term of the agreement or extend into perpetuity (unless subject to a legal statute of limitations). There are no specific limitations on the maximum potential amount of future payments that the Company could be required to make under these guarantees, nor is the Company able to develop an estimate of the maximum potential amount of future payments to be made under these guarantees as the triggering events are not subject to predictability. With respect to certain of the aforementioned guarantees, such as indemnifications provided to landlords against third-party claims for the use of real estate property leased by the Company, the Company maintains insurance coverage that mitigates its potential exposure.

Other Guarantees

The Company has provided certain guarantees to, or for the benefit of, subsidiaries of Realogy, Wyndham and Travelport which, as previously discussed, were disposed in 2006. These guarantees relate primarily to various real estate operating leases. The maximum potential amount of future payments that the Company may be required to make under the guarantees relating to these leases is estimated to be approximately $115 million. At December 31, 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. 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.

In connection with the Company's disposition of its former Marketing Services division ("MSD"), the Company agreed to provide certain indemnifications related to, among other things, litigation matters, the substantial majority of which have been settled as of December 31, 2011. In addition, pursuant to a number of commercial arrangements entered into between certain of the Company's subsidiaries and MSD, the Company also agreed, among other things, to provide a minimum number of call transfers to certain MSD subsidiaries, as well as retaining pre-existing guarantee obligations for certain real estate operating lease obligations on behalf of certain MSD subsidiaries. The residual liability as of December 31, 2011, was approximately $4 million. The maximum potential amount of future payments to be made under these guarantees is approximately $19 million.

Realogy and Wyndham have agreed to assume responsibility for the Company's potential liabilities relating to PHH and MSD (other than the call transfer obligation). The Company monitors the credit ratings and other relevant information for Realogy and Wyndham in order to assess the status of the payment/performance risk of these guarantees. The Company also has a letter of credit which covers Realogy's portion of these and certain other obligations as discussed above.

The Company has provided certain guarantees to, or for the benefit of, the lenders to Anji Car Rental and Leasing Company Limited ("Anji"), our joint venture in China. These guarantees relate primarily to various bank borrowings used to purchase vehicles and for working capital needs. The maximum potential amount of future payments that the Company may be required to make under the guarantees relating to these borrowings is approximately $23 million. At December 31, 2011 the fair value of the liability in connection with these guarantees was immaterial.

The entire disclosure for commitments and contingencies.

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

Stockholders' Equity

12 Months Ended

Dec. 31, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity

18.

Stockholders' Equity

Cash Dividend Payments

During 2011, 2010 and 2009, the Company did not declare or pay any cash dividends.

Share Repurchases

During 2011, 2010 and 2009, the Company did not repurchase any of its common stock.

Convertible Note Hedge and Warrants

In 2009, the Company purchased a convertible note hedge for approximately $95 million ($59 million, net of tax), to potentially reduce the net number of shares required to be issued upon conversion of the Convertible Notes. Concurrently, the Company issued warrants for approximately $62 million to offset the cost of the convertible note hedge.

The convertible note hedge and warrants, which will be net-share settled, cover the purchase and issuance, respectively, of approximately 21.2 million shares of common stock, subject to customary anti-dilution provisions. The initial strike price per share of the convertible note hedge and warrants is $16.25 and $22.50, respectively.

The convertible note hedge expires in October 2014 and is exercisable before expiration only to the extent that corresponding amounts of the Convertible Notes are exercised. The warrants expire ratably over 80 trading days beginning January 5, 2015. The convertible note hedge and warrant transactions were accounted for as capital transactions and included as a component of stockholders' equity. The significant terms of the Convertible Notes can be found in Note 15—Long-term Debt and Borrowing Arrangements.

Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income is as follows:


	Currency Translation Adjustments			Net Unrealized Gains (Losses) on Cash Flow Hedges			Net Unrealized Gains (Losses) on Available- For-Sale Securities		Minimum Pension Liability Adjustment			Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2009	$	7		$	(149	)	$	—	$	(52	)	$	(194	)
Period change		104			43			—		10			157

Balance, December 31, 2009		111			(106	)		—		(42	)		(37	)
Period change		71			60			—		(2	)		129

Balance, December 31, 2010		182			(46	)		—		(44	)		92
Period change		(23	)		33			2		(26	)		(14	)

Balance, December 31, 2011	$	159		$	(13	)	$	2	$	(70	)	$	78

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

During 2011, the Company recorded unrealized gains on cash flow hedges of $54 million ($33 million, net of tax) in accumulated other comprehensive income which primarily related to the derivatives used to manage the interest-rate risk associated with the Company's vehicle-backed debt and the Company's floating rate debt (see Note 21—Financial Instruments). Such amount in 2011 includes $53 million ($32 million, net of tax) of unrealized gains on cash flow hedges related to the Company's vehicle-backed debt and is offset by a corresponding increase in the Company's Investment in Avis Budget Rental Car Funding on the Consolidated Balance Sheets.

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.

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
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 17: 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.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

Stock-Based Compensation

12 Months Ended

Dec. 31, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation

19.

Stock-Based Compensation

The Company may grant stock options, stock appreciation rights ("SARs"), restricted shares and restricted stock units ("RSUs") to its directors, officers, other employees and affiliates. As of December 31, 2011, the Company's active stock-based compensation plan consists of the amended 2007 Equity and Incentive Plan, under which the Company is authorized to grant up to 12.5 million shares of its common stock and approximately 3 million shares were available for future grants. The Company may settle employee stock option exercises with either treasury shares, newly issued shares or shares purchased on the open market. The Company typically issues shares related to vested RSUs from treasury shares.

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 exercises of stock-based awards generated a $30 million tax benefit at December 31, 2011 with a corresponding increase to additional paid-in capital. Approximately $10 million of incremental tax benefits will be recorded in additional paid-in capital when realized in these jurisdictions.

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.

In 2009, the Company granted approximately 4 million stock options under the 2007 Equity and Incentive Plan. Vesting terms provided that approximately 2.7 million time-vesting options would vest on the two-year anniversary date of the grant; approximately 0.9 million performance-vesting options would vest on the one-year anniversary of the date of the grant following attainment of minimum Adjusted EBITDA levels; and 0.4 million market-vesting options, which were granted to the Company's CEO and former President, would vest on the two-year anniversary of the date of the grant provided that the average closing stock price of the Company's common stock equaled or exceeded a certain price for a 20 consecutive trading day period. All vesting terms were satisfied as of December 31, 2011. The option exercise price was set at the closing price of the Company's common stock on the date of the grant and the options expire 10 years from the date of the grant.

Following the spin-offs of Realogy and Wyndham in 2006, all previously outstanding and unvested stock options vested and converted into stock options of Avis Budget, Realogy and Wyndham.

The Company used the Black-Scholes option pricing model to calculate the fair value of the time-vesting stock options granted first quarter 2010 and the time-vesting and performance-vesting stock option awards granted in 2009. The Company determined the fair value of its market-vesting awards using a Monte Carlo simulation model with assumptions including, but not limited to, the options' expected life and the expected volatility of the underlying stock. 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 in 2010 and a blended volatility rate that combines market-based measures of implied volatility with historical volatility as the most appropriate indicator of the Company's expected volatility in 2009, when publicly traded stock options with a remaining maturity of at least one year were not available. 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 does not currently pay or plan to pay a dividend on its common stock, the expected dividend yield was zero. Based on these assumptions, the fair value of the Company's time-vesting stock options issued in first quarter 2010 was estimated to be $6.16, and the fair value of each of the Company's time-vesting, performance-vesting and market-vesting stock options issued in 2009 was estimated to be approximately $0.64, $0.59 and $0.45, respectively.

The weighted average fair value of stock options granted during the periods and the assumptions used to estimate those values using the Black-Scholes simulation option pricing in 2010 and the Black-Scholes and Monte Carlo simulation option pricing in 2009, as applicable, were as follows:


	2010	2009
Expected volatility of stock price	54%	130%
Risk-free interest rate	2.82%	1.22% –1.46%
Expected life of options	6 years	3-4 years
Dividend yield	0.0%	0.0%

The annual activity of the Company's common stock option plans consisted of (in thousands of shares):


2011						2010						2009
	Number of Options			Weighted Average Exercise Price			Number of Options			Weighted Average Exercise Price			Number of Options			Weighted Average Exercise Price
Balance at beginning of year		5,026		$	7.22			7,196		$	11.30			5,003		$	24.90
Granted at fair market value		—			—			160			11.53			4,012			0.79
Exercised ^(a)		(1,231	)		0.98			(982	)		8.45			—			—
Canceled/forfeited/expired		(363	)		21.97			(1,348	)		28.63			(1,819	)		25.51

Balance at end of year ^(b)		3,432			7.90			5,026			7.22			7,196			11.30

⁽^a⁾	Stock options exercised during 2011 and 2010 had intrinsic value of $18 million and $5 million, respectively.

^(b)

As of December 31, 2011, the Company's outstanding stock options had an aggregate intrinsic value of $24 million; there were 2.4 million "in-the-money" stock options; and aggregate unrecognized compensation expense related to unvested stock options was $1 million, to be recognized over 3.1 years. Approximately 3.3 million stock options are exercisable as of December 31, 2011 and approximately 32,000 stock options are eligible to vest in 2012.

The table below summarizes information regarding the Company's outstanding stock options as of December 31, 2011 (in thousands of shares):


	Outstanding Options
Range of Exercise Prices	Number of Options		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price
Less than $5.00		2,376		7.04	$	0.79
$5.01 to $10.00		—		—		—
$10.01 to $15.00		160		8.07		11.53
$15.01 to $20.00		127		1.14		18.66
$20.01 to $25.00		—		—		—
$25.01 to $30.00		759		0.11		27.26
$30.01 and above		10		2.73		31.98

		3,432		5.32		7.90

Restricted Stock and Stock Unit Awards

RSUs granted by the Company entitle the employee to receive one share of Avis Budget common stock upon vesting, which occurs ratably over a three- or four-year period for the majority of RSUs outstanding as of December 31, 2011.The Company also employs performance- and time-vesting criteria for RSU grants made to certain of the Company's executives. The performance criteria will determine the number of RSUs that will ultimately vest and are based on growth in earnings before taxes and certain other metrics over varying periods of three to four years. The number of performance-based RSUs that will ultimately vest may range from 0% to 100% of the target award.

During 2011, the Company granted 357,000 market-vesting restricted stock units and 652,000 time-based restricted stock units 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 average price targets for a specified number of trading days. Of the market-vesting restricted stock units granted during 2011, 264,000 units vest after three years and 93,000 units vest 50% on each of the third and fourth anniversaries of the date of grant. Of the time-based restricted stock units granted during 2011, 621,000 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.

During 2010, the Company granted 971,000 market-vesting restricted stock units and 989,000 time-based restricted stock units under the Company's 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, with 600,000 of the market-vesting restricted stock units vesting ratably over years two through five following the date of grant and 371,000 of the market-vesting restricted stock units cliff vesting after three years. Of the time-based restricted stock units, 789,000 vest ratably over a three-year period and 200,000 vested 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 issued in 2011, which contain three- and four-year vesting periods, was estimated to be approximately $11.38 and $12.53, respectively. The fair value of each of the Company's market-vesting restricted stock units issued in 2010, which contain three- and five-year vesting periods, 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:


	2011	2010
Expected volatility of stock price	48%	54%
Risk-free interest rate	0.47% –1.21%	1.47% –1.74%
Valuation period	3& 4 years	3 & 5 years
Dividend yield	0.0%	0.0%

The annual activity related to the Company's time- and performance-based RSUs consisted of (in thousands of shares):


2011						2010						2009
	Number of RSUs			Weighted Average Grant Price			Number of RSUs			Weighted Average Grant Price			Number of RSUs			Weighted Average Grant Price
Balance at beginning of year		3,059		$	13.64			1,855		$	19.32			2,673		$	20.18
Granted at fair market value ^(a)		1,009			14.45			1,960			11.55			—			—
Vested ^(b)		(729	)		14.41			(585	)		21.89			(620	)		21.93
Canceled		(341	)		22.32			(171	)		23.10			(198	)		22.84

Balance at end of year ^(c)		2,998			12.74			3,059			13.64			1,855			19.32

^(a)

Reflects the maximum number of RSUs assuming achievement of all performance- and time-vesting criteria. During 2011, 2010 and 2009, the Company granted 652,000, 989,000 and 0 time-based RSUs, respectively. The number of RSUs granted does not include those for non-employee directors, which are discussed separately below.

^(b)	No performance-based RSUs vested during 2011 and 2010; 7,000 vested in 2009.

^(c)

As of December 31, 2011, the Company's outstanding RSUs had aggregate intrinsic value of $32 million. Aggregate unrecognized compensation expense related to RSUs amounted to $17 million as of December 31, 2011, recognized over the weighted average vesting period of 1.7 years. The Company had approximately 1,281,000, 1,393,000 and 1,016,000 time-based awards outstanding at December 31, 2011, 2010 and 2009, respectively. Performance- and market-based awards outstanding at December 31, 2011, 2010 and 2009 were approximately 1,717,000, 1,666,000 and 839,000, respectively. Approximately 637,000 time-based and 614,000 performance-based RSUs are eligible to vest in 2012, if applicable service and performance criteria are satisfied.

Stock Appreciation Rights

In 2006, the Company issued stock-settled SARs to certain executives. Such SARs are settled in Company stock, have a seven-year term, and vest ratably over a four-year period or after three years with no graded vesting prior thereto. The Company's policy is to grant SARs with exercise prices at then-current fair market value. At December 31, 2011, the Company had approximately 0.5 million SARs outstanding with a weighted average exercise price of $24.40 and a weighted average contractual life of 1.6 years.

Non-employee Directors Deferred Compensation Plan

The Company grants RSUs annually to members of its Board of Directors representing annual retainer, committee chair and membership stipends, which are payable in the form of Avis Budget common stock upon termination of service. During 2011, 2010 and 2009, the Company granted 54,000, 51,000 and 119,000 RSUs under the 2007 Equity and Incentive Plan to its Board of Directors. The RSU grants are included in the calculation of basic and diluted earnings per share as common stock equivalents.

Employee Stock Purchase Plan

The Company is authorized to sell shares of its Avis Budget common stock to eligible employees under its non-compensatory employee stock purchase plan ("ESPP"). In June 2009, stockholders approved the adoption of the Avis Budget Group Inc. Employee Stock Purchase Plan. Under the terms of the ESPP, the fair market value of the shares of Avis Budget common stock which may be purchased by any employee cannot exceed $25,000 during any calendar year or 10% of the employee's annual base salary. The purchase price of Avis Budget common stock is calculated at 95% of the fair market value of Avis Budget common stock. The Company reserved 2.5 million shares of Avis Budget common stock for potential purchases under the ESPP. In any given period, up to 125,000 shares purchased may be either newly issued shares or existing treasury shares, and in the aggregate, up to 1 million shares of Avis Budget common stock purchased under the ESPP may be either newly issued shares or existing treasury shares. Subject to the preceding limitation, shares purchased under the ESPP may be either newly issued shares, existing treasury shares, or new purchases in the open market.

Compensation Expense

Compensation expense for all outstanding employee stock awards is based on the estimated fair value of the award at the grant date and is recognized as an expense in the Consolidated Statements of Operations over the requisite service period. The Company's policy is to record compensation expense related to the issuance of stock options, RSUs and SARs to its employees on a straight-line basis over the vesting period of the award and based on the estimated number of stock awards the Company believes it will ultimately provide. The Company records amortization expense related to performance-based RSUs on a straight-line basis over the remaining vesting periods of the respective award and based on the estimated performance goals the Company believes it will ultimately achieve.

The Company recorded pretax stock-based compensation expense of $17 million ($11 million, net of tax) during 2011 and $15 million ($9 million, net of tax) in each of 2010 and 2009, related to employee stock awards that were granted by the Company.

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.

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
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Employee Benefit Plans

12 Months Ended

Dec. 31, 2011

Employee Benefit Plans [Abstract]

Employee Benefit Plans

20.

Employee Benefit Plans

Defined Contribution Savings Plans

The Company sponsors several defined contribution savings plans in the United States and certain foreign subsidiaries that provide certain eligible employees of the Company an opportunity to accumulate funds for retirement. The Company matches portions of the contributions of participating employees on the basis specified by the plans. The Company's contributions to these plans were $15 million, $9 million and $6 million during 2011, 2010 and 2009, respectively.

The Company made changes to various defined contribution savings plans in the United States effective January 1, 2009 and July 1, 2010. Included among these changes were modifications to the Company's matching contribution and certain vesting criteria and the merger of certain plans.

Defined Benefit Pension Plans

The Company sponsors non-contributory defined benefit pension plans in the United States covering certain eligible employees and sponsors contributory and non-contributory defined benefit pension plans in certain foreign subsidiaries with some plans offering participation in the plans at the employees' option. The most material of the non-U.S. defined benefit pension plans is operated in the United Kingdom, under these plans, benefits are based on an employee's years of credited service and a percentage of final average compensation. However, the majority of such plans are frozen to new employees and are no longer accruing benefits. There is an unfunded defined benefit pension plan for employees in Germany, which is closed to new employees, and a statutorily determined unfunded defined benefit termination plan for employees in Italy.

The funded status of the defined benefit pension plans is recognized on the Consolidated Balance Sheets and the gains or losses and prior service costs or credits that arise during the period, but are not recognized as components of net periodic benefit cost, are recognized as a component of accumulated other comprehensive income (loss), net of tax.

The components of net periodic benefit cost and the assumptions related to the cost consisted of the following:


	For the Year Ended December 31,
	2011			2010			2009
Service cost	$	3		$	2		$	2
Interest cost		17			12			12
Expected return on plan assets		(17	)		(11	)		(11	)
Amortization of unrecognized amounts		8			6			9

Net periodic benefit cost	$	11		$	9		$	12

The Company uses a measurement date of December 31 for its pension plans. The funded status of the pension plans as of December 31, 2011 and 2010 was as follows:


Change in Benefit Obligation	2011			2010
Benefit obligation at end of prior year	$	236		$	214
Service cost		3			2
Interest cost		17			12
Plan amendments		—			1
Actuarial loss		52			17
Net benefits paid		(14	)		(10	)
Assumed benefit obligation of acquired entities		306			—

Benefit obligation at end of current year	$	600		$	236

Change in Plan Assets
Fair value of assets at end of prior year	$	173		$	156
Actual return on plan assets		22			20
Employer contributions		24			7
Net benefits paid		(14	)		(10	)
Acquired fair value of plan assets of acquired entities		207			—

Fair value of assets at end of current year	$	412		$	173

Total unfunded status at end of year (recognized in other non-current liabilities in the Consolidated Balance Sheets)	$	(188	)	$	(63	)

At December 31, 2011, all of the Company's plans were under-funded. The estimated amount that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2012 is $15 million, which consists of $14 million for net actuarial loss and $1 million for prior service cost.

The following assumptions were used to determine pension obligations and pension costs for the principal plans in which the Company's employees participated:


	For the Year Ended December 31,
	2011			2010			2009
U.S. Pension Benefit Plans
Discount rate:
Net periodic benefit cost		5.25	%		5.75	%		6.25	%
Benefit obligation		4.00	%		5.25	%		5.75	%
Long-term rate of return on plan assets		8.00	%		8.25	%		8.25	%
Non-U.S. Pension Benefit Plans
Discount rate:
Net periodic benefit cost		5.00	%		6.75	%		6.75	%
Benefit obligation		4.75	%		6.50	%		6.50	%
Long-term rate of return on plan assets		5.25	%		6.75	%		6.75	%

To select a discount rate for its defined benefit pension plans, the Company uses a modeling process that involves matching the expected cash outflows of such plan, to a yield curve constructed from a portfolio of AA-rated fixed-income debt instruments. The Company uses the average yield of this hypothetical portfolio as a discount rate benchmark.

The Company's expected rate of return on plan assets of 8.00% and 5.25% for U.S. plans and non-U.S. plans, respectively, used to determine pension obligations and pension costs, is a long-term rate based on historic plan asset returns over varying long-term periods combined with current market conditions and broad asset mix considerations. The expected rate of returns are long-term assumption and generally does not change significantly, if at all, from year to year.

As of December 31, 2011, substantially all of the Company's defined benefit pension plans had a projected benefit obligation in excess of the fair value of plan assets. The Company expects to contribute approximately $14 million to the U.S. plans and $10 million to the non-U.S. plans in 2012.

The Company's defined benefit pension plans' assets are invested primarily in mutual funds and may change in value due to various risks, such as interest rate and credit risk and overall market volatility. Due to the level of risk associated with investment securities, it is reasonably possible that changes in the values of the pension plans' investment securities will occur in the near term and that such changes would materially affect the amounts reported in the Company's financial statements.

The U.S. defined benefit pension plans' investment goals and objectives are managed by the Company with consultation from independent investment advisors. The Company seeks to produce returns on pension plan investments, which are based on levels of liquidity and investment risk that the Company believes are prudent and reasonable, given prevailing capital market conditions. The pension plans' assets are managed in the long-term interests of the participants and the beneficiaries of the plans. The Company's overall investment strategy has been to achieve a mix of approximately 65% of investments for long-term growth and 35% for near-term benefit payments with a wide diversification of asset types and fund strategies. The Company believes that diversification of the pension plans' assets is an important investment strategy to provide reasonable assurance that no single security or class of securities will have a disproportionate impact on the pension plans. As such, the Company allocates assets among traditional equity, fixed income (U.S. and non-U.S. government issued securities, corporate bonds and short-term cash investments) and alternative investment strategies.

The equity component's purpose is to provide a total return that will help preserve the purchasing power of the assets. The pension plans hold various mutual funds that invest in equity securities and are diversified among funds that invest in large cap, small cap, growth, value and international stocks as well as funds that are intended to "track" an index, such as the S&P 500. The equity investments in the portfolios will represent a greater assumption of market volatility and risk as well as provide higher anticipated total return over the long term. The equity component is expected to approximate 45%-65% of the U.S. pension plans' assets.

The purpose of the fixed income component is to provide a deflation hedge, to reduce the overall volatility of the pension plans assets in relation to the liability and to produce current income. The pension plans hold mutual funds that invest in securities issued by governments, government agencies and corporations. The fixed income component is expected to approximate 30%-40% of the U.S. pension plans' assets.

The purpose of the alternative asset component is to provide diversification and current income to the portfolio and to adjust the pension plans' asset composition opportunistically when market conditions are favorable for equity, fixed income, cash and/or other assets. Investments in real estate mutual funds have been a component of the portfolios to provide downside risk protection as historically they have performed well in poor capital markets. The alternative asset component is expected to approximate 5%-15% of the U.S. pension plans' assets.

The management of the Company's non-U.S. defined benefit pension plans' investment goals and objectives vary slightly by country, but are managed with consultation and advice from independent investment advisors. The investment policy is set with the primary objective to provide appropriate security for all beneficiaries; to achieve long-term growth in the assets sufficient to provide for benefits from the plan; and to achieve an appropriate balance between risk and return with regards to the cost of the plan and the security of the benefits. A suitable strategic asset allocation benchmark is determined for the plans to maintain diversified portfolios, taking into account government requirements, if any, regarding unnecessary investment risk and protection of pension plans' assets. The defined benefit pension plans' assets are primarily invested in equities, bonds, absolute return funds and cash.

The Company used significant observable inputs (Level 2 inputs) to determine the fair value of the defined benefit pension plans' assets. See Note 2—Summary of Significant Accounting Policies for the Company's methodology used to measure fair value. The following table presents the defined benefit pension plans' assets measured at fair value, as of December 31:


Asset Class	2011		2010
Cash equivalents	$	8	$	1
Short term investments		5		5
U.S. stock		84		74
Non-U.S. stock		124		30
Real estate investment trusts		6		6
Non-U.S. government securities		64		3
U.S. government securities		18		13
Corporate bonds		90		40
Other assets		13		1

Total assets	$	412	$	173

The Company estimates that future benefit payments from plan assets will be $21 million, $21 million, $22 million, $23 million, $24 million and $133 million for 2012, 2013, 2014, 2015, 2016 and 2017 to 2021, respectively.

Multiemployer Plans

The Company contributes to a number of multiemployer plans under the terms of collective-bargaining agreements that cover a portion of its employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: (i) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (ii) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; (iii) if the Company elects to stop participating in a multiemployer plan it may be required to contribute to such plan an amount based on the under-funded status of the plan; and (iv) the Company has no involvement in the management of the multiemployer plans' investments. For the years ended December 31, 2011, 2010 and 2009, the Company contributed a total of $6 million, $8 million and $8 million, respectively, to multiemployer plans.

The entire disclosure for pension and other postretirement benefits.

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Financial Instruments

12 Months Ended

Dec. 31, 2011

Financial Instruments [Abstract]

Financial Instruments

21.

Financial Instruments

Risk Management

Foreign Currency Risk. The Company uses foreign exchange 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. The Company often hedges a portion of its current-year foreign currency exposure to the Australian dollar, Canadian dollar and New Zealand dollar and expects that in the future it will often hedge a portion of its current-year exposure to the Euro and the British pound sterling. The majority of forward contracts do not qualify for hedge accounting treatment. The fluctuations in the value of these forward contracts do, however, largely offset the impact of changes in the value of the underlying risk they economically hedge. Forward contracts used to hedge forecasted third-party receipts and disbursements up to 12 months are designated and do qualify as cash flow hedges. The amount of gains or losses reclassified from 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 2011, 2010 and 2009 was not material, nor is the amount of gains or losses the Company expects to reclassify from other comprehensive income to earnings over the next 12 months.

Interest Rate Risk. The Company uses various hedging strategies including interest rate swaps and interest rate caps to create an appropriate mix of fixed and floating rate assets and liabilities. During 2011 and 2010, the Company recorded net unrealized gains on cash flow hedges of $33 million and $36 million, net of tax, respectively, to other comprehensive income. The after-tax amount of gains or losses reclassified from accumulated other comprehensive income (loss) to earnings resulting from ineffectiveness for 2011, 2010 and 2009 was not material to the Company's results of operations.

In 2010, the Company reclassified a loss of $24 million, net of tax 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 outstanding debt. The Company estimates that approximately $23 million of losses deferred in accumulated other comprehensive income will be recognized in earnings in 2012, which is expected to be offset in earnings by the impact of the underlying hedged items.

The Company uses interest rate swaps, including freestanding derivatives and derivatives 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 recorded net unrealized gains (losses) of $1 million, $(3) million and $(4) million, net of tax, during 2011, 2010 and 2009, respectively, to other comprehensive income. The Company recorded a $1 million loss during the year ended December 31, 2011 related to freestanding derivatives.

The Company uses derivatives to manage the risk associated with its floating rate vehicle-backed debt. These derivatives include freestanding derivatives and derivatives designated as cash flow hedges, which have maturities ranging from April 2012 to February 2015. In connection with such cash flow hedges, the Company recorded net unrealized gain of $32 million, $39 million and $47 million, net of tax, during 2011, 2010 and 2009, respectively, to other comprehensive income. The Company recorded losses of $2 million, $4 million and $6 million related to freestanding derivatives during 2011, 2010 and 2009, respectively.

Commodity Risk. The Company periodically enters into derivative commodity contracts to manage its exposure to changes in the price of unleaded gasoline. These instruments were designated as freestanding derivatives and the changes in fair value are recorded in the Company's consolidated results of operations. These derivatives resulted in a loss of less than $1 million in 2011. During 2010 and 2009, the Company recorded related gains of $1 million and $3 million, respectively. As of December 31, 2011, the Company had commodity contracts for the purchase of 10 million gallons of unleaded gasoline.

Credit Risk and Exposure. The Company is exposed to counterparty credit risks in the event of nonperformance by counterparties to various agreements and sales transactions. The Company manages such risk by evaluating the financial position and creditworthiness of such counterparties and by requiring collateral in certain instances in which financing is provided. The Company mitigates counterparty credit risk associated with its derivative contracts by monitoring the amount for which it is at risk with each counterparty, periodically evaluating counterparty creditworthiness and financial position, and where possible, dispersing its risk among multiple counterparties.

There were no significant concentrations of credit risk with any individual counterparties or groups of counterparties at December 31, 2011 or 2010 other than (i) risks related to the Company's repurchase and guaranteed depreciation agreements with car manufacturers, including General Motors Company, Volkswagen Group, Fiat Automobiles, Hyundai Motor America, PSA Peugeot Citroën, Chrysler Group LLC, Ford Motor Company and Kia Motors America, Inc., with respect to program cars that were disposed but for which the Company has not yet received payment from the manufacturers (see Note 2—Summary of Significant Accounting Policies), (ii) receivables from Realogy and Wyndham related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with the Separation and (iii) risks related to leases which have been assumed by Realogy, Wyndham or Travelport but of which the Company is a guarantor. Concentrations of credit risk associated with trade receivables are considered minimal due to the Company's diverse customer base. Bad debts have been minimal historically. The Company does not normally require collateral or other security to support credit sales.

Fair Value

Derivative instruments and hedging activities

As described above, derivative assets and liabilities consist principally of foreign exchange contracts, interest rate swaps, interest rate contracts and commodity contracts.

The Company used significant observable inputs (Level 2 inputs), other than quoted unadjusted prices from active markets (Level 1 inputs), to determine the fair value of its derivative assets and liabilities. Their carrying value represents their fair value.

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 December 31, 2011 was approximately $6 million, for which the Company has posted cash collateral in the normal course of business.

As of December 31, 2011 and 2010, respectively, the Company held derivative instruments with absolute notional values as follows: interest rate caps of $8.1 billion and $5.0 billion, interest rate swaps of $130 million and $139 million, and foreign exchange contracts of $919 million and $128 million.

Fair values of derivative instruments are as follows:


	As of December 31, 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)	$	—	$	3	$	—	$	4
Derivatives not designated as hedging instruments ^(a)
Foreign exchange contracts ^(c)		26		1		—		3
Interest rate swaps ^(b)		—		—		—		1
Interest rate contracts ^(d)		2		4		1		7
Commodity contracts ^(e)		—		1		—		—

Total	$	28	$	9	$	1	$	15

^(a)

Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by the Company; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income, as discussed in Note 18—Stockholders' Equity.

^(b)	Included in other non-current liabilities.

^(c)	Included in other current assets and other current liabilities.

^(d)	Included in assets under vehicle programs and liabilities under vehicle programs.

^(e)	Included in other current liabilities.

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


	For the Year Ended December 31,
	2011			2010			2009
Derivatives designated as hedging instruments
Interest rate swaps ^(a)	$	33		$	36		$	43
Derivatives not designated as hedging instruments
Foreign exchange contracts ^(b)		(19	)		12			(5	)
Interest rate contracts ^(c)		(3	)		(4	)		(6	)
Commodity contracts ^(d)		—			1			3

Total	$	11		$	45		$	35

^(a)	Recognized, net of tax, as a component of other comprehensive income within stockholders' equity.

^(b)	For the year ended December 31, 2011, included a $46 million loss in transaction-related costs and a $27 million gain in operating expenses. For the years ended December 31, 2010 and 2009, amounts were included in operating expenses.

^(c)	For the year ended December 31, 2011, $2 million of expense is included in vehicle interest, net and $1 million of expense is included in interest expense. For the years ended December 31, 2010 and 2009, amounts are included in vehicle interest, net.

^(d)	Included in operating expenses.

The gain and losses on foreign exchange contracts, recognized in operating expense, were largely offset by the foreign exchange losses/ or gains on the underlying hedged items, primarily intracompany loans. The loss on the interest rate swaps had no impact on net interest expense as it was offset by reduced interest expense on the underlying floating rate debt which it hedges.

Debt 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. In situations where long-term borrowings are part of a conduit facility backed by short-term floating rate debt, the Company has determined that its carrying value approximates the fair value of this debt. The carrying amounts of cash and cash equivalents, available-for-sale securities, accounts receivable, program cash and accounts payable and accrued liabilities approximate fair value due to the short-term maturities of these assets and liabilities.

The carrying amounts and estimated fair values of financial instruments at December 31 are as follows:


	2011				2010
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
Short-term debt and current portion of long-term debt	$	37	$	37	$	8	$	8
Long-term debt, excluding convertible debt		2,823		2,842		2,149		2,211
Convertible debt		345		354		345		407
Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding	$	4,574	$	4,643	$	3,987	$	4,045
Vehicle-backed debt		986		1,001		521		526
Interest rate swaps and interest rate contracts ^(a)		4		4		7		7

^(a)	Derivatives in liability position.

Segment Information

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Segment Information

22.

Segment Information

In conjunction with the Avis Europe Acquisition and the Company's increased global presence, the Company re-aligned its operating regions and business segments. The Company's chief operating decision maker assesses performance and allocates resources based upon the separate financial information from the Company's operating segments. In identifying its reportable segments, the Company considered the nature of services provided, the geographical areas in which the segments operated and other relevant factors. The Company aggregated two of its operating segments into a reportable segment. For all periods presented below, the results of our operations have been re-aligned and presented to conform with the Company's current segment definitions.

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. The Company's presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

Year Ended December 31, 2011


	North America		International		Truck Rental		Corporate and Other ^(a)			Total
Net revenues	$	4,495	$	1,028	$	376	$	1		$	5,900
Vehicle depreciation and lease charges, net		969		209		45		—			1,223
Vehicle interest, net		263		11		12		—			286
Adjusted EBITDA		442		127		49		(13	)		605
Non-vehicle depreciation and amortization		80		14		1		—			95
Segment assets exclusive of assets under vehicle programs		2,112		1,464		88		184			3,848
Assets under vehicle programs		6,674		2,109		307		—			9,090
Capital expenditures (excluding vehicles)		54		10		1		—			65

^(a)	Includes the results of operations of the Company's investments, unallocated corporate overhead, the elimination of transactions between segments.

Year Ended December 31, 2010


	North America		International		Truck Rental		Corporate and Other ^(a)			Total
Net revenues	$	4,260	$	555	$	367	$	3		$	5,185
Vehicle depreciation and lease charges, net		1,124		103		60		—			1,287
Vehicle interest, net		288		1		15		—			304
Adjusted EBITDA		266		114		34		(16	)		398
Non-vehicle depreciation and amortization		85		3		2		—			90
Segment assets exclusive of assets under vehicle programs		2,515		321		99		527			3,462
Assets under vehicle programs		5,925		580		360		—			6,865
Capital expenditures (excluding vehicles)		57		4		—		—			61

^(a)	Includes the results of operations of the Company's investments, unallocated corporate overhead, the elimination of transactions between segments.

Year Ended December 31, 2009


	North America		International		Truck Rental		Corporate and Other ^(a)			Total
Net revenues	$	4,297	$	478	$	354	$	2		$	5,131
Vehicle depreciation and lease charges, net		1,263		93		69		—			1,425
Vehicle interest, net		269		3		22		—			294
Adjusted EBITDA		140		94		13		(42	)		205
Non-vehicle depreciation and amortization		91		3		2		—			96
Segment assets exclusive of assets under vehicle programs		2,045		279		95		1,152			3,571
Assets under vehicle programs		5,645		445		432		—			6,522
Capital expenditures (excluding vehicles)		37		2		—		—			39

^(a)

Includes the results of operations of the Company's investments, unallocated corporate overhead, the elimination of transactions between segments and an $18 million charge recorded in 2009 for a litigation judgment against the Company related to the 2002 acquisition of the Company's Budget vehicle rental business.

In 2009, a $33 million charge was recorded for the impairment of investments (see Note 2—Summary of Significant Accounting Policies).

Provided below is a reconciliation of Adjusted EBITDA to income (loss) before income taxes.


	Year Ended December 31,
	2011		2010		2009
Adjusted EBITDA	$	605	$	398	$	205
Less: Non-vehicle related depreciation and amortization		95		90		96
Interest expense related to corporate debt, net		219		170		153
Early extinguishment of debt		—		52		—
Transaction-related costs		255		14		—
Impairment		—		—		33

Income (loss) before income taxes	$	36	$	72	$	(77	)

The geographic segment information provided below is classified based on the geographic location of the Company's subsidiaries.


	United States		All Other Countries		Total
2011
Net revenues	$	4,489	$	1,411	$	5,900
Assets exclusive of assets under vehicle programs		2,177		1,671		3,848
Assets under vehicle programs		6,553		2,537		9,090
Property and equipment, net		365		128		493
2010
Net revenues	$	4,263	$	922	$	5,185
Assets exclusive of assets under vehicle programs		2,949		513		3,462
Assets under vehicle programs		5,899		966		6,865
Property and equipment, net		382		43		425
2009
Net revenues	$	4,323	$	808	$	5,131
Assets exclusive of assets under vehicle programs		3,068		503		3,571
Assets under vehicle programs		5,542		980		6,522
Property and equipment, net		400		42		442

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.

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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Guarantor And Non-Guarantor Consolidating Financial Statements [Abstract]

Guarantor And Non-Guarantor Consolidating Financial Statements

12 Months Ended

Dec. 31, 2011

Guarantor And Non-Guarantor Consolidating Financial Statements

23.

Guarantor and Non-Guarantor Consolidating Financial Statements

The following consolidating financial information presents Consolidating Condensed Statements of Operations for the years ended December 31, 2011, 2010 and 2009, Consolidating Condensed Balance Sheets as of December 31, 2011 and December 31, 2010 and Consolidating Condensed Statements of Cash Flows for the years ended December 31, 2011, 2010 and 2009 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, the guarantor and non-guarantor subsidiaries; and (vi) the Company on a consolidated basis. The Subsidiary Issuers and the guarantor and non-guarantor subsidiaries are 100% owned by the Parent, either directly or indirectly. All guarantees are full and unconditional and joint and several. This financial information is being presented in relation to the Company's guarantee of the payment of principal, premium (if any) and interest on the notes that have been guaranteed. See Note 15—Long-term Debt and Borrowing Arrangements for additional description of these guaranteed notes. The Senior Notes have separate investors than the equity investors of the Company and are guaranteed by the Parent and certain subsidiaries.

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

Consolidating Condensed Statements of Operations

For the Year Ended December 31, 2011


	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Total
Revenues
Vehicle rental	$	—		$	—		$	3,393		$	945	$	—		$	4,338
Other		2			—			1,006			1,702		(1,148	)		1,562

Net revenues		2			—			4,399			2,647		(1,148	)		5,900

Expenses
Operating		3			8			2,241			773		—			3,025
Vehicle depreciation and lease charges, net		—			—			921			868		(566	)		1,223
Selling, general and administrative		11			—			564			181		—			756
Vehicle interest, net		—			(1	)		243			296		(252	)		286
Non-vehicle related depreciation and amortization		—			—			78			17		—			95
Interest expense related to corporate debt, net:
Interest expense		10			208			—			1		—			219
Intercompany interest expense (income)		(14	)		(205	)		215			4		—			—
Restructuring charges		—			—			2			3		—			5
Transaction-related costs		71			56			—			128		—			255

Total expenses		81			66			4,264			2,271		(818	)		5,864

Income (loss) before income taxes and equity in earnings of subsidiaries		(79	)		(66	)		135			376		(330	)		36
Provision for (benefit) from income taxes		(27	)		(22	)		66			48		—			65
Equity in earnings (loss) of subsidiaries		23			67			(2	)		—		(88	)		—

Net income (loss)	$	(29	)	$	23		$	67		$	328	$	(418	)	$	(29	)

For the Year Ended December 31, 2010


	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenues
Vehicle rental	$	—		$	—		$	3,261		$	621		$	—		$	3,882
Other		4			—			922			1,672			(1,295	)		1,303

Net revenues		4			—			4,183			2,293			(1,295	)		5,185

Expenses
Operating		5			8			2,084			519			—			2,616
Vehicle depreciation and lease charges, net		—			—			1,085			1,070			(868	)		1,287
Selling, general and administrative		11			—			473			85			—			569
Vehicle interest, net		—			—			283			146			(125	)		304
Non-vehicle related depreciation and amortization		—			—			83			7			—			90
Interest expense related to corporate debt, net:
Interest expense		9			163			—			(2	)		—			170
Intercompany interest expense (income)		(14	)		(215	)		229			—			—			—
Early extinguishment of debt		—			52			—			—			—			52
Restructuring charges		—			—			11			—			—			11
Transaction-related costs		14			—			—			—			—			14

Total expenses		25			8			4,248			1,825			(993	)		5,113

Income (loss) before income taxes and equity in earnings of subsidiaries		(21	)		(8	)		(65	)		468			(302	)		72
Provision for (benefit) from income taxes		(9	)		(8	)		(5	)		40			—			18
Equity in earnings (loss) of subsidiaries		66			66			126			—			(258	)		—

Net income (loss)	$	54		$	66		$	66		$	428		$	(560	)	$	54

For the Year Ended December 31, 2009


	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenues
Vehicle rental	$	—		$	—		$	3,354		$	552		$	—		$	3,906
Other		2			—			890			1,786			(1,453	)		1,225

Net revenues		2			—			4,244			2,338			(1,453	)		5,131

Expenses
Operating		15			27			2,136			458			—			2,636
Vehicle depreciation and lease charges, net		—			—			1,241			1,201			(1,017	)		1,425
Selling, general and administrative		11			—			468			72			—			551
Vehicle interest, net		—			—			273			87			(66	)		294
Non-vehicle related depreciation and amortization		—			—			89			7			—			96
Interest expense related to corporate debt, net:
Interest expense		2			153			—			(2	)		—			153
Intercompany interest expense (income)		—			(153	)		153			—			—			—
Restructuring charges		—			—			18			2			—			20
Impairment		32			1			—			—			—			33

Total expenses		60			28			4,378			1,825			(1,083	)		5,208

Income (loss) before income taxes and equity in earnings of subsidiaries		(58	)		(28	)		(134	)		513			(370	)		(77	)
Provision for (benefit) from income taxes		(23	)		(2	)		(35	)		30			—			(30	)
Equity in earnings (loss) of subsidiaries		(12	)		14			113			—			(115	)		—

Net income (loss)	$	(47	)	$	(12	)	$	14		$	483		$	(485	)	$	(47	)

Consolidating Condensed Balance Sheets

As of December 31, 2011


	Parent		Subsidiary Issuers		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	2	$	234	$	1		$	297		$	—		$	534
Receivables, net		—		61		140			306			—			507
Deferred income taxes		8		—		129			3			(20	)		120
Other current assets		7		63		76			251			(17	)		380

Total current assets		17		358		346			857			(37	)		1,541
Property and equipment, net		—		70		295			128			—			493
Deferred income taxes		36		177		229			2			—			444
Goodwill		—		—		74			279			—			353
Other intangibles, net		—		44		342			327			—			713
Other non-current assets		124		92		5			83			—			304
Intercompany receivables (payables)		348		1,158		(1,071	)		(435	)		—			—
Investment in subsidiaries		376		1,769		3,192			—			(5,337	)		—

Total assets exclusive of assets under vehicle programs		901		3,668		3,412			1,241			(5,374	)		3,848

Assets under vehicle programs:
Program cash		—		—		—			11			—			11
Vehicles, net		—		6		4			8,346			—			8,356
Receivables from vehicle manufacturers and other		—		—		—			380			—			380
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party		—		—		—			343			—			343

		—		6		4			9,080			—			9,090

Total assets	$	901	$	3,674	$	3,416		$	10,321		$	(5,374	)	$	12,938

Liabilities and stockholders' equity
Current liabilities:
Accounts payable and other current liabilities	$	32	$	284	$	531		$	620		$	(34	)	$	1,433
Short-term debt and current portion of long-term debt		—		8		2			27			—			37

Total current liabilities		32		292		533			647			(34	)		1,470
Long-term debt		345		2,814		9			—			—			3,168
Other non-current liabilities		112		211		262			375			—			960

Total liabilities exclusive of liabilities under vehicle programs		489		3,317		804			1,022			(34	)		5,598

Liabilities under vehicle programs:
Debt		—		3		—			987			—			990
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party		—		—		—			4,574			—			4,574
Deferred income taxes		—		—		843			139			—			982
Other		—		—		—			382			—			382

		—		3		843			6,082			—			6,928

Total stockholders' equity		412		354		1,769			3,217			(5,340	)		412

Total liabilities and stockholders' equity	$	901	$	3,674	$	3,416		$	10,321		$	(5,374	)	$	12,938

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
Receivables, net		—		77		148			90		—			315
Deferred income taxes		8		—		122			5		(5	)		130
Other current assets		70		65		84			97		(34	)		282

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

For the Year Ended December 31, 2011


	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	(32	)	$	(1,241	)	$	(291	)	$	2,661		$	481		$	1,578

Investing activities
Property and equipment additions		—			(17	)		(34	)		(14	)		—			(65	)
Proceeds received on asset sales		—			10			2			2			—			14
Net assets acquired (net of cash acquired) and acquisition-related payments		—			—			(1	)		(840	)		—			(841	)
Other, net		(2	)		(1	)		—			(4	)		—			(7	)

Net cash (used in) investing activities exclusive of vehicle programs		(2	)		(8	)		(33	)		(856	)		—			(899	)

Vehicle programs:
Decrease in program cash		—			—			—			(11	)		—			(11	)
Investment in vehicles		—			(73	)		(3	)		(8,583	)		—			(8,659	)
Proceeds received on disposition of vehicles		—			11			7			7,178			—			7,196
Investment in debt securities of AESOP—related party		(400	)		—			—			—			—			(400	)
Investment in debt securities of AESOP— related party		400			—			—			—			—			400

		—			(62	)		4			(1,416	)		—			(1,474	)

Net cash provided by (used in) investing activities		(2	)		(70	)		(29	)		(2,272	)		—			(2,373	)

Financing activities
Proceeds from borrowings		—			682			—			—			—			682
Principal payments on borrowings		—			(4	)		(4	)		(660	)		—			(668	)
Net change in short-term borrowings		—			—			—			(97	)		—			(97	)
Net intercompany transactions		(184	)		396			323			(54	)		(481	)		—
Debt financing fees		(38	)		(40	)		—			—			—			(78	)
Other, net		1			—			—			—			—			1

Net cash provided by (used in) financing activities exclusive of vehicle programs		(221	)		1,034			319			(811	)		(481	)		(160	)

Vehicle programs:
Proceeds from borrowings		—			—			—			10,534			—			10,534
Principal payments on borrowings		—			—			—			(9,917	)		—			(9,917	)
Debt financing fees		—			(2	)		(1	)		(30	)		—			(33	)

		—			(2	)		(1	)		587			—			584

Net cash provided by (used in) financing activities		(221	)		1,032			318			(224	)		(481	)		424

Effect of changes in exchange rates on cash and cash equivalents		—			—			—			(6	)		—			(6	)

Net increase (decrease) in cash and cash equivalents		(255	)		(279	)		(2	)		159			—			(377	)
Cash and cash equivalents, beginning of period		257			513			3			138			—			911

Cash and cash equivalents, end of period	$	2		$	234		$	1		$	297		$	—		$	534

For the Year Ended December 31, 2010


	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	72		$	61		$	(263	)	$	1,470		$	300		$	1,640

Investing activities
Property and equipment additions		—			(13	)		(42	)		(6	)		—			(61	)
Proceeds received on asset sales		—			12			—			2			—			14
Net assets acquired (net of cash acquired) and acquisition-related payments		—			—			—			(2	)		—			(2	)
Other, net		(3	)		(3	)		—			—			—			(6	)

Net cash (used in) investing activities exclusive of vehicle programs		(3	)		(4	)		(42	)		(6	)		—			(55	)

Vehicle programs:
Decrease in program cash		—			—			—			162			—			162
Investment in vehicles		—			(20	)		—			(8,011	)		—			(8,031	)
Proceeds received on disposition of vehicles		—			34			9			6,276			—			6,319
Investment in debt securities of AESOP—related party		(570	)		—			—			—			—			(570	)
Investment in debt securities of AESOP—related party		570			—			—			—			—			570
Other, net		—			—			—			2			—			2

		—			14			9			(1,571	)		—			(1,548	)

Net cash provided by (used in) investing activities		(3	)		10			(33	)		(1,577	)		—			(1,603	)

Financing activities
Proceeds from borrowings		—			1,046			—			—			—			1,046
Principal payments on borrowings		—			(684	)		(4	)		—			—			(688	)
Net intercompany transactions		(62	)		80			332			(50	)		(300	)		—
Debt financing fees		—			(46	)		—			—			—			(46	)
Other, net		8			2			—			—			—			10

Net cash provided by (used in) financing activities exclusive of vehicle programs		(54	)		398			328			(50	)		(300	)		322

Vehicle programs:
Proceeds from borrowings		—			—			—			9,355			—			9,355
Principal payments on borrowings		—			(1	)		(31	)		(9,120	)		—			(9,152	)
Net change in short-term borrowings		—			—			—			(110	)		—			(110	)
Debt financing fees		—			(25	)		(5	)		(5	)		—			(35	)

		—			(26	)		(36	)		120			—			58

Net cash provided by (used in) financing activities		(54	)		372			292			70			(300	)		380

Effect of changes in exchange rates on cash and cash equivalents		—			—			—			12			—			12

Net increase (decrease) in cash and cash equivalents		15			443			(4	)		(25	)		—			429
Cash and cash equivalents, beginning of period		242			70			7			163			—			482

Cash and cash equivalents, end of period	$	257		$	513		$	3		$	138		$	—		$	911

For the Year Ended December 31, 2009


	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	(70	)	$	60		$	57		$	1,448		$	(4	)	$	1,491

Investing activities
Property and equipment additions		—			(10	)		(26	)		(3	)		—			(39	)
Proceeds received on asset sales		—			13			—			1			—			14
Other, net		2			(2	)		(1	)		1			—			—

Net cash provided by (used in) investing activities exclusive of vehicle programs		2			1			(27	)		(1	)		—			(25	)

Vehicle programs:
Increase in program cash		—			—			—			(145	)		—			(145	)
Investment in vehicles		—			(36	)		—			(6,739	)		—			(6,775	)
Proceeds received on disposition of vehicles		—			74			7			7,063			—			7,144
Other, net		—			—			—			(33	)		—			(33	)

		—			38			7			146			—			191

Net cash provided by (used in) investing activities		2			39			(20	)		145			—			166

Financing activities
Proceeds from borrowings		345			100			—			—			—			445
Principal payments on borrowings		—			(109	)		(2	)		—			—			(111	)
Proceeds from warrant issuance		62			—			—			—			—			62
Purchases call options		(95	)		—			—			—			—			(95	)
Net intercompany transactions		—			(2	)		52			(54	)		4			—
Debt financing fees		(11	)		—			—			—			—			(11	)
Other, net		(2	)		—			—			—			—			(2	)

Net cash provided by (used in) financing activities exclusive of vehicle programs		299			(11	)		50			(54	)		4			288

Vehicle programs:
Proceeds from borrowings		—			—			—			7,527			—			7,527
Principal payments on borrowings		—			(43	)		(95	)		(9,009	)		—			(9,147	)
Net change in short-term borrowings		—			—			—			(107	)		—			(107	)
Debt financing fees		—			(26	)		—			—			—			(26	)

		—			(69	)		(95	)		(1,589	)		—			(1,753	)

Net cash provided by (used in) financing activities		299			(80	)		(45	)		(1,643	)		4			(1,465	)

Effect of changes in exchange rates on cash and cash equivalents		—			—			—			32			—			32

Net increase (decrease) in cash and cash equivalents		231			19			(8	)		(18	)		—			224
Cash and cash equivalents, beginning of period		11			51			15			181			—			258

Cash and cash equivalents, end of period	$	242		$	70		$	7		$	163		$	—		$	482

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.

Selected Quarterly Financial Data [Abstract]

Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

Selected Quarterly Financial Data

24.

Selected Quarterly Financial Data—(unaudited)

Provided below are selected unaudited quarterly financial data for 2011 and 2010.

The earnings per share information is calculated independently for each quarter based on the weighted average common stock and common stock equivalents outstanding, which may fluctuate, based on quarterly income levels and market prices. Therefore, the sum of the quarters' per share information may not equal the annual amount presented on the Consolidated Statements of Operations.


	2011
	First^(b)			Second^(c)		Third^(d)		Fourth^(a)^(e)
Net revenues	$	1,235		$	1,412	$	1,623	$	1,630
Net income (loss)		7			52		82		(170	)
Per share information:
Basic
Net income (loss)	$	0.07		$	0.49	$	0.78	$	(1.62	)
Weighted average shares		104.6			105.4		105.4		105.5
Diluted
Net income (loss)	$	0.06		$	0.42	$	0.65	$	(1.62	)
Weighted average shares		106.8			129.0		128.9		105.5

	2010
	First^(a)^(f)			Second^(g)		Third^(h)		Fourth^(a)⁽ⁱ⁾
Net revenues	$	1,153		$	1,294	$	1,512	$	1,226
Net income (loss)		(38	)		26		90		(24	)
Per share information:
Basic
Net income (loss)	$	(0.37	)	$	0.25	$	0.88	$	(0.23	)
Weighted average shares		102.6			103.1		103.2		103.3
Diluted
Net income (loss)	$	(0.37	)	$	0.22	$	0.73	$	(0.23	)
Weighted average shares		102.6			126.6		126.6		103.3

^(a)

As the Company incurred a loss from continuing operations for this period, all outstanding stock options, restricted stock units, stock warrants and issuable shares underlying the convertible notes issued in 2009 are anti-dilutive for such period. Accordingly, basic and diluted weighted average shares outstanding are equal for such period.

^(b)	Net income for first quarter 2011 includes $7 million ($4 million, net of tax) of interest expense and $2 million ($1 million, net of tax) of transaction-related costs related to the Company's previous efforts to acquire Dollar Thrifty.

^(c)

Net income for second quarter 2011 includes $11 million ($9 million, net of tax) of due-diligence, advisory and other expenses, and $7 million ($4 million, net of tax) of interest expense, both related to the Avis Europe Acquisition and the Company's previous efforts to acquire Dollar Thrifty, and $23 million ($14 million, net of taxes) of losses on foreign-currency hedges related to the Avis Europe Acquisition purchase price.

^(d)

Net income for third quarter 2011 includes $47 million ($31 million, net of tax) related to due-diligence, advisory and other expenses related to the Avis Europe Acquisition and the Company's previous efforts to acquire Dollar Thrifty, and $26 million ($16 million, net of taxes) of losses on foreign-currency hedges related to the Avis Europe purchase price.

^(e)

Net income for fourth quarter 2011 includes charges of $160 million ($153 million, net of tax) related primarily to the Avis Europe Acquisition, including a $117 million ($117 million, net of tax) non-cash charge related to the unfavorable license rights acquired by the Company, $39 million ($33 million, net of tax) related to due-diligence, advisory and other expenses, and $4 million ($3 million, net of tax) for amortization expense related to intangible assets recognized in the Avis Europe acquisition; and $5 million ($3 million, net of tax) related to the Company's restructuring initiatives (see Note 4—Restructuring Charges).

^(f ⁾

Net income for first quarter 2010 includes charges of $40 million ($24 million, net of tax) related to the early extinguishment of corporate debt and $1 million ($1 million, net of tax) related to the Company's restructuring initiatives.

⁽ ^g ⁾

Net income for second quarter 2010 includes a $2 million charge ($1 million, net of tax) related to restructuring initiatives, $2 million ($1 million, net of tax) of expenses related to the Company's previous efforts to acquire of Dollar Thrifty and $1 million ($1 million, net of tax) of expense related to a charge recorded in 2009 for an adverse litigation judgment.

^(h ⁾

Net income for third quarter 2010 includes $6 million ($4 million, net of tax) in restructuring charges and $5 million ($3 million, net of tax) of expenses related to the Company's previous efforts to acquire Dollar Thrifty.

⁽ ⁱ ⁾

Net income for fourth quarter 2010 includes charges of $12 million ($8 million, net of tax) related to the early extinguishment of corporate debt, $15 million ($9 million, net of tax) of transaction-related costs and interest expense related to the Company's previous efforts to acquire Dollar Thrifty and $2 million ($1 million, net of tax) related to the Company's restructuring initiatives.

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

Valuation And Qualifying Accounts [Abstract]

Valuation And Qualifying Accounts

12 Months Ended

Dec. 31, 2011

Valuation And Qualifying Accounts

Schedule II—Valuation and Qualifying Accounts

(in millions)


Description	Balance at Beginning of Period		Expensed		Other Adjustments			Deductions			Balance at End of Period
Allowance for Doubtful Accounts:
Year Ended December 31,
2011	$	16	$	9	$	—		$	(4	)	$	21
2010		14		6		1			(5	)		16
2009		17		6		(1	)		(8	)		14
Tax Valuation Allowance:
Year Ended December 31,
2011 ^(a)	$	192	$	16	$	65		$	—		$	273
2010		166		26		—			—			192
2009		157		9		—			—			166

^(a)	For 2011, other adjustments relate to the Avis Europe Acquisition.

Basis Of Presentation (Policy)	12 Months Ended
Basis Of Presentation (Policy)	Dec. 31, 2011
Basis Of Presentation [Abstract]
Transaction-Related Costs	*Transaction-related Costs* The Company completed the Avis Europe Acquisition on October 3, 2011. In addition, in September 2011, the Company announced that it had decided at the time not to pursue the acquisition of Dollar Thrifty Automotive Group, Inc. ("Dollar Thrifty") in light of current market conditions. Transaction-related costs are now being classified separately in the Consolidated Statements of Operations for the years ended December 31, 2011 and 2010. These costs comprise acquisition-related activity including due-diligence and other costs associated with the Company's Avis Europe Acquisition and its previous efforts to acquire Dollar Thrifty. Transaction-related costs in 2011 include a non-cash charge related to the reacquired unfavorable license rights, costs for due-diligence activity, losses on foreign-currency transactions related to the Avis Europe Acquisition purchase price and other costs. Transaction-related costs for the year ended December 31, 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. There were no transaction-related costs in 2009.

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2011

Summary Of Significant Accounting Policies [Abstract]

Accounting Principles

Accounting Principles

The Company's Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").

Principles Of Consolidation

Principles of Consolidation

Use Of Estimates And Assumptions

Use of Estimates and Assumptions

Revenue Recognition

Revenue Recognition

Foreign Currency Translation

Foreign Currency Translation

Cash And Cash Equivalents

Cash and Cash Equivalents

The Company considers highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Property And Equipment

Property and Equipment


Buildings		30 years
Furniture, fixtures & equipment		3 to 10 years
Capitalized software		3 to 7 years
Buses and support vehicles		4 to 15 years

Goodwill And Other Intangible Assets

Goodwill and Other Intangible Assets

Impairment Of Long-Lived Assets

Impairment of Long-Lived Assets

Program Cash

Program Cash

Program cash primarily represents amounts specifically designated to purchase assets under vehicle programs and/or to repay the related debt.

Vehicles

Vehicles

Advertising Expenses

Advertising Expenses

Taxes

Taxes

The Company reports revenues net of any tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction between a seller and a customer.

Fair Value Measurements

Fair Value Measurements

Derivative Instruments

Derivative Instruments

Investments

Investments

Self-Insurance Reserves

Self-Insurance Reserves

Business Combinations

Business Combinations

Adoption Of New Accounting Standards During 2011

Adoption of New Accounting Standards During 2011

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2011

Summary Of Significant Accounting Policies [Abstract]

Schedule Of Estimated Useful Lives


Buildings		30 years
Furniture, fixtures & equipment		3 to 10 years
Capitalized software		3 to 7 years
Buses and support vehicles		4 to 15 years

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Computation Of Basic And Diluted Earnings Per Share


	Year Ended December 31,
	2011			2010		2009
Net income (loss) for basic EPS	$	(29	)	$	54	$	(47	)
Convertible debt interest, net of tax		—			7		—

Net income (loss) for diluted EPS	$	(29	)	$	61	$	(47	)

Basic weighted average shares outstanding		105.2			103.1		102.2
Options, warrants and non-vested stock		—			2.4		—
Convertible debt		—			21.2		—

Diluted weighted average shares outstanding ^(a)		105.2			126.7		102.2

Earnings (loss) per share:
Basic	$	(0.28	)	$	0.53	$	(0.46	)
Diluted	$	(0.28	)	$	0.49	$	(0.46	)

^(a⁾

Outstanding Common Stock Equivalents That Were Anti-Dilutive


	Year Ended December 31,
		2011		2010		2009
Options ^(a)			3.4		1.4		7.2
Warrants ^(b)			21.2		21.2		21.2
Shares underlying 3¹/2% Convertible Senior Notes due 2014			21.2		—		21.2

^(a)	Represents all outstanding stock options for 2011 and 2009. The weighted average exercise price for anti-dilutive options for 2010 was $23.28.

^(b)	Represents all outstanding warrants for 2011, 2010 and 2009. The exercise price for the warrants issued in 2009 was $22.50.

Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2011

Restructuring Charges [Abstract]

Summary Of Changes To Restructuring-Related Liabilities


	Personnel Related			Facility Related			Asset Impairments			Total
Balance as of January 1, 2009	$	10		$	5		$	1		$	16
Restructuring charge		11			6			3			20
Cash payment/utilization		(20	)		(7	)		(4	)		(31	)

Balance as of December 31, 2009		1			4			—			5
Restructuring charge		4			7			—			11
Cash payment/utilization		(5	)		(5	)		—			(10	)

Balance as of December 31, 2010		—			6			—			6
Restructuring charge		5			—			—			5
Assumed restructuring obligation		—			1			—			1
Cash payment/utilization		(4	)		(6	)		—			(10	)

Balance as of December 31, 2011	$	1		$	1		$	—		$	2


	North America			International			Truck Rental			Total
Balance as of January 1, 2009	$	12		$	2		$	2		$	16
Restructuring charge		16			2			2			20
Cash payment/utilization		(25	)		(3	)		(3	)		(31	)

Balance as of December 31, 2009		3			1			1			5
Restructuring charge		11			—			—			11
Cash payment/utilization		(8	)		(1	)		(1	)		(10	)

Balance as of December 31, 2010		6			—			—			6
Restructuring charge		2			3			—			5
Acquired restructuring obligation		—			1			—			1
Cash payment/utilization		(7	)		(3	)		—			(10	)

Balance as of December 31, 2011	$	1		$	1		$	—		$	2

Acquisition (Tables)

12 Months Ended

Dec. 31, 2011

Acquisition [Abstract]

Summary Of Purchase Price Allocation


Cash	$	136
Receivables		246
Other current assets		210
Property and equipment		86
Deferred income taxes		27
Other intangibles		247
Other non-current assets		34
Vehicles		1,710
Receivables from vehicle manufacturers and other		282

Total identifiable assets acquired		2,978
Accounts payable and other current liabilities		(550	)
Debt		(763	)
Other non-current liabilities		(312	)
Liabilities under vehicles program—debt		(779	)

Total liabilities assumed		(2,404	)

Net assets acquired		574
Goodwill		285
Non-cash charge related to the reacquired unfavorable license rights		117

Total	$	976

Pro Forma Summary Of Acquisition For Avis Europe


	(unaudited)
	Pro Forma Summary for the Year Ended December 31,
	2011		2010
Net revenues	$	7,259	$	6,768
Net income		234		(133	)
Earnings per share—Diluted		1.82		(1.29	)

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

Schedule Of Intangible Assets

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2011

Intangible Assets [Abstract]


	As of December 31, 2011						As of December 31, 2010
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements ^(a) (d)	$	252	$	29	$	223	$	73	$	24	$	49
Customer relationships ^(b) (d)		80		12		68		19		10		9
Other ^(c)		2		1		1		2		1		1

	$	334	$	42	$	292	$	94	$	35	$	59

Unamortized Intangible Assets
Goodwill ^(d)	$	353					$	76

Trademarks ^(e)	$	421					$	422

^(a)	Primarily amortized over a period ranging from 20 to 40 years.

^(b)	Primarily amortized over a period ranging from 8 to 20 years.

^(c)	Primarily amortized over 27 years.

^(d)	The increase in 2011 primarily relates to the Avis Europe Acquisition.

^(e)	The decrease relates to fluctuations in foreign currency.

Schedule Of Intangible Assets Amortization Expense


	Year Ended December 31,
	2011		2010		2009
License agreements	$	4	$	2	$	2
Customer relationships		3		1		1

Total	$	7	$	3	$	3

Schedule Of Goodwill


	North America			International			Truck Rental			Total Company
Gross goodwill as of January 1, 2010	$	1,359		$	592		$	243		$	2,194
Accumulated impairment losses as of January 1, 2010		(1,355	)		(535	)		(228	)		(2,118	)

Goodwill as of January 1, 2010		4			57			15			76
Adjustments		—			—			—			—

Goodwill as of December 31, 2010		4			57			15			76

Acquisition		—			285			—			285
Foreign currency translation adjustments		—			(8	)		—			(8	)

Goodwill as of December 31, 2011	$	4		$	334		$	15		$	353

Tabular disclosure of goodwill by reportable segment and in total. Disclosure details may include, but are not limited to, the carrying amount of goodwill, goodwill acquired during the year, goodwill impairment losses recognized, goodwill written-off due to the sale of a business unit, goodwill not yet allocated, and any other changes to goodwill.

Vehicle Rental Activities [Abstract]

Vehicle Rental Activities (Tables)

12 Months Ended

Dec. 31, 2011

Components Of The Company's Vehicles


	As of December 31,
	2011			2010
Rental vehicles	$	9,077		$	7,007
Less: Accumulated depreciation		(1,258	)		(1,135	)

		7,819			5,872
Vehicles held for sale		537			550

Vehicles, net	$	8,356		$	6,422

Components Of Vehicle Depreciation And Lease Charges


	Year Ended December 31,
	2011			2010			2009
Depreciation expense	$	1,395		$	1,277		$	1,391
Lease charges		62			34			64
(Gain) loss on sale of vehicles, net and cost of vehicle disposition		(234	)		(24	)		(30	)

Vehicle depreciation and lease charges, net	$	1,223		$	1,287		$	1,425

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes [Line items]

Provision For (Benefit From) Income Taxes


	Year Ended December 31,
	2011			2010			2009
Current
Federal	$	—		$	—		$	—
State		(3	)		2			3
Foreign		36			36			27

Current income tax provision		33			38			30

Deferred
Federal		36			(7	)		(40	)
State		10			8			(5	)
Foreign		(14	)		(21	)		(15	)

Deferred income tax benefit		32			(20	)		(60	)

Provision for (benefit from) income taxes	$	65		$	18		$	(30	)

Pretax Income (Loss) For Domestic And Foreign Operations


	Year Ended December 31,
	2011			2010			2009
United States	$	74		$	(17	)	$	(146	)
Foreign ^(a)		(38	)		89			69

Pretax income (loss)	$	36		$	72		$	(77	)

^(a)	2011 includes $128 million of transaction-related costs.

Reconciliation Of U.S Federal Income Tax Statutory Rate And Effective Income Tax Rate


	As of December 31,
	2011			2010			2009
U.S. federal statutory rate		35.0	%		35.0	%		35.0	%
Adjustments to reconcile to the effective rate:
State and local income taxes, net of federal tax benefits		4.2			(7.0	)		9.8
Changes in valuation allowances		(1.3	)		15.1			(10.1	)
Taxes on foreign operations at rates different than statutory U.S. federal rates ^(a)		(13.2	)		(22.0	)		16.5
Resolution of prior years' examination issues		—			—			2.6
Non-deductible transaction-related costs		146.5			—			—
Other non-deductible expenses		10.1			5.4			(13.2	)
Other		(0.7	)		(1.5	)		(1.6	)

		180.6	%		25.0	%		39.0	%

^(a)	In 2010 and 2009, the Company realized a benefit relating to additional tax depreciation within the Company's operations in Australia.

Changes In Gross Unrecognized Tax Benefits


	2011			2010			2009
Balance at January 1	$	40		$	603		$	601
Additions based on tax positions related to the current year		—			—			1
Additions for tax positions for prior years		143			9			6
Additions associated with the Avis Europe Acquisition		34			—			—
Reductions for tax positions for prior years		(3	)		(443	)		(4	)
Settlements		—			(129	)		(1	)
Statute of limitations		(28	)		—			—

Balance at December 31	$	186		$	40		$	603

Unrecognized Tax Benefits


	As of December 31,
	2011		2010
Unrecognized tax benefit in non-current income taxes payable ^(a)	$	169	$	37
Accrued interest payable on potential tax liabilities ^(b)		21		20

^(a)

^(b)

Vehicle Programs [Member]

Income Taxes [Line items]

Deferral Income Tax Assets And Liabilities


	As of December 31,
	2011		2010
Deferred income tax assets:
Depreciation and amortization	$	35	$	—
Unrealized hedge loss		8		29

		43		29

Deferred income tax liabilities:
Depreciation		1,025		1,362

		1,025		1,362

Net deferred income tax liabilities under vehicle programs	$	982	$	1,333

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

Component Of Other Current Assets

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2011

Other Current Assets [Abstract]


	As of December 31,
	2011		2010
Prepaid expenses	$	179	$	140
Sales and use tax		92		28
Other		109		114

	$	380	$	282

Property And Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2011

Property And Equipment, Net [Abstract]

Schedule Of Property And Equipment, Net


	As of December 31,
	2011			2010
Land	$	58		$	48
Buildings and leasehold improvements		492			412
Capitalized software		400			346
Furniture, fixtures and equipment		259			182
Buses and support vehicles		54			53
Projects in process		37			30

		1,300			1,071
Less: Accumulated depreciation and amortization		(807	)		(646	)

	$	493		$	425

Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2011

Other Non-Current Assets [Abstract]

Other Non-Current Assets


	As of December 31,
		2011		2010
Deferred financing costs		$	138	$	107
Receivables from Realogy ^(a)			67		80
Receivables from Wyndham ^(a)			41		48
Investments ^(b)			38		4
Other			20		16

		$	304	$	255

^(a)

^(b)	Includes the Company's (i) 50% ownership of Anji Car Rental and Leasing Company Limited, a joint venture that has a license agreement for the Avis brand in China, and (ii) 33% ownership of Mercury Car Rentals Limited, a joint venture that has a license agreement for the Avis brand in India.

Accounts Payable And Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2011

Accounts Payable And Other Current Liabilities [Abstract]

Schedule Of Accounts Payable And Other Current Liabilities


	As of December 31,
	2011		2010
Accounts payable	$	312	$	209
Accrued payroll and related		200		155
Accrued sales and use taxes		173		81
Public liability and property damage insurance liabilities—current		128		93
Income taxes payable—current		109		41
Advertising and marketing		77		53
Other		434		293

	$	1,433	$	925

Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2011

Other Non-Current Liabilities [Abstract]

Schedule Of Other Non-Current Liabilities


	As of December 31,
	2011		2010
Public liability and property damage insurance liabilities—non-current	$	281	$	212
Pension liability		191		63
Income taxes payable—non-current		169		37
Acquisition-related liabilities		51		55
Other		268		168

	$	960	$	535

Long-Term Debt And Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2011

Long-Term Debt And Borrowing Arrangements [Abstract]

Schedule Of Long-Term Debt


	Maturity		As of December 31,
	Date		2011		2010
Floating Rate Term Loan ^(a)		April 2014	$	267	$	271
Floating Rate Senior Notes		May 2014		250		250
7⁵/8% Senior Notes		May 2014		200		200
3¹/2% Convertible Senior Notes		October 2014		345		345
7³/4% Senior Notes		May 2016		375		375
Floating Rate Term Loan ^(a)		May 2016		20		—
9⁵/8% Senior Notes		March 2018		445		444
Floating Rate Term Loan ^(a)		September 2018		412		—
8¹/4% Senior Notes		January 2019		602		602
9³/4% Senior Notes		March 2020		250		—

				3,166		2,487
Other				39		15

Total				3,205		2,502
Less: Short-term debt and current portion of long-term debt				37		8

Long-term debt			$	3,168	$	2,494

^(a)

Contractual Maturities Of Company's Corporate Debt


Year	Amount
2012	$	37
2013		10
2014		1,064
2015		8
2016		393
Thereafter		1,693

	$	3,205

Schedule Of Committed Credit Facilities


	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Revolving credit facility maturing 2016 ^(a)^(b)	$	1,400	$	—	$	643	$	757
Other facilities ^(c)		11		2		—		9

^(a)	This revolving credit facility matures in April 2016 and bears interest of one month LIBOR plus 300 basis points.

^(b⁾

^(c⁾	These facilities encompass bank overdraft lines of credit, bearing interest of 5.14%-7.25% as of December 31, 2011

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.

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 11: 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.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Debt Under Vehicle Programs And Borrowing Arrangements [Abstract]

Debt Under Vehicle Programs And Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2011

Schedule Of Debt Under Vehicle Programs


	As of December 31,
	2011		2010
Debt due to Avis Budget Rental Car Funding ^(a)	$	4,574	$	3,987
Budget Truck financing ^(b)		188		244
Capital leases ^(c)		348		—
Other ^(d)		454		284

	$	5,564	$	4,515

^(a)	The increase reflects increased borrowing within U.S. operations due to an increase in the size of the Company's U.S. car rental fleet.

^(b ⁾

The decrease reflects principal payments on borrowings.

^(c ⁾

The increase reflects the inclusion of capital lease arrangements related to Avis Europe's vehicle rental fleet.

^(d)	The increase reflects an increase in borrowings related to an increase in the size of our international fleet, primarily as a result of the Avis Europe Acquisition.

Schedule Of Contractual Maturities


	Vehicle- Backed Debt
2012	$	2,184
2013		780
2014		865
2015		798
2016		883
Thereafter		54

	$	5,564

Schedule Of Available Funding Under The Vehicle Program


	Total Capacity ^(a)		Outstanding Borrowings		Available Capacity
Debt due to Avis Budget Rental Car Funding	$	7,199	$	4,574	$	2,625
Budget Truck Funding financing		188		188		—
Capital leases		542		348		194
Other		1,479		454		1,025

	$	9,408	$	5,564	$	3,844

^(a)	Capacity is subject to maintaining sufficient assets to collateralize debt.

Commitments And Contingencies (Tables)

12 Months Ended

Dec. 31, 2011

Commitments And Contingencies [Abstract]

Future Minimum Lease Payments


Year	Amount
2012	$	516
2013		377
2014		272
2015		205
2016		157
Thereafter		784

	$	2,311

Schedule Of Rent Expense


	2011			2010			2009
Rent and minimum concession fees	$	535		$	473		$	493
Contingent concession expense		104			114			94

		639			587			587
Less: sublease rental income		(5	)		(5	)		(5	)

Total	$	634		$	582		$	582

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2011

Stockholders' Equity [Abstract]

Accumulated Other Comprehensive Income


	Currency Translation Adjustments			Net Unrealized Gains (Losses) on Cash Flow Hedges			Net Unrealized Gains (Losses) on Available- For-Sale Securities		Minimum Pension Liability Adjustment			Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2009	$	7		$	(149	)	$	—	$	(52	)	$	(194	)
Period change		104			43			—		10			157

Balance, December 31, 2009		111			(106	)		—		(42	)		(37	)
Period change		71			60			—		(2	)		129

Balance, December 31, 2010		182			(46	)		—		(44	)		92
Period change		(23	)		33			2		(26	)		(14	)

Balance, December 31, 2011	$	159		$	(13	)	$	2	$	(70	)	$	78

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2011

Stock-Based Compensation [Abstract]

Stock Based Compensation Activity


2011						2010						2009
	Number of Options			Weighted Average Exercise Price			Number of Options			Weighted Average Exercise Price			Number of Options			Weighted Average Exercise Price
Balance at beginning of year		5,026		$	7.22			7,196		$	11.30			5,003		$	24.90
Granted at fair market value		—			—			160			11.53			4,012			0.79
Exercised ^(a)		(1,231	)		0.98			(982	)		8.45			—			—
Canceled/forfeited/expired		(363	)		21.97			(1,348	)		28.63			(1,819	)		25.51

Balance at end of year ^(b)		3,432			7.90			5,026			7.22			7,196			11.30

⁽^a⁾	Stock options exercised during 2011 and 2010 had intrinsic value of $18 million and $5 million, respectively.

^(b)

Summary Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range


	Outstanding Options
Range of Exercise Prices	Number of Options		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price
Less than $5.00		2,376		7.04	$	0.79
$5.01 to $10.00		—		—		—
$10.01 to $15.00		160		8.07		11.53
$15.01 to $20.00		127		1.14		18.66
$20.01 to $25.00		—		—		—
$25.01 to $30.00		759		0.11		27.26
$30.01 and above		10		2.73		31.98

		3,432		5.32		7.90

Summary Of Share Based Payment Other Than Options Valuation Assumptions


	2011	2010
Expected volatility of stock price	48%	54%
Risk-free interest rate	0.47% –1.21%	1.47% –1.74%
Valuation period	3& 4 years	3 & 5 years
Dividend yield	0.0%	0.0%

Annual Activity Of Stock Option Plans


2011						2010						2009
	Number of RSUs			Weighted Average Grant Price			Number of RSUs			Weighted Average Grant Price			Number of RSUs			Weighted Average Grant Price
Balance at beginning of year		3,059		$	13.64			1,855		$	19.32			2,673		$	20.18
Granted at fair market value ^(a)		1,009			14.45			1,960			11.55			—			—
Vested ^(b)		(729	)		14.41			(585	)		21.89			(620	)		21.93
Canceled		(341	)		22.32			(171	)		23.10			(198	)		22.84

Balance at end of year ^(c)		2,998			12.74			3,059			13.64			1,855			19.32

^(a)

^(b)	No performance-based RSUs vested during 2011 and 2010; 7,000 vested in 2009.

^(c)

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2011

Employee Benefit Plans [Abstract]

Summary Of Net Periodic Benefit Cost


	For the Year Ended December 31,
	2011			2010			2009
Service cost	$	3		$	2		$	2
Interest cost		17			12			12
Expected return on plan assets		(17	)		(11	)		(11	)
Amortization of unrecognized amounts		8			6			9

Net periodic benefit cost	$	11		$	9		$	12

Summary Of Funded Status Of The Pension Plans


Change in Benefit Obligation	2011			2010
Benefit obligation at end of prior year	$	236		$	214
Service cost		3			2
Interest cost		17			12
Plan amendments		—			1
Actuarial loss		52			17
Net benefits paid		(14	)		(10	)
Assumed benefit obligation of acquired entities		306			—

Benefit obligation at end of current year	$	600		$	236

Change in Plan Assets
Fair value of assets at end of prior year	$	173		$	156
Actual return on plan assets		22			20
Employer contributions		24			7
Net benefits paid		(14	)		(10	)
Acquired fair value of plan assets of acquired entities		207			—

Fair value of assets at end of current year	$	412		$	173

Total unfunded status at end of year (recognized in other non-current liabilities in the Consolidated Balance Sheets)	$	(188	)	$	(63	)

Summary Of Assumptions Used To Determine Pension Obligations And Pension Costs


	For the Year Ended December 31,
	2011			2010			2009
U.S. Pension Benefit Plans
Discount rate:
Net periodic benefit cost		5.25	%		5.75	%		6.25	%
Benefit obligation		4.00	%		5.25	%		5.75	%
Long-term rate of return on plan assets		8.00	%		8.25	%		8.25	%
Non-U.S. Pension Benefit Plans
Discount rate:
Net periodic benefit cost		5.00	%		6.75	%		6.75	%
Benefit obligation		4.75	%		6.50	%		6.50	%
Long-term rate of return on plan assets		5.25	%		6.75	%		6.75	%

Summary Of Defined Benefit Pension Plans' Assets Fair Value


Asset Class	2011		2010
Cash equivalents	$	8	$	1
Short term investments		5		5
U.S. stock		84		74
Non-U.S. stock		124		30
Real estate investment trusts		6		6
Non-U.S. government securities		64		3
U.S. government securities		18		13
Corporate bonds		90		40
Other assets		13		1

Total assets	$	412	$	173

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2011

Financial Instruments [Abstract]

Fair Value Of Derivative Instruments


	As of December 31, 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)	$	—	$	3	$	—	$	4
Derivatives not designated as hedging instruments ^(a)
Foreign exchange contracts ^(c)		26		1		—		3
Interest rate swaps ^(b)		—		—		—		1
Interest rate contracts ^(d)		2		4		1		7
Commodity contracts ^(e)		—		1		—		—

Total	$	28	$	9	$	1	$	15

^(a)

^(b)	Included in other non-current liabilities.

^(c)	Included in other current assets and other current liabilities.

^(d)	Included in assets under vehicle programs and liabilities under vehicle programs.

^(e)	Included in other current liabilities.

Schedule Of Effect Of Derivatives Recognized


	For the Year Ended December 31,
	2011			2010			2009
Derivatives designated as hedging instruments
Interest rate swaps ^(a)	$	33		$	36		$	43
Derivatives not designated as hedging instruments
Foreign exchange contracts ^(b)		(19	)		12			(5	)
Interest rate contracts ^(c)		(3	)		(4	)		(6	)
Commodity contracts ^(d)		—			1			3

Total	$	11		$	45		$	35

^(a)	Recognized, net of tax, as a component of other comprehensive income within stockholders' equity.

^(b)	For the year ended December 31, 2011, included a $46 million loss in transaction-related costs and a $27 million gain in operating expenses. For the years ended December 31, 2010 and 2009, amounts were included in operating expenses.

^(c)	For the year ended December 31, 2011, $2 million of expense is included in vehicle interest, net and $1 million of expense is included in interest expense. For the years ended December 31, 2010 and 2009, amounts are included in vehicle interest, net.

^(d)	Included in operating expenses.

Schedule Of Carrying Amounts And Estimated Fair Values


	2011				2010
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
Short-term debt and current portion of long-term debt	$	37	$	37	$	8	$	8
Long-term debt, excluding convertible debt		2,823		2,842		2,149		2,211
Convertible debt		345		354		345		407
Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding	$	4,574	$	4,643	$	3,987	$	4,045
Vehicle-backed debt		986		1,001		521		526
Interest rate swaps and interest rate contracts ^(a)		4		4		7		7

^(a)	Derivatives in liability position.

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.

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.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13467-108611

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13476-108611

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

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.

Summary Of Operating Segments

Segment Information (Tables)

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Year Ended December 31, 2011


	North America		International		Truck Rental		Corporate and Other ^(a)			Total
Net revenues	$	4,495	$	1,028	$	376	$	1		$	5,900
Vehicle depreciation and lease charges, net		969		209		45		—			1,223
Vehicle interest, net		263		11		12		—			286
Adjusted EBITDA		442		127		49		(13	)		605
Non-vehicle depreciation and amortization		80		14		1		—			95
Segment assets exclusive of assets under vehicle programs		2,112		1,464		88		184			3,848
Assets under vehicle programs		6,674		2,109		307		—			9,090
Capital expenditures (excluding vehicles)		54		10		1		—			65

^(a)	Includes the results of operations of the Company's investments, unallocated corporate overhead, the elimination of transactions between segments.

Year Ended December 31, 2010


	North America		International		Truck Rental		Corporate and Other ^(a)			Total
Net revenues	$	4,260	$	555	$	367	$	3		$	5,185
Vehicle depreciation and lease charges, net		1,124		103		60		—			1,287
Vehicle interest, net		288		1		15		—			304
Adjusted EBITDA		266		114		34		(16	)		398
Non-vehicle depreciation and amortization		85		3		2		—			90
Segment assets exclusive of assets under vehicle programs		2,515		321		99		527			3,462
Assets under vehicle programs		5,925		580		360		—			6,865
Capital expenditures (excluding vehicles)		57		4		—		—			61

^(a)	Includes the results of operations of the Company's investments, unallocated corporate overhead, the elimination of transactions between segments.

Year Ended December 31, 2009


	North America		International		Truck Rental		Corporate and Other ^(a)			Total
Net revenues	$	4,297	$	478	$	354	$	2		$	5,131
Vehicle depreciation and lease charges, net		1,263		93		69		—			1,425
Vehicle interest, net		269		3		22		—			294
Adjusted EBITDA		140		94		13		(42	)		205
Non-vehicle depreciation and amortization		91		3		2		—			96
Segment assets exclusive of assets under vehicle programs		2,045		279		95		1,152			3,571
Assets under vehicle programs		5,645		445		432		—			6,522
Capital expenditures (excluding vehicles)		37		2		—		—			39

^(a)

Reconciliation Of Adjusted EBITDA To Income (Loss)


	Year Ended December 31,
	2011		2010		2009
Adjusted EBITDA	$	605	$	398	$	205
Less: Non-vehicle related depreciation and amortization		95		90		96
Interest expense related to corporate debt, net		219		170		153
Early extinguishment of debt		—		52		—
Transaction-related costs		255		14		—
Impairment		—		—		33

Income (loss) before income taxes	$	36	$	72	$	(77	)

Summary Of Geographic Segment Information


	United States		All Other Countries		Total
2011
Net revenues	$	4,489	$	1,411	$	5,900
Assets exclusive of assets under vehicle programs		2,177		1,671		3,848
Assets under vehicle programs		6,553		2,537		9,090
Property and equipment, net		365		128		493
2010
Net revenues	$	4,263	$	922	$	5,185
Assets exclusive of assets under vehicle programs		2,949		513		3,462
Assets under vehicle programs		5,899		966		6,865
Property and equipment, net		382		43		425
2009
Net revenues	$	4,323	$	808	$	5,131
Assets exclusive of assets under vehicle programs		3,068		503		3,571
Assets under vehicle programs		5,542		980		6,522
Property and equipment, net		400		42		442

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.

Guarantor And Non-Guarantor Consolidating Financial Statements [Abstract]

Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Tables)

12 Months Ended

Dec. 31, 2011

Consolidating Condensed Statements Of Operations

For the Year Ended December 31, 2011


	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Total
Revenues
Vehicle rental	$	—		$	—		$	3,393		$	945	$	—		$	4,338
Other		2			—			1,006			1,702		(1,148	)		1,562

Net revenues		2			—			4,399			2,647		(1,148	)		5,900

Expenses
Operating		3			8			2,241			773		—			3,025
Vehicle depreciation and lease charges, net		—			—			921			868		(566	)		1,223
Selling, general and administrative		11			—			564			181		—			756
Vehicle interest, net		—			(1	)		243			296		(252	)		286
Non-vehicle related depreciation and amortization		—			—			78			17		—			95
Interest expense related to corporate debt, net:
Interest expense		10			208			—			1		—			219
Intercompany interest expense (income)		(14	)		(205	)		215			4		—			—
Restructuring charges		—			—			2			3		—			5
Transaction-related costs		71			56			—			128		—			255

Total expenses		81			66			4,264			2,271		(818	)		5,864

Income (loss) before income taxes and equity in earnings of subsidiaries		(79	)		(66	)		135			376		(330	)		36
Provision for (benefit) from income taxes		(27	)		(22	)		66			48		—			65
Equity in earnings (loss) of subsidiaries		23			67			(2	)		—		(88	)		—

Net income (loss)	$	(29	)	$	23		$	67		$	328	$	(418	)	$	(29	)

For the Year Ended December 31, 2010


	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenues
Vehicle rental	$	—		$	—		$	3,261		$	621		$	—		$	3,882
Other		4			—			922			1,672			(1,295	)		1,303

Net revenues		4			—			4,183			2,293			(1,295	)		5,185

Expenses
Operating		5			8			2,084			519			—			2,616
Vehicle depreciation and lease charges, net		—			—			1,085			1,070			(868	)		1,287
Selling, general and administrative		11			—			473			85			—			569
Vehicle interest, net		—			—			283			146			(125	)		304
Non-vehicle related depreciation and amortization		—			—			83			7			—			90
Interest expense related to corporate debt, net:
Interest expense		9			163			—			(2	)		—			170
Intercompany interest expense (income)		(14	)		(215	)		229			—			—			—
Early extinguishment of debt		—			52			—			—			—			52
Restructuring charges		—			—			11			—			—			11
Transaction-related costs		14			—			—			—			—			14

Total expenses		25			8			4,248			1,825			(993	)		5,113

Income (loss) before income taxes and equity in earnings of subsidiaries		(21	)		(8	)		(65	)		468			(302	)		72
Provision for (benefit) from income taxes		(9	)		(8	)		(5	)		40			—			18
Equity in earnings (loss) of subsidiaries		66			66			126			—			(258	)		—

Net income (loss)	$	54		$	66		$	66		$	428		$	(560	)	$	54

For the Year Ended December 31, 2009


	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenues
Vehicle rental	$	—		$	—		$	3,354		$	552		$	—		$	3,906
Other		2			—			890			1,786			(1,453	)		1,225

Net revenues		2			—			4,244			2,338			(1,453	)		5,131

Expenses
Operating		15			27			2,136			458			—			2,636
Vehicle depreciation and lease charges, net		—			—			1,241			1,201			(1,017	)		1,425
Selling, general and administrative		11			—			468			72			—			551
Vehicle interest, net		—			—			273			87			(66	)		294
Non-vehicle related depreciation and amortization		—			—			89			7			—			96
Interest expense related to corporate debt, net:
Interest expense		2			153			—			(2	)		—			153
Intercompany interest expense (income)		—			(153	)		153			—			—			—
Restructuring charges		—			—			18			2			—			20
Impairment		32			1			—			—			—			33

Total expenses		60			28			4,378			1,825			(1,083	)		5,208

Income (loss) before income taxes and equity in earnings of subsidiaries		(58	)		(28	)		(134	)		513			(370	)		(77	)
Provision for (benefit) from income taxes		(23	)		(2	)		(35	)		30			—			(30	)
Equity in earnings (loss) of subsidiaries		(12	)		14			113			—			(115	)		—

Net income (loss)	$	(47	)	$	(12	)	$	14		$	483		$	(485	)	$	(47	)

Consolidating Condensed Statements Of Cash Flows

For the Year Ended December 31, 2011


	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	(32	)	$	(1,241	)	$	(291	)	$	2,661		$	481		$	1,578

Investing activities
Property and equipment additions		—			(17	)		(34	)		(14	)		—			(65	)
Proceeds received on asset sales		—			10			2			2			—			14
Net assets acquired (net of cash acquired) and acquisition-related payments		—			—			(1	)		(840	)		—			(841	)
Other, net		(2	)		(1	)		—			(4	)		—			(7	)

Net cash (used in) investing activities exclusive of vehicle programs		(2	)		(8	)		(33	)		(856	)		—			(899	)

Vehicle programs:
Decrease in program cash		—			—			—			(11	)		—			(11	)
Investment in vehicles		—			(73	)		(3	)		(8,583	)		—			(8,659	)
Proceeds received on disposition of vehicles		—			11			7			7,178			—			7,196
Investment in debt securities of AESOP—related party		(400	)		—			—			—			—			(400	)
Investment in debt securities of AESOP— related party		400			—			—			—			—			400

		—			(62	)		4			(1,416	)		—			(1,474	)

Net cash provided by (used in) investing activities		(2	)		(70	)		(29	)		(2,272	)		—			(2,373	)

Financing activities
Proceeds from borrowings		—			682			—			—			—			682
Principal payments on borrowings		—			(4	)		(4	)		(660	)		—			(668	)
Net change in short-term borrowings		—			—			—			(97	)		—			(97	)
Net intercompany transactions		(184	)		396			323			(54	)		(481	)		—
Debt financing fees		(38	)		(40	)		—			—			—			(78	)
Other, net		1			—			—			—			—			1

Net cash provided by (used in) financing activities exclusive of vehicle programs		(221	)		1,034			319			(811	)		(481	)		(160	)

Vehicle programs:
Proceeds from borrowings		—			—			—			10,534			—			10,534
Principal payments on borrowings		—			—			—			(9,917	)		—			(9,917	)
Debt financing fees		—			(2	)		(1	)		(30	)		—			(33	)

		—			(2	)		(1	)		587			—			584

Net cash provided by (used in) financing activities		(221	)		1,032			318			(224	)		(481	)		424

Effect of changes in exchange rates on cash and cash equivalents		—			—			—			(6	)		—			(6	)

Net increase (decrease) in cash and cash equivalents		(255	)		(279	)		(2	)		159			—			(377	)
Cash and cash equivalents, beginning of period		257			513			3			138			—			911

Cash and cash equivalents, end of period	$	2		$	234		$	1		$	297		$	—		$	534

For the Year Ended December 31, 2010


	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	72		$	61		$	(263	)	$	1,470		$	300		$	1,640

Investing activities
Property and equipment additions		—			(13	)		(42	)		(6	)		—			(61	)
Proceeds received on asset sales		—			12			—			2			—			14
Net assets acquired (net of cash acquired) and acquisition-related payments		—			—			—			(2	)		—			(2	)
Other, net		(3	)		(3	)		—			—			—			(6	)

Net cash (used in) investing activities exclusive of vehicle programs		(3	)		(4	)		(42	)		(6	)		—			(55	)

Vehicle programs:
Decrease in program cash		—			—			—			162			—			162
Investment in vehicles		—			(20	)		—			(8,011	)		—			(8,031	)
Proceeds received on disposition of vehicles		—			34			9			6,276			—			6,319
Investment in debt securities of AESOP—related party		(570	)		—			—			—			—			(570	)
Investment in debt securities of AESOP—related party		570			—			—			—			—			570
Other, net		—			—			—			2			—			2

		—			14			9			(1,571	)		—			(1,548	)

Net cash provided by (used in) investing activities		(3	)		10			(33	)		(1,577	)		—			(1,603	)

Financing activities
Proceeds from borrowings		—			1,046			—			—			—			1,046
Principal payments on borrowings		—			(684	)		(4	)		—			—			(688	)
Net intercompany transactions		(62	)		80			332			(50	)		(300	)		—
Debt financing fees		—			(46	)		—			—			—			(46	)
Other, net		8			2			—			—			—			10

Net cash provided by (used in) financing activities exclusive of vehicle programs		(54	)		398			328			(50	)		(300	)		322

Vehicle programs:
Proceeds from borrowings		—			—			—			9,355			—			9,355
Principal payments on borrowings		—			(1	)		(31	)		(9,120	)		—			(9,152	)
Net change in short-term borrowings		—			—			—			(110	)		—			(110	)
Debt financing fees		—			(25	)		(5	)		(5	)		—			(35	)

		—			(26	)		(36	)		120			—			58

Net cash provided by (used in) financing activities		(54	)		372			292			70			(300	)		380

Effect of changes in exchange rates on cash and cash equivalents		—			—			—			12			—			12

Net increase (decrease) in cash and cash equivalents		15			443			(4	)		(25	)		—			429
Cash and cash equivalents, beginning of period		242			70			7			163			—			482

Cash and cash equivalents, end of period	$	257		$	513		$	3		$	138		$	—		$	911

For the Year Ended December 31, 2009


	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	(70	)	$	60		$	57		$	1,448		$	(4	)	$	1,491

Investing activities
Property and equipment additions		—			(10	)		(26	)		(3	)		—			(39	)
Proceeds received on asset sales		—			13			—			1			—			14
Other, net		2			(2	)		(1	)		1			—			—

Net cash provided by (used in) investing activities exclusive of vehicle programs		2			1			(27	)		(1	)		—			(25	)

Vehicle programs:
Increase in program cash		—			—			—			(145	)		—			(145	)
Investment in vehicles		—			(36	)		—			(6,739	)		—			(6,775	)
Proceeds received on disposition of vehicles		—			74			7			7,063			—			7,144
Other, net		—			—			—			(33	)		—			(33	)

		—			38			7			146			—			191

Net cash provided by (used in) investing activities		2			39			(20	)		145			—			166

Financing activities
Proceeds from borrowings		345			100			—			—			—			445
Principal payments on borrowings		—			(109	)		(2	)		—			—			(111	)
Proceeds from warrant issuance		62			—			—			—			—			62
Purchases call options		(95	)		—			—			—			—			(95	)
Net intercompany transactions		—			(2	)		52			(54	)		4			—
Debt financing fees		(11	)		—			—			—			—			(11	)
Other, net		(2	)		—			—			—			—			(2	)

Net cash provided by (used in) financing activities exclusive of vehicle programs		299			(11	)		50			(54	)		4			288

Vehicle programs:
Proceeds from borrowings		—			—			—			7,527			—			7,527
Principal payments on borrowings		—			(43	)		(95	)		(9,009	)		—			(9,147	)
Net change in short-term borrowings		—			—			—			(107	)		—			(107	)
Debt financing fees		—			(26	)		—			—			—			(26	)

		—			(69	)		(95	)		(1,589	)		—			(1,753	)

Net cash provided by (used in) financing activities		299			(80	)		(45	)		(1,643	)		4			(1,465	)

Effect of changes in exchange rates on cash and cash equivalents		—			—			—			32			—			32

Net increase (decrease) in cash and cash equivalents		231			19			(8	)		(18	)		—			224
Cash and cash equivalents, beginning of period		11			51			15			181			—			258

Cash and cash equivalents, end of period	$	242		$	70		$	7		$	163		$	—		$	482

Selected Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2011

Selected Quarterly Financial Data [Abstract]

Schedule Of Selected Quarterly Financial Data


	2011
	First^(b)			Second^(c)		Third^(d)		Fourth^(a)^(e)
Net revenues	$	1,235		$	1,412	$	1,623	$	1,630
Net income (loss)		7			52		82		(170	)
Per share information:
Basic
Net income (loss)	$	0.07		$	0.49	$	0.78	$	(1.62	)
Weighted average shares		104.6			105.4		105.4		105.5
Diluted
Net income (loss)	$	0.06		$	0.42	$	0.65	$	(1.62	)
Weighted average shares		106.8			129.0		128.9		105.5

	2010
	First^(a)^(f)			Second^(g)		Third^(h)		Fourth^(a)⁽ⁱ⁾
Net revenues	$	1,153		$	1,294	$	1,512	$	1,226
Net income (loss)		(38	)		26		90		(24	)
Per share information:
Basic
Net income (loss)	$	(0.37	)	$	0.25	$	0.88	$	(0.23	)
Weighted average shares		102.6			103.1		103.2		103.3
Diluted
Net income (loss)	$	(0.37	)	$	0.22	$	0.73	$	(0.23	)
Weighted average shares		102.6			126.6		126.6		103.3

^(a)

^(b)	Net income for first quarter 2011 includes $7 million ($4 million, net of tax) of interest expense and $2 million ($1 million, net of tax) of transaction-related costs related to the Company's previous efforts to acquire Dollar Thrifty.

^(c)

^(d)

^(e)

^(f ⁾

⁽ ^g ⁾

^(h ⁾

⁽ ⁱ ⁾

Summary Of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($) years	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Dec. 31, 2008 USD ($)
Property, Plant and Equipment [Line Items]
Foreign currency translation adjustments	$ 159	$ 182	$ 111	$ 7
Net carrying value of software developed	292	59
Vehicle interest income	8	11	15
Advertising expense	107	66	87
Investments in equity securities at fair value	9
Investments in joint ventures	29
Other-than-temporary impairment of investments			$ 33
Aggregate realized gain from the sale of investments	1
Retained risks of liability to third parties	409	305
Workers compensation liabilities	$ 50	56
Buildings [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives, years \| years	30
Furniture, Fixtures & Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life, Minimum \| years	3
Property and equipment useful life, maximum (in years) \| years	10
Capitalized Software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life, Minimum \| years	3
Property and equipment useful life, maximum (in years) \| years	7
Buses And Support Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life, Minimum \| years	4
Property and equipment useful life, maximum (in years)	15
Software Development [Member]
Property, Plant and Equipment [Line Items]
Net carrying value of software developed	$ 74	$ 73
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment useful life, maximum (in years) \| years	20
Minimum [Member]
Property, Plant and Equipment [Line Items]
Rental vehicles depreciation rate range	3.00%	3.00%	3.00%
Maximum [Member]
Property, Plant and Equipment [Line Items]
Rental vehicles depreciation rate range	46.00%	46.00%	46.00%
Carey Holdings, Inc. [Member]
Property, Plant and Equipment [Line Items]
Other-than-temporary impairment of investments			$ 33
Other-than-temporary impairment investments, net of tax			$ 20

Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2011

^[1],[2],[3]

Sep. 30, 2011

^[4],[5]

Jun. 30, 2011

^[6],[7]

Mar. 31, 2011

^[1],[8],[9]

Dec. 31, 2010

^[1],[2],[3]

Sep. 30, 2010

^[4]

Jun. 30, 2010

^[6],[7]

Mar. 31, 2010

^[1],[8],[9]

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Earnings Per Share [Abstract]

Net income (loss) for basic EPS

$ (29)

$ 54

$ (47)

Convertible debt interest, net of tax

Net income (loss) for diluted EPS

$ (29)

$ 61

$ (47)

Basic weighted average shares outstanding

105.5

105.4

104.6

103.3

103.2

103.1

102.6

105.2

103.1

102.2

Options, warrants and non-vested stock

2.4

Convertible debt

21.2

Diluted weighted average shares outstanding

105.5

128.9

129.0

106.8

103.3

126.6

102.6

105.2

^[10]

126.7

^[10]

102.2

^[10]

Basic

$ (1.62)

$ 0.78

$ 0.49

$ 0.07

$ (0.23)

$ 0.88

$ 0.25

$ (0.37)

$ (0.28)

$ 0.53

$ (0.46)

Diluted

$ (1.62)

$ 0.65

$ 0.42

$ 0.06

$ (0.23)

$ 0.73

$ 0.22

$ (0.37)

$ (0.28)

$ 0.49

$ (0.46)

[1]	As the Company incurred a loss from continuing operations for this period, all outstanding stock options, restricted stock units, stock warrants and issuable shares underlying the convertible notes issued in 2009 are anti-dilutive for such period. Accordingly, basic and diluted weighted average shares outstanding are equal for such period.
[2]	Net income for fourth quarter 2010 includes charges of $12 million ($8 million, net of tax) related to the early extinguishment of corporate debt, $15 million ($9 million, net of tax) of transaction-related costs and interest expense related to the Company's previous efforts to acquire Dollar Thrifty and $2 million ($1 million, net of tax) related to the Company's restructuring initiatives.
[3]	Net income for fourth quarter 2011 includes charges of $160 million ($153 million, net of tax) related primarily to the Avis Europe Acquisition, including a $117 million ($117 million, net of tax) non-cash charge related to the unfavorable license rights acquired by the Company, $39 million ($33 million, net of tax) related to due-diligence, advisory and other expenses, and $4 million ($3 million, net of tax) for amortization expense related to intangible assets recognized in the Avis Europe acquisition; and $5 million ($3 million, net of tax) related to the Company's restructuring initiatives (see Note 4—Restructuring Charges).
[4]	Net income for third quarter 2010 includes $6 million ($4 million, net of tax) in restructuring charges and $5 million ($3 million, net of tax) of expenses related to the Company's previous efforts to acquire Dollar Thrifty.
[5]	Net income for third quarter 2011 includes $47 million ($31 million, net of tax) related to due-diligence, advisory and other expenses related to the Avis Europe Acquisition and the Company's previous efforts to acquire Dollar Thrifty, and $26 million ($16 million, net of taxes) of losses on foreign-currency hedges related to the Avis Europe purchase price.
[6]	Net income for second quarter 2010 includes a $2 million charge ($1 million, net of tax) related to restructuring initiatives, $2 million ($1 million, net of tax) of expenses related to the Company's previous efforts to acquire of Dollar Thrifty and $1 million ($1 million, net of tax) of expense related to a charge recorded in 2009 for an adverse litigation judgment.
[7]	Net income for second quarter 2011 includes $11 million ($9 million, net of tax) of due-diligence, advisory and other expenses, and $7 million ($4 million, net of tax) of interest expense, both related to the Avis Europe Acquisition and the Company's previous efforts to acquire Dollar Thrifty, and $23 million ($14 million, net of taxes) of losses on foreign-currency hedges related to the Avis Europe Acquisition purchase price.
[8]	Net income for first quarter 2010 includes charges of $40 million ($24 million, net of tax) related to the early extinguishment of corporate debt and $1 million ($1 million, net of tax) related to the Company's restructuring initiatives.
[9]	Net income for first quarter 2011 includes $7 million ($4 million, net of tax) of interest expense and $2 million ($1 million, net of tax) of transaction-related costs related to the Company's previous efforts to acquire Dollar Thrifty.
[10]	As the Company incurred a net loss in 2011 and 2009, all outstanding stock options, restricted stock units, stock warrants and issuable shares underlying the convertible notes issued in 2009 have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. Accordingly, basic and diluted weighted average shares outstanding are equal for such periods.

Earnings Per Share (Outstanding Common Stock Equivalents That Were Anti-Dilutive) (Details) - $ / shares
shares in Millions

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Convertible senior notes interest percentage

3.50%

Convertible senior notes due date

2014

Weighted average exercise price for anti-dilutive options

$ 23.28

Exercise price of warrants issued

$ 22.50

Options [Member]

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Anti-dilutive shares

^[1]

3.4

1.4

7.2

Warrants [Member]

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Anti-dilutive shares

^[2]

21.2

Shares Underlying 3 1/2% Convertible Senior Notes Due 2014 [Member]

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Anti-dilutive shares

21.2

[1]	Represents all outstanding stock options for 2011 and 2009. The weighted average exercise price for anti-dilutive options for 2010 was $23.28.
[2]	Represents all outstanding warrants for 2011, 2010 and 2009. The exercise price for the warrants issued in 2009 was $22.50.

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-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 128
-Paragraph 171
-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 128
-Paragraph 40
-Subparagraph c
-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 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-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.

Restructuring Charges (Narrative) (Details) $ in Millions	3 Months Ended					12 Months Ended
Restructuring Charges (Narrative) (Details) $ in Millions	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Sep. 30, 2010 USD ($)	Jun. 30, 2010 USD ($)	Mar. 31, 2010 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Dec. 31, 2008 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 5	$ 2	$ 6	$ 2	$ 1	$ 5	$ 11	$ 20
Remaining liability relating to restructuring actions	$ 2	$ 6				$ 2	$ 6	$ 5	$ 16
Pre 2008 Restructuring Activities [Member]
Restructuring Cost and Reserve [Line Items]
Remaining liability relating to restructuring actions									$ 2
Project Grace Worldwide [Member]
Restructuring Cost and Reserve [Line Items]
Termination of employment to number of employees						50
Worldwide Restructuring Initiative [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges						$ 3
Five-Point Cost-Reduction And Efficiency Improvement Plan [Member]
Restructuring Cost and Reserve [Line Items]
Termination of employment to number of employees						850	1,350	1,750
Restructuring charges						$ 2	$ 11	$ 20
Expected additional restructuring costs						$ 2

Restructuring Charges (Summary Of Changes To Restructuring-Related Liabilities) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Restructuring Cost and Reserve [Line Items]
Balance, beginning	$ 6	$ 5	$ 16
Restructuring charges	5	11	20
Acquired or assumed restructuring obligation	1
Cash payment/utilization	(10)	(10)	(31)
Balance, ending	2	6	5
Personnel Related [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning		1	10
Restructuring charges	5	4	11
Cash payment/utilization	(4)	(5)	(20)
Balance, ending	1		1
Facility Related [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning	6	4	5
Restructuring charges		7	6
Acquired or assumed restructuring obligation	1
Cash payment/utilization	(6)	(5)	(7)
Balance, ending	1	6	4
Asset Impairments [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning			1
Restructuring charges			3
Cash payment/utilization			(4)
North America [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning	6	3	12
Restructuring charges	2	11	16
Cash payment/utilization	(7)	(8)	(25)
Balance, ending	1	6	3
International [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning		1	2
Restructuring charges	3		2
Acquired or assumed restructuring obligation	1
Cash payment/utilization	(3)	(1)	(3)
Balance, ending	$ 1		1
Truck Rental [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning		1	2
Restructuring charges			2
Cash payment/utilization		$ (1)	(3)
Balance, ending			$ 1

Licensing Activities (Details) - USD ($) $ in Millions	12 Months Ended
Licensing Activities (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Licensing Activities [Abstract]
Revenues from licensing	$ 70	$ 46	$ 43

Acquisition (Narrative) (Details) $ in Millions	3 Months Ended	12 Months Ended
Acquisition (Narrative) (Details) $ in Millions	Dec. 31, 2011 USD ($)	Dec. 31, 2011 USD ($) years	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Business Acquisition [Line Items]
Net revenues		$ 5,900		$ 5,185	$ 5,131
Net loss		(29)		54	$ (47)
Transaction-related costs		$ 255		$ 14
Avis Europe [Member]
Business Acquisition [Line Items]
Date of acquisition		October 3, 2011
Acquisition purchase price	$ 976	$ 976	$ 976
Repaid acquired indebtedness		649
Loss on unfavorable master license agreement		117
Net revenues	359
Net loss	223
Transaction-related costs		213	213
Licensee And Sub-Licensee Agreements [Member] \| Avis Europe [Member]
Business Acquisition [Line Items]
Acquisition, other intangibles	185	$ 185	185
Other intangibles, useful life, in years \| years		20
Customer Relationships [Member] \| Avis Europe [Member]
Business Acquisition [Line Items]
Acquisition, other intangibles	$ 62	$ 62	$ 62
Other intangibles, useful life, in years \| years		12

Acquisition (Summary Of Purchase Price Allocation) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($)
Business Acquisition [Line Items]
Non-cash charge related to the reacquired unfavorable license rights	$ 117
Avis Europe [Member]
Business Acquisition [Line Items]
Cash	136
Receivables	246
Other current assets	210
Property and equipment	86
Deferred income taxes	27
Other intangibles	247
Other non-current assets	34
Vehicles	1,710
Receivables from vehicle manufacturers and other	282
Total identifiable assets acquired	2,978
Accounts payable and other current liabilities	(550)
Debt	(763)
Other non-current liabilities	(312)
Liabilities under vehicles program-debt	(779)
Total liabilities assumed	(2,404)
Net assets acquired	574
Goodwill	285
Non-cash charge related to the reacquired unfavorable license rights	117
Total	$ 976

Acquisition (Pro Forma Summary Of Acquisition For Avis Europe) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Acquisition [Abstract]
Net revenues	$ 7,259	$ 6,768
Net income	$ 234	$ (133)
Earnings per share-Diluted	$ 1.82	$ (1.29)

The pro forma diluted net income per share for a period as if the business combination or combinations had been completed at the beginning of a period.

Intangible Assets (Narrative) (Details) $ in Millions	12 Months Ended
Intangible Assets (Narrative) (Details) $ in Millions	Dec. 31, 2011 USD ($)
Intangible Assets [Abstract]
Intangible assets amortization expense, year one	$ 17
Intangible assets amortization expense, year two	17
Intangible assets amortization expense, year three	17
Intangible assets amortization expense, year four	17
Intangible assets amortization expense, year five	$ 17

Intangible Assets (Schedule Of Intangible Assets) (Details)
$ in Millions

12 Months Ended

Dec. 31, 2011

USD ($)

years

Dec. 31, 2010

USD ($)

Amortized Intangible Assets, Accumulated Amortization

$ 334

$ 94

292

Goodwill [Member]

Unamortized Intangible Assets, Gross Carrying Amount

^[1]

353

Trademarks [Member]

Unamortized Intangible Assets, Gross Carrying Amount

^[2]

421

422

License Agreements [Member]

Amortized Intangible Assets, Accumulated Amortization

^[1],[3]

252

^[1],[3]

Amortized period, Minimum (Years) | years

^[1],[3]

$ 223

Amortized period, Maximum (Years) | years

Customer Relationships [Member]

Amortized Intangible Assets, Accumulated Amortization

^[1],[4]

$ 80

^[1],[4]

Amortized period, Minimum (Years) | years

^[1],[4]

$ 68

Amortized period, Maximum (Years) | years

Other Intangible Assets [Member]

Amortized Intangible Assets, Accumulated Amortization

^[5]

$ 2

^[5]

Amortized period (Years) | years

^[5]

$ 1

[1]	The increase in 2011 primarily relates to the Avis Europe Acquisition.
[2]	The decrease relates to fluctuations in foreign currency.
[3]	Primarily amortized over a period ranging from 20 to 40 years.
[4]	Primarily amortized over a period ranging from 8 to 20 years.
[5]	Primarily amortized over 27 years.

Intangible Assets (Schedule Of Intangible Assets Amortization Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 7	$ 3	$ 3
License Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense	4	2	2
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 3	$ 1	$ 1

Intangible Assets (Schedule Of Goodwill) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Goodwill [Line Items]
Gross goodwill			$ 2,194
Accumulated impairment losses			(2,118)
Goodwill	$ 353	$ 76	76
Adjustments
Acquisition	285
Foreign currency translation adjustments	(8)
North America [Member]
Goodwill [Line Items]
Gross goodwill			1,359
Accumulated impairment losses			(1,355)
Goodwill	4	4	4
Adjustments
International [Member]
Goodwill [Line Items]
Gross goodwill			592
Accumulated impairment losses			(535)
Goodwill	334	57	57
Adjustments
Acquisition	285
Foreign currency translation adjustments	(8)
Truck Rental [Member]
Goodwill [Line Items]
Gross goodwill			243
Accumulated impairment losses			(228)
Goodwill	$ 15	15	$ 15
Adjustments

Vehicle Rental Activities (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Vehicle Rental Activities [Abstract]
Amount of vehicle interest excluded as related to borrowings from subsidiary	$ 228	$ 178	$ 157

Vehicle Rental Activities (Components Of The Company's Vehicles) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Vehicle Rental Activities [Abstract]
Rental vehicles	$ 9,077	$ 7,007
Less: Accumulated depreciation	(1,258)	(1,135)
Rental vehicles, Net	7,819	5,872
Vehicles held for sale	537	550
Vehicles, net	$ 8,356	$ 6,422

Vehicle Rental Activities (Components Of Vehicle Depreciation And Lease Charges) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Vehicle Rental Activities [Abstract]
Depreciation expense	$ 1,395	$ 1,277	$ 1,391
Lease charges	62	34	64
(Gain) loss on sale of vehicles, net and cost of vehicle disposition	(234)	(24)	(30)
Vehicle depreciation and lease charges, net	$ 1,223	$ 1,287	$ 1,425

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Income Taxes [Line items]
Federal net operating loss carryforwards net of valuation allowances			$ 11
Tax loss carryforwards			11
Unrecognized tax benefits	$ 186	$ 40	$ 603	$ 601
Non-Avis Budget Car Rental Tax Contingencies [Member]
Income Taxes [Line items]
Unrecognized tax benefits	16
Internal Revenue Service (IRS) [Member]
Income Taxes [Line items]
Payments to the IRS and state tax authorities		144
Reimbursement by subsidiaries		89
Reduced income taxes payable and related receivables from Realogy and Wyndham		295
Reallocation of deferred taxes		$ (16)
Vehicle Programs [Member]
Income Taxes [Line items]
Federal net operating loss carryforwards net of valuation allowances	500
Accumulated and undistributed earnings of foreign subsidiaries	590
Unrecognized tax benefits, decreases from non-current deferred income tax assets	230
Unrecognized tax benefits, decreases from deferred income tax liabilities	330
Unrecognized tax benefits, increases from income tax payable	65
Unrecognized tax benefits, increases from additional paid-in capital	30
Deferred income tax liabilities	128
Tax loss carryforwards	$ 500
Vehicle Programs [Member] \| Maximum [Member]
Income Taxes [Line items]
Operating loss carryforwards expiration period	2031

Income Taxes (Provision For (Benefit From) Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Taxes [Abstract]
State	$ (3)	$ 2	$ 3
Foreign	36	36	27
Current income tax provision	33	38	30
Federal	36	(7)	(40)
State	10	8	(5)
Foreign	(14)	(21)	(15)
Deferred income tax benefit	32	(20)	(60)
Provision for (benefit from) income taxes	$ 65	$ 18	$ (30)

The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable Income or Loss from continuing operations.

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The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted state and local tax law to relevant amounts of taxable Income or Loss from continuing operations.

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The component of total income tax expense for the period comprised of the increase (decrease) during the period in the entity's domestic deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the federally enacted tax law.

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The component of total income tax expense for the period comprised of the increase (decrease) in the entity's net foreign deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of applicable enacted tax laws of countries other than the country of domicile.

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The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations.

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The component of total income tax expense for the period comprised of the increase (decrease) in the entity's state and local deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the applicable enacted tax laws.

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-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 45
-Subparagraph b
-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 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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Deferred Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6510177

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 8, 16, 17, 289
-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.

Unrecognized tax benefit in non-current income taxes payable

Income Taxes (Pretax Income (Loss) For Domestic And Foreign Operations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Taxes [Abstract]
United States	$ 74	$ (17)	$ (146)
Foreign	(38)	89	69
Income (loss) before income taxes	36	72	$ (77)
Transaction-related costs	$ 255	$ 14

Income Taxes (Deferral Income Tax Assets And Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Deferred Income Tax Assets And Liabilities [Line Items]
Accrued liabilities and deferred income	$ 175	$ 179
Provision for doubtful accounts	9	5
Acquisition and integration-related liabilities	8	9
Unrealized hedge loss		1
Convertible note hedge	7	8
Valuation allowance	(45)	(35)
Current deferred income tax assets	154	167
Accrued liabilities and deferred income	8
Prepaid expenses	26	37
Current deferred income tax liabilities	34	37
Current net deferred income tax assets	120	130
Net tax loss carryforwards	358	373
Accrued liabilities and deferred income	155	131
Depreciation and amortization	74	99
Tax credits	62	75
Convertible note hedge	13	21
Acquisition and integration-related liabilities	18	21
Unrealized hedge loss		1
Other	39	23
Valuation allowance	(228)	(157)
Non-current deferred income tax assets	491	587
Depreciation and amortization	43
Other	4
Non-current deferred income tax liabilities	47
Non-current net deferred income tax assets	444	587
Valuation allowance	273
Deferred tax assets, operating loss carryforward with valuation against it	195
Foreign tax credits	53
State deferred tax assets	25
Vehicle Programs [Member]
Deferred Income Tax Assets And Liabilities [Line Items]
Depreciation and amortization	35
Unrealized hedge loss	8	29
Deferred income tax assets	43	29
Depreciation	1,025	1,362
Deferred income tax liabilities	1,025	1,362
Net deferred income tax liabilities under vehicle programs	$ 982	$ 1,333

Income Taxes (Reconciliation Of U.S Federal Income Tax Statutory Rate And Effective Income Tax Rate) (Details)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Taxes [Abstract]
U.S. federal statutory rate	35.00%	35.00%	35.00%
State and local income taxes, net of federal tax benefits	4.20%	(7.00%)	9.80%
Changes in valuation allowances	(1.30%)	15.10%	(10.10%)
Taxes on foreign operations at rates different than statutory U.S. federal rates	(13.20%)	(22.00%)	16.50%
Resolution of prior years' examination issues			2.60%
Non-deductible transaction-related costs	146.50%
Other non-deductible expenses	10.10%	5.40%	(13.20%)
Other	(0.70%)	(1.50%)	(1.60%)
Effective Income Tax Rate, Continuing Operations, Total	180.60%	25.00%	39.00%

Income Taxes (Changes In Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Taxes [Abstract]
Beginning balance	$ 40	$ 603	$ 601
Additions based on tax positions related to the current year			1
Additions for tax positions for prior years	143	9	6
Additions associated with the Avis Europe Acquisition	34
Reductions for tax positions for prior years	(3)	(443)	(4)
Settlements		(129)	(1)
Statute of limitations	(28)
Ending balance	$ 186	$ 40	$ 603

Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($)
$ in Millions

Dec. 31, 2011

Dec. 31, 2010

Income Taxes [Abstract]

^[1]

$ 169

$ 37

Accrued interest payable on potential tax liabilities

^[2]

$ 21

$ 20

[1]

[2]

Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Other Current Assets [Abstract]
Prepaid expenses	$ 179	$ 140
Sales and use tax	92	28
Other	109	114
Total	$ 380	$ 282

Property And Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Property And Equipment, Net [Abstract]
Depreciation and amortization expense	$ 88	$ 87	$ 93
Amortization expense relating to capitalized computer software	$ 26	$ 28	$ 26

Property And Equipment, Net (Schedule Of Property And Equipment, Net) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Property And Equipment, Net [Abstract]
Land	$ 58	$ 48
Buildings and leasehold improvements	492	412
Capitalized software	400	346
Furniture, fixtures and equipment	259	182
Buses and support vehicles	54	53
Projects in process	37	30
Property and Equipment, gross	1,300	1,071
Less: Accumulated depreciation and amortization	(807)	(646)
Property, Plant and Equipment, Net, Total	$ 493	$ 425	$ 442

Other Non-Current Assets (Schedule Of Other Noncurrent Assets) (Details) - USD ($)
$ in Millions

Dec. 31, 2011

Dec. 31, 2010

Accounts, Notes, Loans and Financing Receivable [Line Items]

Deferred financing costs

$ 138

$ 107

Investments

^[1]

Accounts, Notes, Loans and Financing Receivable [Line Items]

304

255

Realogy [Member]

Receivables

^[2]

Wyndham [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Receivables

^[2]

$ 41

$ 48

Anji Car Rental And Leasing Company Limited [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Equity method investment, ownership percentage

50.00%

Mercury Car Rentals Limited [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Equity method investment, ownership percentage

33.00%

[1]

Includes the Company's (i) 50% ownership of Anji Car Rental and Leasing Company Limited, a joint venture that has a license agreement for the Avis brand in China, and (ii) 33% ownership of Mercury Car Rentals Limited, a joint venture that has a license agreement for the Avis brand in India.

[2]

Accounts Payable And Other Current Liabilities (Schedule Of Accounts Payable And Other Current Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Accounts Payable And Other Current Liabilities [Abstract]
Accounts payable	$ 312	$ 209
Accrued payroll and related	200	155
Accrued sales and use taxes	173	81
Public liability and property damage insurance liabilities - current	128	93
Income taxes payable - current	109	41
Advertising and marketing	77	53
Other	434	293
Accounts payable and other current liabilities	$ 1,433	$ 925

Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.

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).

Aggregate carrying amount, as of the balance sheet date, of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed in the balance sheet. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

Other Non-Current Liabilities [Abstract]

Other Non-Current Liabilities (Schedule Of Other Non-Current Liabilities) (Details) - USD ($)
$ in Millions

Dec. 31, 2011

Dec. 31, 2010

Public liability and property damage insurance liabilities-non-current

$ 281

$ 212

Pension liability

191

Income taxes payable-non-current

^[1]

169

Acquisition-related liabilities

268

168

$ 960

$ 535

[1]

This represents the noncurrent liability recognized in the balance sheet that is associated with the defined benefit pension plans.

Long-Term Debt And Borrowing Arrangements (Narrative) (Details) - USD ($)	1 Months Ended					2 Months Ended	12 Months Ended
	Oct. 31, 2011	Nov. 30, 2010	Oct. 31, 2010	Mar. 31, 2010	Apr. 30, 2006	Nov. 30, 2010	Dec. 31, 2011	Dec. 31, 2010
Debt Instrument [Line Items]
Maturity date							Mar. 01, 2012
Spread over LIBOR							3.00%
Consideration for providing guarantee							$ 14,000,000
Additional uncommitted facilities available							25,000,000
Deferred consideration remaining unamortized amount							$ 5,000,000
Line of credit bearing interest							4.14%
3 1/2% Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Issuance price as percentage of face value							100.00%
Proceeds from issue of senior notes							$ 345,000,000
Convertible senior note principal amount							$ 1,000
Initial conversion rate							$ 16.25
Converted number of common stock shares							61.5385
Repurchase price as percentage of principal amount							100.00%
Maturity date							Oct. 01, 2014
Additional shares issued to settle convertible notes							6,400,000
Designated shares issued to settle convertible notes							27,600,000
Increase in conversion price per share							$ 22.50
Floating Rate Senior Notes [Member]
Debt Instrument [Line Items]
Floating rate of interest							3.08%
Floating Rate Senior Notes [Member]
Debt Instrument [Line Items]
Issuance price as percentage of face value					100.00%
Proceeds from issue of senior notes							$ 250,000,000
Basis spread over LIBOR							250
Periodic payment of interest							February 15, May 15, August 15 and November 15 of each year.
7 5/8% And 7 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Issuance price as percentage of face value					100.00%
Proceeds from issue of senior notes					$ 750,000,000
Periodic payment of interest							semi-annually on May 15 and November 15 of each year
7 5/8% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, amount redeemed								$ 175,000,000
Redemption percentage								103.813%
9 5/8% Senior Notes [Member]
Debt Instrument [Line Items]
Issuance price as percentage of face value				98.60%
Proceeds from issue of senior notes				$ 444,000,000
8 1/4% Senior Notes [Member]
Debt Instrument [Line Items]
Issuance price as percentage of face value		101.00%	100.00%
Proceeds from issue of senior notes		$ 200,000,000	$ 400,000,000			$ 602,000,000
9 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Issuance price as percentage of face value	100.00%
Proceeds from issue of senior notes	$ 250,000,000
Periodic payment of interest							semi-annually on March 15 and September 15 of each year
Floating Rate Term Loan Due April 2014 [Member]
Debt Instrument [Line Items]
Repayment of term loan			$ 52,000,000	$ 451,000,000
Floating rate of interest								1.50%
Percentage of basis spread over LIBOR							4.25%
Quarterly installment payments							$ 1,000,000
Principal amount repaid							$ 4,000,000
Aggregate rate of LIBOR rate							5.75%
Floating Rate Term Loan Due May 2016 [Member]
Debt Instrument [Line Items]
Floating rate of interest							3.58%
Spread over LIBOR							3.00%
Term loan facility provided	20,000,000
Floating Rate Term Loan Due September 2018 [Member]
Debt Instrument [Line Items]
Term loan facility provided	$ 420,000,000
Minimum interest at LIBOR rate							1.25%
Margin in addition to LIBOR rate							5.00%
Aggregate rate of LIBOR rate							6.25%
Interest rate agreed to pay to lenders							2.00%
Maximum [Member]
Debt Instrument [Line Items]
Additional uncommitted facilities available interest rate							3.58%
Line of credit bearing interest							7.25%
Minimum [Member]
Debt Instrument [Line Items]
Additional uncommitted facilities available interest rate							0.50%
Line of credit bearing interest							5.14%

Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Long-term debt

$ 3,166

$ 2,487

Less: Short-term debt and current portion of long-term debt

3,205

2,502

Long-term debt

$ 3,168

2,494

Percentage of capital stock of foreign direct subsidiary secured by pledges

66.00%

Floating Rate Term Loan Due April 2014 [Member]

3.50%

^[1]

$ 267

271

Floating Rate Senior Notes [Member]

^[1]

April 2014

$ 250

250

7 5/8% Senior Notes [Member]

May 2014

$ 200

200

May 2014

3 1/2% Convertible Senior Notes [Member]

7.625%

$ 345

345

October 2014

7 3/4% Senior Notes [Member]

3.50%

$ 375

375

May 2016

Floating Rate Term Loan Due May 2016 [Member]

7.75%

^[1]

$ 20

9 5/8% Senior Notes [Member]

^[1]

May 2016

$ 445

444

March 2018

Floating Rate Term Loan Due September 2018 [Member]

9.625%

^[1]

$ 412

8 1/4% Senior Notes [Member]

^[1]

September 2018

$ 602

January 2019

9 3/4% Senior Notes [Member]

8.25%

$ 250

March 2020

Line of Credit Facility [Line Items]

9.75%

[1]

Long-Term Debt And Borrowing Arrangements (Contractual Maturities Of Company's Corporate Debt) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Long-Term Debt And Borrowing Arrangements [Abstract]
2012	$ 37
2013	10
2014	1,064
2015	8
2016	393
Thereafter	1,693
Total	$ 3,205	$ 2,502

Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Details)
$ in Millions

12 Months Ended

Dec. 31, 2011

USD ($)

Percentage of capital stock of foreign direct subsidiary secured by pledges

66.00%

Revolving Credit Facility Maturing 2016 [Member]

Line of Credit Facility [Line Items]

$ 1,400

^[1],[2]

Letters of Credit Issued

643

^[1],[2]

Percentage of capital stock of foreign direct subsidiary secured by pledges

$ 757

^[1],[2]

Basis spread over LIBOR

300

66.00%

Other Facilities [Member]

Line of Credit Facility [Line Items]

$ 11

^[3]

^[3]

Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]

$ 9

^[3]

[1]	The senior credit facility, which encompass the floating rate term loans and the revolving credit facility, is secured by pledges of all of the capital stock of all of the Company's 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.
[2]	This revolving credit facility matures in April 2016 and bears interest of one month LIBOR plus 300 basis points.
[3]	These facilities encompass bank overdraft lines of credit, bearing interest of 5.14%-7.25% as of December 31, 2011

Debt Under Vehicle Programs And Borrowing Arrangements (Narrative) (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Dec. 31, 2011 EUR (€)	Dec. 31, 2011 USD ($)
Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]
Leasing vehicles and related assets, pledged as collateralized debt					$ 6,300
Interest paid	$ 465	$ 483	$ 461
Maturity date	Mar. 01, 2012
Revolving credit facility agreement amount \| €				€ 350
Revolving credit facility maturity date	October 2013
Revolving credit facility interest rate description	one-month EURIBOR
Spread over EURIBOR				3.00%	3.00%
Revolving credit facility, aggregate interest rate	4.14%
Avis Budget Rental Car Funding Program [Member]
Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]
Maximum capacity of variable funding note program to finance vehicle purchases		$ 400
Interest rate on variable funding notes issued under the vehicle program				4.50%	4.50%
Interest income earned	$ 4
Weighted average interest rate		3.00%		4.00%	4.00%
Weighted average effective interest rate		6.00%		5.00%	5.00%
Budget Truck Financing [Member]
Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]
Weighted average interest rate		5.00%
Collateralized financings					$ 302
Other Debt Under Vehicle Program [Member]
Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]
Weighted average interest rate		4.00%		5.00%	5.00%
Collateral under vehicle programs					$ 1,700
Capital Leases [Member]
Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]
Interest paid		$ 1	$ 4
Maximum [Member]
Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]
Interest rate on capital leases				4.00%	4.00%
Revolving credit facility, aggregate interest rate	7.25%
Minimum [Member]
Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]
Interest rate on capital leases				3.00%	3.00%
Revolving credit facility, aggregate interest rate	5.14%

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Debt Under Vehicle Programs) (Details) - USD ($)
$ in Millions

Dec. 31, 2011

Dec. 31, 2010

Debt Due To Avis Budget Rental Car Funding [Member]

$ 5,564

$ 4,515

Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]

Budget Truck Financing [Member]

^[1]

4,574

3,987

Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]

Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]

^[2]

188

244

Capital Leases [Member]

Other Debt Under Vehicle Program [Member]

^[3]

348

Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]

Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]

^[4]

$ 454

$ 284

[1]	The increase reflects increased borrowing within U.S. operations due to an increase in the size of the Company's U.S. car rental fleet.
[2]	The decrease reflects principal payments on borrowings.
[3]	The increase reflects the inclusion of capital lease arrangements related to Avis Europe's vehicle rental fleet.
[4]	The increase reflects an increase in borrowings related to an increase in the size of our international fleet, primarily as a result of the Avis Europe Acquisition.

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Contractual Maturities) (Details) $ in Millions	Dec. 31, 2011 USD ($)
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
2012	$ 37
2013	10
2014	1,064
2015	8
2016	393
Thereafter	1,693
Total	5,564
Vehicle Programs [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
2012	2,184
2013	780
2014	865
2015	798
2016	883
Thereafter	54
Total	$ 5,564

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Available Funding Under The Vehicle Program) (Details)
$ in Millions

Dec. 31, 2011

USD ($)

$ 9,408

^[1]

5,564

Debt Due To Avis Budget Rental Car Funding [Member]

3,844

Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]

7,199

^[1]

4,574

Budget Truck Financing [Member]

2,625

Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]

188

^[1]

Other Debt Under Vehicle Program [Member]

188

Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]

1,479

^[1]

454

Debt Under Vehicle Programs And Borrowing Arrangements[Line Items]

1,025

Capital Leases [Member]

542

^[1]

348

$ 194

[1]	Capacity is subject to maintaining sufficient assets to collateralize debt.

Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Jun. 30, 2010	Oct. 31, 2009	Dec. 31, 2011	Dec. 31, 2010
Commitments And Contingencies [Line Items]
Future sublease rental inflows			$ 6
Operating leases, residual value of leased assets			$ 43
Period vehicle leases to be extended through			2015
Percentage of payment on defaulting party's obligation on assumed liabilities			50.00%
Claims paid on breach of contract	$ 3	$ 16
Lawsuit, filed year		2003
Purchase obligation over the next twelve months			$ 5,200
Aggregate purchase obligations			152
Liabilities accrued for asset retirement obligations			$ 28	$ 18
Realogy [Member]
Commitments And Contingencies [Line Items]
Percentage of assumption of contingent and other corporate liabilities			62.50%
Percentage of proceeds from contingent corporate assets, entitled to receive			62.50%
Receivables due from former subsidiaries			$ 71
Wyndham [Member]
Commitments And Contingencies [Line Items]
Percentage of assumption of contingent and other corporate liabilities			37.50%
Percentage of proceeds from contingent corporate assets, entitled to receive			37.50%
Receivables due from former subsidiaries			$ 44
Real Estate Leases [Member] \| Realogy, Wyndham And Travelport [Member]
Commitments And Contingencies [Line Items]
Maximum potential amount of future payments under guarantees			115
Liability recorded in connection with guarantees			3
Real Estate Leases [Member] \| PHH Corporation [Member]
Commitments And Contingencies [Line Items]
Maximum potential amount of future payments under guarantees			23
Real Estate Leases [Member] \| Marketing Services Division [Member]
Commitments And Contingencies [Line Items]
Maximum potential amount of future payments under guarantees			19
Residual liability of guarantee obligations			$ 4

Commitments And Contingencies (Future Minimum Lease Payments) (Details) $ in Millions	Dec. 31, 2011 USD ($)
Commitments And Contingencies [Abstract]
2012	$ 516
2013	377
2014	272
2015	205
2016	157
Thereafter	784
Total	$ 2,311

Commitments And Contingencies (Schedule Of Rent Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Commitments And Contingencies [Abstract]
Rent and minimum concession fees	$ 535	$ 473	$ 493
Contingent concession expense	104	114	94
Rent and contingent concession expense	639	587	587
Less: sublease rental income	(5)	(5)	(5)
Total	$ 634	$ 582	$ 582

The increases or decreases in lease payments that result from changes occurring after the inception of the lease in the factors (other than the passage of time) on which lease payments are based, except that any escalation of minimum lease payments relating to increases in construction or acquisition cost of the leased property or for increases in some measure of cost or value during the construction or preconstruction period, are excluded from contingent rentals. Contingent rentals also may include amounts for which the triggering events have not yet occurred or the specified targets for which have not yet been achieved (such as sales based percentage rent), but which events are considered probable of occurring or which specified targets are considered probable of being achieved.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 13
-Paragraph 16
-Subparagraph c
-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 Emerging Issues Task Force (EITF)
-Number 98-9
-Paragraph 17
-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
-Glossary Contingent Rentals
-URI http://asc.fasb.org/extlink&oid=6508509

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph (Note 3)
-URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 40
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6452616&loc=d3e36728-112689

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 25
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6931615&loc=d3e35050-112683

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 13
-Paragraph 106, 122
-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.

This element represents the payments that the lessee is obligated to make or can be required to make in connection with a property under the terms of an agreement classified as an operating lease, excluding contingent rentals and a guarantee by the lessee of the lessor's debt and the lessee's obligation to pay (apart from the rental payments) executory costs such as insurance, maintenance, and taxes.

Stockholders' Equity (Narrative) (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($)	Dec. 31, 2009 USD ($) $ / shares shares	Dec. 31, 2010 USD ($)	Dec. 31, 2008 USD ($)
Class of Stock [Line Items]
Convertible note hedge purchased, gross		$ 95
Convertible note hedge purchased, net of tax		59
Proceeds from issuance of warrants		$ 62
Common stock subject to anti-dilution provisions \| shares		21.2
Convertible note hedge strike price \| $ / shares		16.25
Warrant exercise price \| $ / shares		22.50
Warrant expiration period (in days)	80
Net unrealized gains (losses) on cash flow hedges	$ (13)	$ (106)	$ (46)	$ (149)
Vehicle-Backed Debt [Member]
Class of Stock [Line Items]
Net unrealized gains (losses) on cash flow hedges, before tax	53
Net unrealized gains (losses) on cash flow hedges	32
Company's Vehicle-Backed Debt And Floating Rate Debt [Member]
Class of Stock [Line Items]
Net unrealized gains (losses) on cash flow hedges, before tax	54
Net unrealized gains (losses) on cash flow hedges	$ 33

Stockholders' Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Stockholders' Equity [Abstract]
Currency Translation Adjustment, Beginning Balance	$ 182	$ 111	$ 7
Currency Translation Adjustments, Period change	(23)	71	104
Currency Translation Adjustment, Ending Balance	159	182	111	$ 7
Net Unrealized Gains (Losses) on Cash Flow Hedges, Beginning Balance	(46)	(106)	(149)
Net Unrealized Gains (Losses) on Cash Flow Hedges, Period change	33	60	43
Net Unrealized Gains (Losses) on Cash Flow Hedges, Ending Balance	(13)	(46)	(106)	(149)
Net Unrealized Gains (Losses) on Available- For-Sale Securities, Period change	2
Net Unrealized Gains (Losses) on Available- For-Sale Securities, Ending Balance	2
OtherComprehensiveIncomeMinimumPensionLiabilityNetAdjustmentNetOfTax	(70)	(44)	(42)	(52)
Minimum Pension Liability Adjustment, Period change	(26)	(2)	10
OtherComprehensiveIncomeMinimumPensionLiabilityNetAdjustmentNetOfTax	(70)	(44)	(42)	(52)
Accumulated Other Comprehensive Income (Loss), Beginning Balance	92	(37)	(194)
Accumulated Other Comprehensive Income (Loss), Period change	(14)	129	157
Accumulated Other Comprehensive Income (Loss), Ending Balance	$ 78	$ 92	$ (37)	$ (194)

Stock-Based Compensation (Narrative) (Details)	3 Months Ended	12 Months Ended
Stock-Based Compensation (Narrative) (Details)	Mar. 31, 2010 $ / shares shares	Dec. 31, 2011 USD ($) years $ / shares shares	Dec. 31, 2010 USD ($) $ / shares shares	Dec. 31, 2009 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted at fair market value, Number of Options			160,000	4,012,000
Dividend yield		0.00%	0.00%	0.00%
Granted at fair market value (in number of RSUs)		1,009,000	1,960,000
Number of units that cliff vest after three years		264,000
Number of units that vest 50% on each of the third and fourth anniversary of the date of grant		93,000
Number of units that vest ratably over a three-year period (in number of units)		621,000	789,000
Number of units that vest on the first anniversary of the date of the grant (in number of units)		31,000	200,000
Number of units that vest ratably over years two through five following the date of grant (in number of units)			600,000
Fair value of restricted stock units which contain five-year vesting periods (in dollars per unit) \| $ / shares			$ 9.57
Fair value of restricted stock units which contain Four-year vesting periods (in dollars per unit) \| $		$ 12.53
Fair value of restricted stock units which contain three-year vesting periods \| $ / shares		$ 11.38	8.88
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Ending Balance		3,432
Weighted Average Exercise Price, Balance at end of year \| $ / shares		$ 7.90	$ 7.22	$ 11.30
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted RSUs description		<font style="font-family: Times New Roman;" class="_mt" size="2">RSUs granted by the Company entitle the employee to receive one share of Avis Budget common stock upon vesting, which occurs ratably over a three- or four-year period for the majority of RSUs outstanding as of December 31, 2011.</font>
Share-based compensation vesting period, minimum		three
Share-based compensation vesting period, maximum		four
Number of restricted stock units target award vested range, minimum		0.00%
Number of restricted stock units target award vested range, maximum		100.00%
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Ending Balance		500,000
Weighted Average Exercise Price, Balance at end of year \| $ / shares		$ 24.40
Weighted average remaining contractual life (in years) \| years		1.6
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee's maximum fair value amount through ESPP \| $		$ 25,000
Share based compensation percentage in annual base salary		10.00%
Purchase price of common stock calculated at fair value of end of option period		95.00%
Common stock purchased under employee stock purchase plan		1,000,000
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted at fair market value, Number of Options	160,000
Estimated fair value of stock option \| $ / shares	$ 6.16
'In-the-money' stock options (in number of options)		2,400,000
Time-Based Vesting Schedule [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, fair value \| $				$ 0.64
Time-Based Vesting Schedule [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted at fair market value (in number of RSUs)		652,000	989,000
Performance-Based Vesting Schedule [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, fair value \| $				0.59
Market Vesting Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, fair value \| $				$ 0.45
Number of units that cliff vest after three years			371,000
Market Vesting Stock Options [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted at fair market value (in number of RSUs)		357,000	971,000
2007 Equity And Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vest ratably, in years \| years		5
Stock options granted expiration period, in years \| years		10
Stock based compensation plan, authorized grant		12,500,000
Stock based compensation plan, shares available for grant		3,000,000
Tax benefits from compensation expense \| $		$ 30,000,000
Employee service share based compensation incremental tax benefit to be realized from exercise of stock awards \| $		$ 10,000,000
Granted at fair market value, Number of Options				4,000,000
2007 Equity And Incentive Plan [Member] \| Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, expiration period, years				10
2007 Equity And Incentive Plan [Member] \| Deferred Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted at fair market value, Number of Options		54,000	51,000	119,000
2007 Equity And Incentive Plan [Member] \| Time-Based Vesting Schedule [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted at fair market value, Number of Options				2,700,000
2007 Equity And Incentive Plan [Member] \| Performance-Based Vesting Schedule [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted at fair market value, Number of Options				900,000
2007 Equity And Incentive Plan [Member] \| Market Vesting Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted at fair market value, Number of Options				400,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of consecutive days average closing stock price to vesting of market-based awards		20
Employee stock purchase plan, maximum reserved shares		2,500,000
Share-based compensation, shares purchased		125,000
Stock-based compensation expense \| $		$ 17,000,000	$ 15,000,000	$ 15,000,000
Stock-based compensation expense (net of tax) \| $		$ 11,000,000	$ 9,000,000	$ 9,000,000

Stock-Based Compensation (Summary Of Share-Based Payment Award Stock Options Valuation Assumptions) (Details) - years	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Stock-Based Compensation [Abstract]
Expected volatility of stock price	48.00%	54.00%	130.00%
Risk-free interest rate		2.82%
Risk-free interest rate - minimum	0.47%	1.47%	1.22%
Risk-free interest rate - maximum	1.21%	1.74%	1.46%
Expected life of options (in years)		6
Expected life of options - minimum			3
Expected life of options - maximum			4
Dividend yield	0.00%	0.00%	0.00%

Stock-Based Compensation (Stock Based Compensation Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($) years $ / shares shares	Dec. 31, 2010 USD ($) $ / shares shares	Dec. 31, 2009 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at beginning of year, Number of Options	5,026	7,196	5,003
Granted at fair market value, Number of Options		160	4,012
Vested/Exercised, Number of Options	1,231	982
Canceled/forfeited/expired, Number of Options	(363)	(1,348)	(1,819)
Balance at end of year, Number of Options	3,432	5,026	7,196
Weighted Average Exercise Price, Balance at beginning of year \| $ / shares	$ 7.22	$ 11.30	$ 24.90
Weighted Average Exercise Price, Granted at fair market value \| $ / shares		11.53	0.79
Exercised, Weighted Average Exercise Price \| $ / shares	0.98	8.45
Canceled/forfeited/expired, Weighted Average Exercise Price \| $ / shares	21.97	28.63	25.51
Weighted Average Exercise Price, Balance at end of year \| $ / shares	$ 7.90	$ 7.22	$ 11.30
Aggregate unrecognized compensation expense related to awards \| $	$ 50	$ 56
Weighted average life \| years	3.1
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercised during the period, intrinsic value \| $	$ 18	$ 5
Options outstanding, intrinsic value \| $	$ 24
Stock options exercisable	3,300

Stock-Based Compensation (Summary Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range) (Details)	12 Months Ended
	Dec. 31, 2011 $ / shares shares
Stock Option Exercise Price Range [Line Items]
Outstanding Options, Number of Options \| shares	3,432
Outstanding Options, Weighted Average Remaining Contractual Life	5.32
Outstanding Options, Weighted Average Exercise Price	$ 7.90
Less Than $5.00 [Member]
Stock Option Exercise Price Range [Line Items]
Range of Exercise Prices, Upper Limit	$ 5.00
Outstanding Options, Number of Options \| shares	2,376
Outstanding Options, Weighted Average Remaining Contractual Life	7.04
Outstanding Options, Weighted Average Exercise Price	$ 0.79
$5.01 To $10.00 [Member]
Stock Option Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	5.01
Range of Exercise Prices, Upper Limit	$ 10.00
Outstanding Options, Number of Options \| shares
Outstanding Options, Weighted Average Remaining Contractual Life
Outstanding Options, Weighted Average Exercise Price
$10.01 To $15.00 [Member]
Stock Option Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	10.01
Range of Exercise Prices, Upper Limit	$ 15.00
Outstanding Options, Number of Options \| shares	160
Outstanding Options, Weighted Average Remaining Contractual Life	8.07
Outstanding Options, Weighted Average Exercise Price	$ 11.53
$15.01 To $20.00 [Member]
Stock Option Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	15.01
Range of Exercise Prices, Upper Limit	$ 20.00
Outstanding Options, Number of Options \| shares	127
Outstanding Options, Weighted Average Remaining Contractual Life	1.14
Outstanding Options, Weighted Average Exercise Price	$ 18.66
$20.01 To $25.00 [Member]
Stock Option Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	20.01
Range of Exercise Prices, Upper Limit	$ 25.00
Outstanding Options, Number of Options \| shares
Outstanding Options, Weighted Average Remaining Contractual Life
Outstanding Options, Weighted Average Exercise Price
$25.01 To $30.00 [Member]
Stock Option Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	25.01
Range of Exercise Prices, Upper Limit	$ 30.00
Outstanding Options, Number of Options \| shares	759
Outstanding Options, Weighted Average Remaining Contractual Life	0.11
Outstanding Options, Weighted Average Exercise Price	$ 27.26
$30.01 And Above [Member]
Stock Option Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	$ 30.01
Outstanding Options, Number of Options \| shares	10
Outstanding Options, Weighted Average Remaining Contractual Life	2.73
Outstanding Options, Weighted Average Exercise Price	$ 31.98

Stock-Based Compensation (Summary Of Share Based Payment Other Than Options Valuation Assumptions) (Details)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Stock-Based Compensation [Abstract]
Expected volatility of stock price	48.00%	54.00%	130.00%
Risk-free interest rate (in hundredths)		2.82%
Risk-free interest rate - minimum	0.47%	1.47%	1.22%
Risk-free interest rate - maximum	1.21%	1.74%	1.46%
Valuation period, minimum	<font style="font-family: Times New Roman;" class="_mt" size="2">3</font>	<font style="font-family: Times New Roman;" class="_mt" size="2">3</font>
Valuation period, maximum	4	5
Dividend yield	0.00%	0.00%	0.00%

Stock-Based Compensation (Annual Activity Of Stock Option Plans) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($) years $ / shares shares	Dec. 31, 2010 USD ($) $ / shares shares	Dec. 31, 2009 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance (in number of RSUs)	3,059,000	1,855,000	2,673,000
Granted at fair market value (in number of RSUs)	1,009,000	1,960,000
Vested/Exercised (in number of RSUs)	(729,000)	(585,000)	(620,000)
Canceled (in number of RSUs)	(341,000)	(171,000)	(198,000)
Ending balance (in number of RSUs)	2,998,000	3,059,000	1,855,000
Weighted Average Grant Price, Balance at beginning of year \| $ / shares	$ 13.64	$ 19.32	$ 20.18
Weighted Average Grant Price, Granted at fair market value \| $ / shares	14.45	11.55
Weighted Average Grant Price, Vested \| $ / shares	14.41	21.89	21.93
Weighted Average Grant Price, Canceled \| $ / shares	22.32	23.10	22.84
Weighted Average Grant Price, Balance at end of year \| $ / shares	$ 12.74	$ 13.64	$ 19.32
Time based restricted stock units outstanding	1,281,000	1,393,000	1,016,000
Number of performance-based and market-based stock units outstanding	1,717,000	1,666,000	839,000
Aggregate unrecognized compensation expense related to awards \| $	$ 50	$ 56
Weighted average life \| years	3.1
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Time based restricted stock units outstanding	652,000	989,000	0
Number of performance based stock vested	0	0	7,000
Aggregate unrecognized compensation expense related to awards \| $	$ 17
Weighted average life \| years	1.7
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, stock options eligible to vest	32,000
Aggregate unrecognized compensation expense related to awards \| $	$ 1
Time-Based Vesting Schedule [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, stock options eligible to vest	637,000
Time-Based Vesting Schedule [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted at fair market value (in number of RSUs)	652,000	989,000
Performance-Based Vesting Schedule [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, stock options eligible to vest	614,000
Performance-Based Vesting Schedule [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, intrinsic value \| $	$ 32
Market Vesting Stock Options [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted at fair market value (in number of RSUs)	357,000	971,000

Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Defined Benefit Plan Disclosure [Line Items]
Contributions	$ 15	$ 9	$ 6
Amortized from accumulated other comprehensive income into net periodic benefit cost	15
Net actuarial loss of accumulated other comprehensive income into net periodic benefit cost	14
Prior service cost of accumulated other comprehensive income into net periodic benefit cost	$ 1
Percentage of investment for long-term growth	65.00%
Percentage of near-term benefit payments	35.00%
Percentage of equity component, minimum	45.00%
Percentage of equity component, maximum	65.00%
Percentage of fixed income component, minimum	30.00%
Percentage of fixed income component, maximum	40.00%
Percentage of alternative asset component, minimum	5.00%
Percentage of alternative asset component, maximum	15.00%
Estimated future benefit payments, 2012	$ 21
Estimated future benefit payments, 2013	21
Estimated future benefit payments, 2014	22
Estimated future benefit payments, 2015	23
Estimated future benefit payments, 2016	24
Estimated future benefit payments, 2017 to 2021	133
Contribution to multiemployer plans	$ 6	$ 8	$ 8
U.S. Pension Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Long-term rate of return on plan assets	8.00%	8.25%	8.25%
Projected benefit obligation in excess of the fair value of plan assets contributions	$ 14
Non-U.S. Pension Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Long-term rate of return on plan assets	5.25%	6.75%	6.75%
Projected benefit obligation in excess of the fair value of plan assets contributions	$ 10

Employee Benefit Plans (Summary Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Employee Benefit Plans [Abstract]
Service cost	$ 3	$ 2	$ 2
Interest cost	17	12	12
Expected return on plan assets	(17)	(11)	(11)
Amortization of unrecognized amounts	8	6	9
Net periodic benefit cost	$ 11	$ 9	$ 12

An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets.

The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.

The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-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 87
-Paragraph 264
-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 132R
-Paragraph 5
-Subparagraph a, h
-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 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Service Cost (Component of Net Periodic Pension Cost)
-URI http://asc.fasb.org/extlink&oid=6525008

Employee Benefit Plans (Summary Of Funded Status Of The Pension Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Employee Benefit Plans [Abstract]
Benefit obligation at end of prior year	$ 236	$ 214
Service cost	3	2	$ 2
Interest cost	17	12	12
Plan amendments		1
Actuarial loss	52	17
Net benefits paid	(14)	(10)
Assumed benefit obligation of acquired entities	306
Benefit obligation at end of current year	600	236	214
Fair value of assets at end of prior year	173	156
Actual return on plan assets	22	20
Employer contributions	24	7
Acquired fair value of plan assets of acquired entities	207
Fair value of assets at end of current year	412	173	$ 156
Total unfunded status at end of year (recognized in other non-current liabilities in the Consolidated Balance Sheets)	$ (188)	$ (63)

Employee Benefit Plans (Summary Of Assumptions Used To Determine Pension Obligations And Pension Costs) (Details)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
U.S. Pension Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost	5.25%	5.75%	6.25%
Benefit obligation	4.00%	5.25%	5.75%
Long-term rate of return on plan assets	8.00%	8.25%	8.25%
Non-U.S. Pension Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost	5.00%	6.75%	6.75%
Benefit obligation	4.75%	6.50%	6.50%
Long-term rate of return on plan assets	5.25%	6.75%	6.75%

Employee Benefit Plans (Summary Of Defined Benefit Pension Plans' Assets Fair Value) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Defined Benefit Plan Disclosure [Line Items]
Total assets	$ 412	$ 173	$ 156
Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets	8	1
Short Term Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets	5	5
U.S. Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets	84	74
Non-U.S. Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets	124	30
Real Estate Investment Trusts [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets	6	6
Non-U.S. Government Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets	64	3
U.S. Government Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets	18	13
Corporate Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets	90	40
Other Assets [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets	$ 13	$ 1

Financial Instruments (Narrative) (Details) $ in Millions	12 Months Ended
Financial Instruments (Narrative) (Details) $ in Millions	Dec. 31, 2011 USD ($) gal	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Cash posted as collateral for derivatives in a liability position	$ 6
Commodity contracts \| gal	10
Interest Rate Risk [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains on cash flow hedging instruments	$ 33	$ 36
Loss reclassified from accumulated other comprehensive income to earnings		24
Estimated deferred losses in accumulated other comprehensive income will be recognized in earnings	23
Unrealized gain (loss) on cash flow hedging instruments	32	39	$ 47
Freestanding Derivative [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Losses from freestanding derivative	2	4	6
Commodity Risk [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Losses from freestanding derivative	1
Unrealized gain (loss) on cash flow hedging instruments		1	3
Interest Rate Caps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Absolute notional values of derivative instruments	8,100	5,000
Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Absolute notional values of derivative instruments	130	139
Foreign Exchange Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Absolute notional values of derivative instruments	919	128
Floating Rate Corporate Debt [Member] \| Interest Rate Risk [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains on cash flow hedging instruments	$ 1
Unrealized losses on cash flow hedging instruments		$ (3)	$ (4)

Financial Instruments (Fair Values Of Derivative Instruments) (Details) - USD ($)
$ in Millions

Dec. 31, 2011

Dec. 31, 2010

Fair Value, Asset Derivatives

$ 28

$ 1

Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member]

Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member]

^[1],[2]

Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member]

^[1],[2]

Fair Value, Asset Derivatives

^[1],[3]

Not Designated As Hedging Instruments [Member] | Interest Rate Contracts [Member]

^[1],[3]

Fair Value, Asset Derivatives

^[1],[4]

Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member]

^[1],[4]

$ 7

Derivative Instruments, Gain (Loss) [Line Items]

^[1],[5]

$ 1

[1]	Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by the Company; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income, as discussed in Note 18—Stockholders' Equity.
[2]	Included in other non-current liabilities.
[3]	Included in other current assets and other current liabilities.
[4]	Included in assets under vehicle programs and liabilities under vehicle programs.
[5]	Included in other current liabilities.

Financial Instruments (Schedule Of Effect Of Derivatives Recognized) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Transaction Related Cost [Member]

$ 11

$ 45

$ 35

Derivative Instruments, Gain (Loss) [Line Items]

Derivative instruments, gain loss recognized in operations

Operating Expense [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Derivative instruments, gain loss recognized in operations

Vehicle Interest , Net [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Interest Expense [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Designated As Hedging Instruments [Member] | Cash Flow Hedging [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Unrealized gains on cash flow hedges, net of tax

^[1]

Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member]

^[2]

(19)

(5)

Derivative Instruments, Gain (Loss) [Line Items]

Not Designated As Hedging Instruments [Member] | Interest Rate Contracts [Member]

^[3]

Derivative Instruments, Gain (Loss) [Line Items]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

^[4]

$ (3)

$ (4)

$ (6)

[1]	Recognized, net of tax, as a component of other comprehensive income within stockholders' equity.
[2]	For the year ended December 31, 2011, included a $46 million loss in transaction-related costs and a $27 million gain in operating expenses. For the years ended December 31, 2010 and 2009, amounts were included in operating expenses.
[3]	Included in operating expenses.
[4]	For the year ended December 31, 2011, $2 million of expense is included in vehicle interest, net and $1 million of expense is included in interest expense. For the years ended December 31, 2010 and 2009, amounts are included in vehicle interest, net.

Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values) (Details) - USD ($)
$ in Millions

Dec. 31, 2011

Dec. 31, 2010

Short-term debt and current portion of long-term debt

$ 37

$ 8

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Short-term debt and current portion of long-term debt

Long-term debt, excluding convertible debt

2,823

2,149

Convertible debt

345

Vehicle-backed debt due to Avis Budget Rental Car Funding

4,574

3,987

Vehicle-backed debt

986

521

Interest rate swaps and interest rate contracts

^[1]

Estimate Of Fair Value, Fair Value Disclosure [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Short-term debt and current portion of long-term debt

Long-term debt, excluding convertible debt

2,842

2,211

Convertible debt

354

407

Vehicle-backed debt due to Avis Budget Rental Car Funding

4,643

4,045

Vehicle-backed debt

1,001

526

Interest rate swaps and interest rate contracts

^[1]

$ 4

$ 7

[1]	Derivatives in liability position.

Segment Information (Summary Of Operating Segments) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Jun. 30, 2010

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

$ 5,900

$ 5,185

$ 5,131

1,223

1,287

1,425

286

304

294

Segment assets exclusive of assets under vehicle programs

605

398

205

3,848

3,462

3,571

9,090

6,865

6,522

Adverse litigation judgment expense

Impairment

$ 1

North America [Member]

4,495

4,260

4,297

969

1,124

1,263

263

288

269

Segment assets exclusive of assets under vehicle programs

442

266

140

2,112

2,515

2,045

6,674

5,925

5,645

International [Member]

1,028

555

478

209

103

Segment assets exclusive of assets under vehicle programs

127

114

1,464

321

279

2,109

580

445

Truck Rental [Member]

376

367

354

Segment assets exclusive of assets under vehicle programs

307

360

432

Corporate And Other [Member]

^[1]

^[2]

Segment assets exclusive of assets under vehicle programs

(13)

^[1]

(16)

^[1]

(42)

^[2]

$ 184

^[1]

$ 527

^[1]

$ 1,152

^[2]

[1]	Includes the results of operations of the Company's investments, unallocated corporate overhead, the elimination of transactions between segments.
[2]	Includes the results of operations of the Company's investments, unallocated corporate overhead, the elimination of transactions between segments and an $18 million charge recorded in 2009 for a litigation judgment against the Company related to the 2002 acquisition of the Company's Budget vehicle rental business.

Segment Information (Reconciliation Of Adjusted EBITDA To Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Segment Information [Abstract]
Adjusted EBITDA			$ 605	$ 398	$ 205
Non-vehicle related depreciation and amortization			95	90	96
Interest expense related to corporate debt, net	$ 7	$ 7	219	170	153
Early extinguishment of debt				52
Transaction-related costs			255	14
Impairment					33
Income (loss) before income taxes			$ 36	$ 72	$ (77)

The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 16
-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 Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 35
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6956420&loc=d3e25351-111560

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 15C
-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 FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 15D
-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 FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 16B
-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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-2/124-2
-Paragraph 22
-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.

Segment Information (Summary Of Geographic Segment Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 5,900	$ 5,185	$ 5,131
Assets exclusive of assets under vehicle programs	3,848	3,462	3,571
Assets under vehicle programs	9,090	6,865	6,522
Property and equipment, net	493	425	442
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	4,489	4,263	4,323
Assets exclusive of assets under vehicle programs	2,177	2,949	3,068
Assets under vehicle programs	6,553	5,899	5,542
Property and equipment, net	365	382	400
All Other Countries [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	1,411	922	808
Assets exclusive of assets under vehicle programs	1,671	513	503
Assets under vehicle programs	2,537	966	980
Property and equipment, net	$ 128	$ 43	$ 42

Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Statements Of Operations) (Details) - USD ($) $ in Millions	3 Months Ended							12 Months Ended
	Dec. 31, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Condensed Financial Statements, Captions [Line Items]
Vehicle rental								$ 4,338	$ 3,882	$ 3,906
Other								1,562	1,303	1,225
Net revenues								5,900	5,185	5,131
Operating								3,025	2,616	2,636
Vehicle depreciation and lease charges, net								1,223	1,287	1,425
Selling, general and administrative								756	569	551
Vehicle interest, net								286	304	294
Non-vehicle related depreciation and amortization								95	90	96
Interest expense		$ 7	$ 7					219	170	153
Early extinguishment of debt									52
Transaction-related costs								255	14
Impairment										33
Restructuring charges	$ 5			$ 2	$ 6	$ 2	$ 1	5	11	20
Total expenses								5,864	5,113	5,208
Income (loss) before income taxes and equity in earnings of subsidiaries								36	72	(77)
Provision for (benefit) from income taxes								65	18	(30)
Net income (loss)								(29)	54	(47)
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Other								2	4	2
Net revenues								2	4	2
Operating								3	5	15
Selling, general and administrative								11	11	11
Interest expense								10	9	2
Intercompany interest expense (income)								(14)	(14)
Transaction-related costs								71	14
Impairment										32
Total expenses								81	25	60
Income (loss) before income taxes and equity in earnings of subsidiaries								(79)	(21)	(58)
Provision for (benefit) from income taxes								(27)	(9)	(23)
Equity in earnings (loss) of subsidiaries								23	66	(12)
Net income (loss)								(29)	54	(47)
Subsidiary Issuers [Member]
Condensed Financial Statements, Captions [Line Items]
Operating								8	8	27
Vehicle interest, net								(1)
Interest expense								208	163	153
Intercompany interest expense (income)								(205)	(215)	(153)
Early extinguishment of debt									52
Transaction-related costs								56
Impairment										1
Total expenses								66	8	28
Income (loss) before income taxes and equity in earnings of subsidiaries								(66)	(8)	(28)
Provision for (benefit) from income taxes								(22)	(8)	(2)
Equity in earnings (loss) of subsidiaries								67	66	14
Net income (loss)								23	66	(12)
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Vehicle rental								3,393	3,261	3,354
Other								1,006	922	890
Net revenues								4,399	4,183	4,244
Operating								2,241	2,084	2,136
Vehicle depreciation and lease charges, net								921	1,085	1,241
Selling, general and administrative								564	473	468
Vehicle interest, net								243	283	273
Non-vehicle related depreciation and amortization								78	83	89
Intercompany interest expense (income)								215	229	153
Restructuring charges								2	11	18
Total expenses								4,264	4,248	4,378
Income (loss) before income taxes and equity in earnings of subsidiaries								135	(65)	(134)
Provision for (benefit) from income taxes								66	(5)	(35)
Equity in earnings (loss) of subsidiaries								(2)	126	113
Net income (loss)								67	66	14
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Vehicle rental								945	621	552
Other								1,702	1,672	1,786
Net revenues								2,647	2,293	2,338
Operating								773	519	458
Vehicle depreciation and lease charges, net								868	1,070	1,201
Selling, general and administrative								181	85	72
Vehicle interest, net								296	146	87
Non-vehicle related depreciation and amortization								17	7	7
Interest expense								1	(2)	(2)
Intercompany interest expense (income)								4
Transaction-related costs								128
Restructuring charges								3		2
Total expenses								2,271	1,825	1,825
Income (loss) before income taxes and equity in earnings of subsidiaries								376	468	513
Provision for (benefit) from income taxes								48	40	30
Net income (loss)								328	428	483
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Other								(1,148)	(1,295)	(1,453)
Net revenues								(1,148)	(1,295)	(1,453)
Vehicle depreciation and lease charges, net								(566)	(868)	(1,017)
Vehicle interest, net								(252)	(125)	(66)
Total expenses								(818)	(993)	(1,083)
Income (loss) before income taxes and equity in earnings of subsidiaries								(330)	(302)	(370)
Equity in earnings (loss) of subsidiaries								(88)	(258)	(115)
Net income (loss)								$ (418)	$ (560)	$ (485)

Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Balance Sheets) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 534	$ 911	$ 482	$ 258
Receivables, net	507	315
Deferred income taxes	120	130
Other current assets	380	282
Total current assets	1,541	1,638
Property and equipment, net	493	425	442
Deferred income taxes	444	587
Goodwill	353	76	76
Other intangibles, net	713	481
Other non-current assets	304	255
Total assets exclusive of assets under vehicle programs	3,848	3,462
Program cash	11	4
Vehicles, net	8,356	6,422
Receivables from vehicle manufacturers and other	380	149
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	343	290
Total Assets under vehicle programs	9,090	6,865	6,522
Assets	12,938	10,327
Accounts payable and other current liabilities	1,433	925
Short-term debt and current portion of long-term debt	37	8
Total current liabilities	1,470	933
Long-term debt	3,168	2,494
Other non-current liabilities	960	535
Total liabilities exclusive of liabilities under vehicle programs	5,598	3,962
Debt	990	528
Debt due to Avis Budget Rental Car Funding (AESOP) LLC-related party	4,574	3,987
Deferred income taxes	982	1,333
Other	382	107
Total Liabilities under vehicle programs	6,928	5,955
Total stockholders' equity	412	410	222	93
Total liabilities and stockholders' equity	12,938	10,327
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	2	257	242	11
Deferred income taxes	8	8
Other current assets	7	70
Total current assets	17	335
Deferred income taxes	36	44
Other non-current assets	124	140
Intercompany receivables (payables)	348	105
Investment in subsidiaries	376	337
Total assets exclusive of assets under vehicle programs	901	961
Assets	901	961
Accounts payable and other current liabilities	32	72
Total current liabilities	32	72
Long-term debt	345	345
Other non-current liabilities	112	134
Total liabilities exclusive of liabilities under vehicle programs	489	551
Total stockholders' equity	412	410
Total liabilities and stockholders' equity	901	961
Subsidiary Issuers [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	234	513	70	51
Receivables, net	61	77
Other current assets	63	65
Total current assets	358	655
Property and equipment, net	70	61
Deferred income taxes	177	300
Other intangibles, net	44	7
Other non-current assets	92	97
Intercompany receivables (payables)	1,158	539
Investment in subsidiaries	1,769	1,112
Total assets exclusive of assets under vehicle programs	3,668	2,771
Vehicles, net	6	8
Total Assets under vehicle programs	6	8
Assets	3,674	2,779
Accounts payable and other current liabilities	284	250
Short-term debt and current portion of long-term debt	8	4
Total current liabilities	292	254
Long-term debt	2,814	2,139
Other non-current liabilities	211	58
Total liabilities exclusive of liabilities under vehicle programs	3,317	2,451
Debt	3	7
Total Liabilities under vehicle programs	3	7
Total stockholders' equity	354	321
Total liabilities and stockholders' equity	3,674	2,779
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	1	3	7	15
Receivables, net	140	148
Deferred income taxes	129	122
Other current assets	76	84
Total current assets	346	357
Property and equipment, net	295	321
Deferred income taxes	229	229
Goodwill	74	74
Other intangibles, net	342	382
Other non-current assets	5	11
Intercompany receivables (payables)	(1,071)	(792)
Investment in subsidiaries	3,192	2,392
Total assets exclusive of assets under vehicle programs	3,412	2,974
Vehicles, net	4	24
Total Assets under vehicle programs	4	24
Assets	3,416	2,998
Accounts payable and other current liabilities	531	488
Short-term debt and current portion of long-term debt	2	4
Total current liabilities	533	492
Long-term debt	9	10
Other non-current liabilities	262	237
Total liabilities exclusive of liabilities under vehicle programs	804	739
Deferred income taxes	843	1,147
Total Liabilities under vehicle programs	843	1,147
Total stockholders' equity	1,769	1,112
Total liabilities and stockholders' equity	3,416	2,998
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	297	138	$ 163	$ 181
Receivables, net	306	90
Deferred income taxes	3	5
Other current assets	251	97
Total current assets	857	330
Property and equipment, net	128	43
Deferred income taxes	2	14
Goodwill	279	2
Other intangibles, net	327	92
Other non-current assets	83	24
Intercompany receivables (payables)	(435)	148
Total assets exclusive of assets under vehicle programs	1,241	653
Program cash	11	4
Vehicles, net	8,346	6,390
Receivables from vehicle manufacturers and other	380	149
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	343	290
Total Assets under vehicle programs	9,080	6,833
Assets	10,321	7,486
Accounts payable and other current liabilities	620	148
Short-term debt and current portion of long-term debt	27
Total current liabilities	647	148
Other non-current liabilities	375	120
Total liabilities exclusive of liabilities under vehicle programs	1,022	268
Debt	987	521
Debt due to Avis Budget Rental Car Funding (AESOP) LLC-related party	4,574	3,987
Deferred income taxes	139	186
Other	382	107
Total Liabilities under vehicle programs	6,082	4,801
Total stockholders' equity	3,217	2,417
Total liabilities and stockholders' equity	10,321	7,486
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Deferred income taxes	(20)	(5)
Other current assets	(17)	(34)
Total current assets	(37)	(39)
Other non-current assets		(17)
Investment in subsidiaries	(5,337)	(3,841)
Total assets exclusive of assets under vehicle programs	(5,374)	(3,897)
Assets	(5,374)	(3,897)
Accounts payable and other current liabilities	(34)	(33)
Total current liabilities	(34)	(33)
Other non-current liabilities		(14)
Total liabilities exclusive of liabilities under vehicle programs	(34)	(47)
Total stockholders' equity	(5,340)	(3,850)
Total liabilities and stockholders' equity	$ (5,374)	$ (3,897)

Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 1,578	$ 1,640	$ 1,491
Property and equipment additions	(65)	(61)	(39)
Proceeds received on asset sales	14	14	14
Net assets acquired (net of cash acquired) and acquisition-related payments	(841)	(2)
Other, net	(7)	(6)
Net cash (used in) investing activities exclusive of vehicle programs	(899)	(55)	(25)
Decrease in program cash	(11)	162	(145)
Investment in vehicles	(8,659)	(8,031)	(6,775)
Proceeds received on disposition of vehicles	7,196	6,319	7,144
Investment in debt securities of AESOP-related party	(400)	(570)
Investment in debt securities of AESOP-related party	400	570
Other, net		2	(33)
Net cash used in investing activities of vehicle programs	(1,474)	(1,548)	191
Net cash provided by (used in) Investing activities	(2,373)	(1,603)	166
Proceeds from borrowings	682	1,046	445
Principal payments on long-term borrowings	(668)	(688)	(111)
Proceeds from warrant issuance			62
Purchase of call options			(95)
Debt financing fees	(78)	(46)	(11)
Other, net	1	10	(2)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(160)	322	288
Proceeds From Borrowings From Financing Activities Within Vehicle Programs	10,534	9,355	7,527
Principal payments on borrowings	(9,917)	(9,152)	(9,147)
Net change in short-term borrowings	(97)	(110)	(107)
Debt financing fees	(33)	(35)	(26)
Net Cash provided by (used in) financing activities of vehicle programs	584	58	(1,753)
Net cash provided by (used in) financing activities	424	380	(1,465)
Effect of changes in exchange rates on cash and cash equivalents	(6)	12	32
Net increase (decrease) in cash and cash equivalents	(377)	429	224
Cash and cash equivalents, beginning of period	911	482	258
Cash and cash equivalents, end of period	534	911	482
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(32)	72	(70)
Other, net	(2)	(3)	2
Net cash (used in) investing activities exclusive of vehicle programs	(2)	(3)	2
Investment in debt securities of AESOP-related party	(400)	(570)
Investment in debt securities of AESOP-related party	400	570
Net cash provided by (used in) Investing activities	(2)	(3)	2
Proceeds from borrowings			345
Proceeds from warrant issuance			62
Purchase of call options			(95)
Net intercompany transactions	(184)	(62)
Debt financing fees	(38)		(11)
Other, net	1	8	(2)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(221)	(54)	299
Net cash provided by (used in) financing activities	(221)	(54)	299
Net increase (decrease) in cash and cash equivalents	(255)	15	231
Cash and cash equivalents, beginning of period	257	242	11
Cash and cash equivalents, end of period	2	257	242
Subsidiary Issuers [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(1,241)	61	60
Property and equipment additions	(17)	(13)	(10)
Proceeds received on asset sales	10	12	13
Other, net	(1)	(3)	(2)
Net cash (used in) investing activities exclusive of vehicle programs	(8)	(4)	1
Investment in vehicles	(73)	(20)	(36)
Proceeds received on disposition of vehicles	11	34	74
Net cash used in investing activities of vehicle programs	(62)	14	38
Net cash provided by (used in) Investing activities	(70)	10	39
Proceeds from borrowings	682	1,046	100
Principal payments on long-term borrowings	(4)	(684)	(109)
Net intercompany transactions	396	80	(2)
Debt financing fees	(40)	(46)
Other, net		2
Net cash provided by (used in) financing activities exclusive of vehicle programs	1,034	398	(11)
Principal payments on borrowings		(1)	(43)
Debt financing fees	(2)	(25)	(26)
Net Cash provided by (used in) financing activities of vehicle programs	(2)	(26)	(69)
Net cash provided by (used in) financing activities	1,032	372	(80)
Net increase (decrease) in cash and cash equivalents	(279)	443	19
Cash and cash equivalents, beginning of period	513	70	51
Cash and cash equivalents, end of period	234	513	70
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(291)	(263)	57
Property and equipment additions	(34)	(42)	(26)
Proceeds received on asset sales	2
Net assets acquired (net of cash acquired) and acquisition-related payments	(1)
Other, net			(1)
Net cash (used in) investing activities exclusive of vehicle programs	(33)	(42)	(27)
Investment in vehicles	(3)
Proceeds received on disposition of vehicles	7	9	7
Net cash used in investing activities of vehicle programs	4	9	7
Net cash provided by (used in) Investing activities	(29)	(33)	(20)
Principal payments on long-term borrowings	(4)	(4)	(2)
Net intercompany transactions	323	332	52
Net cash provided by (used in) financing activities exclusive of vehicle programs	319	328	50
Principal payments on borrowings		(31)	(95)
Debt financing fees	(1)	(5)
Net Cash provided by (used in) financing activities of vehicle programs	(1)	(36)	(95)
Net cash provided by (used in) financing activities	318	292	(45)
Net increase (decrease) in cash and cash equivalents	(2)	(4)	(8)
Cash and cash equivalents, beginning of period	3	7	15
Cash and cash equivalents, end of period	1	3	7
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	2,661	1,470	1,448
Property and equipment additions	(14)	(6)	(3)
Proceeds received on asset sales	2	2	1
Net assets acquired (net of cash acquired) and acquisition-related payments	(840)	(2)
Other, net	(4)		1
Net cash (used in) investing activities exclusive of vehicle programs	(856)	(6)	(1)
Decrease in program cash	(11)	162	(145)
Investment in vehicles	(8,583)	(8,011)	(6,739)
Proceeds received on disposition of vehicles	7,178	6,276	7,063
Other, net		2	(33)
Net cash used in investing activities of vehicle programs	(1,416)	(1,571)	146
Net cash provided by (used in) Investing activities	(2,272)	(1,577)	145
Principal payments on long-term borrowings	(660)
Net intercompany transactions	(54)	(50)	(54)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(811)	(50)	(54)
Proceeds From Borrowings From Financing Activities Within Vehicle Programs	10,534	9,355	7,527
Principal payments on borrowings	(9,917)	(9,120)	(9,009)
Net change in short-term borrowings	(97)	(110)	(107)
Debt financing fees	(30)	(5)
Net Cash provided by (used in) financing activities of vehicle programs	587	120	(1,589)
Net cash provided by (used in) financing activities	(224)	70	(1,643)
Effect of changes in exchange rates on cash and cash equivalents	(6)	12	32
Net increase (decrease) in cash and cash equivalents	159	(25)	(18)
Cash and cash equivalents, beginning of period	138	163	181
Cash and cash equivalents, end of period	297	138	163
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	481	300	(4)
Net intercompany transactions	(481)	(300)	4
Net cash provided by (used in) financing activities exclusive of vehicle programs	(481)	(300)	4
Net cash provided by (used in) financing activities	$ (481)	$ (300)	$ 4

Selected Quarterly Financial Data (Schedule Of Selected Quarterly Financial Data) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2010

Sep. 30, 2010

Jun. 30, 2010

Mar. 31, 2010

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009