View Filing Data

$ 1,553

$ 1,438

$ 2,882

$ 2,654

641

564

1,174

1,039

2,194

2,002

4,056

3,693

Expenses

1,105

1,007

2,105

1,937

517

476

950

863

287

274

535

498

Interest expense related to corporate debt, net:

136

123

111

114

131

^[1]

2,146

2,040

4,003

3,788

(38)

(95)

(10)

(21)

(28)

(74)

Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract]

$ 31

$ (65)

$ 38

$ (134)

Earnings (loss) per share

Basic (US$ per share)

$ 0.25

$ (0.26)

$ 0.29

$ (0.69)

Diluted (US$ per share)

$ 0.24

$ (0.26)

$ 0.28

$ (0.69)

[1]	(c) Includes unallocated corporate overhead which is not attributable to a particular segment.

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 537	$ 693
Receivables, net	753	619
Deferred income taxes	176	177
Other current assets	666	455
Total current assets	2,132	1,944
Property and equipment, net	628	614
Deferred income taxes	1,190	1,299
Goodwill	707	691
Other intangibles, net	932	923
Other non-current assets	353	361
Total assets exclusive of assets under vehicle programs	5,942	5,832
Assets under vehicle programs:
Program cash	145	116
Vehicles, net	13,366	9,582
Receivables from vehicle manufacturers and other	174	391
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	362	363
Total assets under vehicle programs:	14,047	10,452
Total assets	19,989	16,284
Current liabilities:
Accounts payable and other current liabilities	1,636	1,479
Short-term debt and current portion of long-term debt	89	89
Total current liabilities	1,725	1,568
Long-term debt	3,299	3,305
Other non-current liabilities	852	847
Total liabilities exclusive of liabilities under vehicle programs	5,876	5,720
Liabilities under vehicle programs:
Debt	2,747	1,681
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party	8,101	5,656
Deferred income taxes	2,070	2,177
Other	528	279
Total Liabilities under vehicle programs	13,446	9,793
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value—authorized 10 million shares; none issued and outstanding	0	0
Common stock, $0.01 par value—authorized 250 million shares; issued 137,093,424 and 137,081,056 shares	1	1
Additional paid-in capital	7,733	7,893
Accumulated deficit	(2,330)	(2,360)
Accumulated other comprehensive income	125	117
Treasury stock, at cost—32,776,840 and 30,515,721 shares	(4,862)	(4,880)
Total stockholders’ equity	667	771
Total liabilities and stockholders’ equity	$ 19,989	$ 16,284

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
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	137,093,424	137,081,056
Treasury stock,shares	32,776,840	30,515,721

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Operating activities
Net income (loss)	$ 30	$ (74)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Vehicle depreciation	898	808
Gain on sale of vehicles, net	(24)	(2)
Non-vehicle related depreciation and amortization	86	71
Amortization of debt financing fees	20	22
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Receivables	(131)	(113)
Income taxes and deferred income taxes	5	(44)
Accounts payable and other current liabilities	20	31
Other, net	107	175
Net cash provided by operating activities	1,011	874
Investing activities
Property and equipment additions	(80)	(56)
Proceeds received on asset sales	6	7
Net assets acquired (net of cash acquired)	(125)	(476)
Other, net	(8)	50
Net cash used in investing activities exclusive of vehicle programs	(207)	(475)
Vehicle programs:
Increase in program cash	(29)	(111)
Investment in vehicles	(8,214)	(7,306)
Proceeds received on disposition of vehicles	4,382	4,434
Net cash used in investing activities of vehicle programs	(3,861)	(2,983)
Net cash used in investing activities	(4,068)	(3,458)
Financing activities
Proceeds from long-term borrowings	695	2,725
Payments on long-term borrowings	(747)	(2,338)
Net change in short-term borrowings	0	10
Purchases of warrants	0	(29)
Proceeds from sale of call options	0	40
Repurchases of common stock	(146)
Debt financing fees	(11)	(28)
Other, net	(1)	2
Net cash provided by (used in) financing activities exclusive of vehicle programs	(210)	382
Vehicle programs:
Proceeds from borrowings	9,536	8,191
Payments on borrowings	(6,417)	(6,055)
Debt financing fees	(10)	(20)
Net cash provided by financing activities of vehicle programs	3,109	2,116
Net cash provided by financing activities	2,899	2,498
Effect of changes in exchange rates on cash and cash equivalents	2	(17)
Net decrease in cash and cash equivalents	(156)	(103)
Cash and cash equivalents, beginning of period	693	606
Cash and cash equivalents, end of period	$ 537	$ 503

Basis of Presentation and Recently Issued Accounting Pronouncements

6 Months Ended

Jun. 30, 2014

Basis of Presentation

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

The Company operates the following business segments:


•	North America—provides car rentals in the United States and vehicle rentals in Canada, as well as ancillary products and services, and operates the Company’s car sharing business in North America.


•	International—provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia, South America, Central America, the Caribbean, Australia and New Zealand, and operates the Company's car sharing business in certain of these markets.


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

In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with the Company’s 2013 Annual Report on Form 10-K (“2013 Form 10-K”) and the Company’s Current Report on Form 8-K filed May 12, 2014, which updated the 2013 Form 10-K for a change to the Company’s reportable segments as well as a revision to the Company’s definition of Adjusted EBITDA.

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.

Currency Transactions. The Company records the gain or loss of foreign-currency transactions on certain intercompany loans and gain or loss on intercompany loan hedges within interest expense related to corporate debt, net. During the three and six months ended June 30, 2014, the Company recorded losses of $2 million and $4 million, respectively, on such items. In the three and six months ended June 30, 2013, the Company recorded losses of $3 million and $7 million, respectively, on such items.

Adoption of New Accounting Standards

On January 1, 2014, the Company adopted, as required, Accounting Standards Update (“ASU”) 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligations Is Fixed at the Reporting Date,” which requires companies to measure these obligations as the sum of the amount the Company agreed to pay plus any additional amount the Company expects to pay on behalf of co-obligors. The adoption of this pronouncement did not have a material impact on the Company’s financial statements.

Recently Issued Accounting Standards

In April 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which changes the criteria for determining which disposals can be presented as discontinued operations and also modifies related disclosure requirements. ASU 2014-08 becomes effective for the Company on January 1, 2015. The adoption of this accounting pronouncement is not expected to have an impact on the Company's financial statements.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which outlines a single model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. ASU 2014-09 becomes effective for the Company on January 1, 2017. The Company is currently evaluating the effect of this accounting pronouncement; however, it is not expected to have a material impact on the financial statements.

In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Allow a Performance Target to Be Achieved After the Requisite Service Period,” which requires that a performance target that could be achieved after the requisite service period be treated as a performance condition that affects the vesting of the award. ASU 2014-12 becomes effective for the Company on January 1, 2016. The adoption of this accounting pronouncement is not expected to have an impact on the Company's financial statements.

Restructuring

6 Months Ended

Jun. 30, 2014

Restructuring and Related Activities [Abstract]

Restructuring Activities

Subsequent to the acquisition of Avis Europe plc (“Avis Europe”), the Company began a restructuring initiative, identifying synergies across the Company, enhancing organizational efficiencies and consolidating and rationalizing processes. During the six months ended June 30, 2014, as part of this process, the Company formally communicated the termination of employment to approximately 210 employees and recorded $8 million of expense in connection with these initiatives. These expenses primarily represent severance, outplacement services and other costs associated with employee terminations. As of June 30, 2014, the Company has terminated approximately 150 of these employees. The Company expects further restructuring expense of approximately $13 million to be incurred in 2014.

The following tables summarize the changes to our restructuring-related liabilities and identify the amounts recorded within the Company’s reportable segments, and by category, for restructuring expense and corresponding payments and utilizations:



		North America			International			Total
Balance as of January 1, 2014		$	1		$	21		$	22
	Restructuring expense	2			6			8
	Cash payment/utilization	(2		)	(16		)	(18		)
Balance as of June 30, 2014		$	1		$	11		$	12

		Personnel Related			Facility Related			Total
Balance as of January 1, 2014		$	17		$	5		$	22
	Restructuring expense	8			—			8
	Cash payment/utilization	(18		)	—			(18		)
Balance as of June 30, 2014		$	7		$	5		$	12

Earnings Per Share Earnings Per Share (Notes)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

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



		Three Months Ended June 30,					Six Months Ended June 30,
		2014		2013			2014		2013
Net income (loss) for basic EPS		$	26	$	(28	)	$	30	$	(74	)
Convertible note interest, net of tax		1		—			1		—
Net income (loss) for diluted EPS		$	27	$	(28	)	$	31	$	(74	)

Basic weighted average shares outstanding		105.1		108.4			105.8		108.0
Options, warrants and non-vested stock ^{(a) (b)}		1.9		—			2.0		—
Convertible debt ^(c)		4.0		—			4.0		—
Diluted weighted average shares outstanding		111.0		108.4			111.8		108.0

Earnings (loss) per share:
	Basic	$	0.25	$	(0.26	)	$	0.29	$	(0.69	)
	Diluted	$	0.24	$	(0.26	)	$	0.28	$	(0.69	)

__________


^(a)	For the three months ended June 30, 2014, there are no anti-dilutive securities which were excluded from the computation of diluted earnings per share. For the six months ended June 30, 2014, the number of anti-dilutive securities which were excluded from the computation of diluted earnings per share was not significant.


^(b)	As the Company incurred a net loss for the three and six months ended June 30, 2013, 1.2 million outstanding options, 4.6 million warrants and 3.5 million non-vested stock awards have an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding.


^(c)	For the three and six months ended June 30, 2013, 4.6 million issuable shares underlying the 3½% convertible notes due 2014 have an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding.

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2014
Business Combinations [Abstract]
Acquisitions	Acquisitions Edmonton In February 2014, the Company completed the acquisition of its Budget licensee for Edmonton and certain other cities in Alberta for approximately $33 million, plus $86 million for acquired fleet. The investment will enable the Company to expand its footprint of Company-operated locations in Canada. The acquired fleet was financed under the Company’s existing vehicle financing arrangements in Canada. 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 North America segment and most of which is expected to be deductible for tax purposes. The fair value of the assets acquired and liabilities assumed has not yet been finalized and is therefore subject to change. In connection with this acquisition, approximately $17 million was recorded in identifiable intangible assets (consisting of $11 million related to customer relationships and $6 million related to the reacquired license agreements) and $9 million was recorded in goodwill. The customer relationships will be amortized over a weighted average useful life of approximately 12 years and the license agreements will be amortized over approximately 4 years. In addition, at the time of the acquisition, the Company recorded a $3 million non-cash charge related to the unfavorable license rights reacquired by the Company. Portugal In February 2014, the Company reacquired the right to operate the Budget brand in Portugal for approximately $15 million. Approximately $10 million of the total consideration was paid during the six months ended June 30, 2014 and the majority of the remainder is expected to be paid by the end of 2014. The fair value of the intangible assets acquired has not yet been finalized and is therefore subject to change. In connection with this acquisition, approximately $2 million was recorded within license agreements and $13 million was recorded in goodwill. The license agreements will be amortized over 2 years. The goodwill, which was assigned to the Company’s International segment, is expected to be deductible for tax purposes. Brazil In August 2013, the Company acquired a 50% non-controlling ownership stake in its Brazilian licensee for $53 million, of which the remaining consideration of $6 million was paid during the six months ended June 30, 2014. Zipcar In March 2013, the Company completed the acquisition of the entire issued share capital of Zipcar, the leading car sharing company, for $473 million, net of acquired cash. Differences between the preliminary allocation of the purchase price and the final allocation were not material. Apex Car Rentals During the six months ended June 30, 2014, the Company recorded approximately $7 million in transaction-related costs to increase the fair value of contingent consideration associated with the October 2012 acquisition of Apex Car Rentals (“Apex”). The contingent consideration consists of a maximum of $26 million in payments that are contingent on the future financial performance of Apex. The amount recognized for contingent consideration at June 30, 2014 was $19 million.

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
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Other Current Assets Disclosure [Text Block]

Other Current Assets Other Current Assets

6 Months Ended

Jun. 30, 2014

Other Current Assets [Abstract]

Other Current Assets

Other current assets consisted of:



	As of June 30, 2014		As of December 31, 2013
Sales and use taxes	$	321	$	132
Prepaid expenses	221		187
Other	124		136
Other current assets	$	666	$	455

Intangible Assets

6 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of:



	As of June 30, 2014						As of December 31, 2013
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements ^(a)(b)(d)	$	279	$	58	$	221	$	272	$	52	$	220
Customer relationships ^(a)(d)	177		44		133		166		35		131
Other ^(c)	8		2		6		2		1		1
Total	$	464	$	104	$	360	$	440	$	88	$	352

Unamortized Intangible Assets
Goodwill ^(a)(b)(d)	$	707					$	691
Trademarks ^(d)	$	572					$	571

__________


^(a)	The increases in carrying amounts reflect the acquisition of the Budget licensee for Edmonton.


^(b)	The increases in carrying amounts reflect the reacquired right to operate the Budget brand in Portugal.


^(c)	The increases in carrying amounts reflect the acquisition of airport concession agreements, amortized over a weighted average useful life of approximately three years.


^(d)	The changes in carrying amounts reflect fluctuations in currency exchange rates.

For the three months ended June 30, 2014 and 2013, amortization expense was approximately $9 million and $7 million, respectively. For the six months ended June 30, 2014 and 2013, amortization expense was approximately $16 million and $12 million, respectively. Based on the Company’s amortizable assets at June 30, 2014, the Company expects amortization expense of approximately $18 million for the remainder of 2014 and approximately $32 million for each of the five fiscal years thereafter.

Vehicle Rental Activities [Abstract]

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.

+ References + Details

Vehicle Rental Activities

6 Months Ended

Jun. 30, 2014

Vehicle Rental Activities

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



	As of			As of
	June 30,			December 31,
	2014			2013
Rental vehicles	$	14,409		$	10,234
Less: Accumulated depreciation	(1,461		)	(1,411		)
	12,948			8,823
Vehicles held for sale	418			759
Vehicles, net	$	13,366		$	9,582

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Depreciation expense	$	491		$	455		$	898		$	808
Lease charges	39			23			76			57
Gain on sales of vehicles, net	(13		)	(2		)	(24		)	(2		)
Vehicle depreciation and lease charges, net	$	517		$	476		$	950		$	863

At June 30, 2014 and 2013, the Company had purchases of vehicles included in payables of $498 million and $525 million, respectively, and sales of vehicles included in receivables of $170 million and $154 million, respectively.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the six months ended June 30, 2014 is a provision of 43.4%. Such rate differed from the Federal statutory rate of 35.0% primarily due to the non-deductibility of certain transaction-related costs. The Company’s effective tax rate for the six months ended June 30, 2013 was a benefit of 22.1%. Such rate differed from the Federal statutory rate of 35.0% primarily due to the treatment of the expenses for the early extinguishment of corporate debt and certain transaction-related costs.

Long-term Debt and Borrowing Arrangements

6 Months Ended

Jun. 30, 2014

Long-term Debt and Borrowing Arrangements

Long-term and other borrowing arrangements consisted of:



		As of		As of
	Maturity Dates	June 30,		December 31,
	Maturity Dates	2014		2013
3½% Convertible Notes ^(a)	October 2014	$	65	$	66
4⅞% Senior Notes	November 2017	300		300
Floating Rate Senior Notes ^(b)	December 2017	247		247
8¼% Senior Notes	January 2019	—		691
Floating Rate Term Loan ^(c)	March 2019	985		989
9¾% Senior Notes	March 2020	223		223
6% Euro-denominated Senior Notes	March 2021	634		344
5⅛% Senior Notes	June 2022	400		—
5½% Senior Notes	April 2023	500		500
		3,354		3,360
Other		34		34
Total		3,388		3,394
Less: Short-term debt and current portion of long-term debt		89		89
Long-term debt		$	3,299	$	3,305

__________


^(a)	As of June 30, 2014, the 3½% convertible notes are convertible by the holders into approximately 4 million shares of the Company’s common stock.


^(b)	The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 2.98% at June 30, 2014; the Company has entered into an interest rate swap to hedge its interest rate exposure related to these notes at an aggregate rate of 3.58%.

^(c)

The floating rate term loan is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of June 30, 2014, the floating term rate loan due 2019 bears interest at the greater of three-month LIBOR or 0.75%, plus 225 basis points, for an aggregate rate of 3.00%. The Company has entered into a swap to hedge $600 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.96%.

In March 2014, the Company issued €200 million (approximately $275 million) of additional 6% Euro-denominated Senior Notes due 2021. These additional notes were sold at 106.75% of their face value, for aggregate proceeds of approximately $295 million, with a yield to maturity of 4.85%. In April 2014, the Company used the proceeds to repurchase $292 million principal amount of its 8¼% Senior Notes for $316 million plus accrued interest.

In May 2014, the Company issued $400 million of 5⅛% Senior Notes due 2022 at par. In June 2014, the Company used the proceeds to repurchase the remaining $395 million principal amount of its 8¼% Senior Notes for $421 million plus accrued interest.

COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS

At June 30, 2014, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows:



	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2018 ^(a)	$	1,650	$	—	$	900	$	750
Other facilities^(b)	13		1		—		12

__________


^(a)	The senior revolving credit facility bears interest at one-month LIBOR, plus 225 basis points and is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.


^(b)	These facilities encompass bank overdraft lines of credit, bearing interest of 5.14% to 5.69% as of June 30, 2014.

At June 30, 2014, the Company had various uncommitted credit facilities available, under which it had drawn approximately $5 million, which bear interest at rates between 0.41% and 2.50%.

DEBT COVENANTS

The agreements governing the Company’s indebtedness contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries, the incurrence of additional indebtedness by the Company and certain of its subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. The Company’s senior credit facility also contains a maximum leverage ratio requirement. As of June 30, 2014, the Company was in compliance with the financial covenants governing its indebtedness.

Debt Under Vehicle Programs and Borrowing Arrangements

6 Months Ended

Jun. 30, 2014

Debt Under Vehicle Programs and Borrowing Arrangements

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



	As of		As of
	June 30,		December 31,
	2014		2013
North America - Debt due to Avis Budget Rental Car Funding ^(a)	$	8,101	$	5,656
North America - Canadian borrowings ^(a)(b)	744		400
International - Debt borrowings ^(a)	1,290		731
International - Capital leases ^(a)	444		289
Truck Rental - Debt borrowings ^(c)	264		226
Other	5		35
Total	$	10,848	$	7,337

__________


^(a)	The increase reflects additional borrowings principally to fund a seasonal increase in the Company’s car rental fleet.


^(b)	The increase includes additional borrowings to fund an increase in the Company’s fleet driven by the acquisition of its Budget licensee for Edmonton.


^(c)	The increase reflects additional borrowings to acquire rental fleet.

DEBT MATURITIES

The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding at June 30, 2014.



	Debt Under Vehicle Programs
Within 1 year ^(a)	$	1,251
Between 1 and 2 years	4,871
Between 2 and 3 years	1,485
Between 3 and 4 years	1,156
Between 4 and 5 years	1,714
Thereafter	371
Total	$	10,848

__________


^(a)	Vehicle-backed debt maturing within one year primarily represents term asset-backed securities.

COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS

As of June 30, 2014, 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
North America - Debt due to Avis Budget Rental Car Funding ^(b)	$	8,516	$	8,101	$	415
North America - Canadian borrowings ^(c)	961		744		217
International - Debt borrowings ^(d)	1,650		1,290		360
International - Capital leases ^(e)	554		444		110
Truck Rental - Debt borrowings ^(f)	283		264		19
Other	5		5		—
Total	$	11,969	$	10,848	$	1,121

__________


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


^(b)	The outstanding debt is collateralized by approximately $9.7 billion of underlying vehicles and related assets.


^(c)	The outstanding debt is collateralized by $919 million of underlying vehicles and related assets.


^(d)	The outstanding debt is collateralized by approximately $1.6 billion of underlying vehicles and related assets.


^(e)	The outstanding debt is collateralized by $450 million of underlying vehicles and related assets.


^(f)	The outstanding debt is collateralized by $406 million of underlying vehicles and related assets.

DEBT COVENANTS

The agreements under the Company’s vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries and restrictions on indebtedness, mergers, liens, liquidations and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of June 30, 2014, the Company is not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under its vehicle-backed funding programs.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies The Company is involved in claims, legal proceedings and governmental inquiries related, among other things, to its vehicle rental operations, including, among others, contract and licensee disputes, wage-and-hour claims, competition matters, employment matters, insurance claims, intellectual property claims and other regulatory, environmental, commercial and tax matters. Litigation is inherently unpredictable and, although the Company believes that its accruals are adequate and/or that it has valid defenses in these matters, unfavorable resolutions could occur, which could materially impact the Company’s financial position, results of operations or cash flows. Additionally, in 2006, the Company completed the spin-offs of its Realogy and Wyndham subsidiaries. In connection with the spin-offs, Realogy assumed 62.5% and Wyndham assumed 37.5% of certain contingent and other corporate liabilities of the Company that 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 each subsidiary’s disposition (“Assumed Liabilities”). If Realogy or Wyndham were to default on its payment of costs or expenses to the Company related to any Assumed Liabilities, the Company would be responsible for 50% of the defaulting party’s obligation. The Company does not believe that the impact of any 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, and Wyndham and their current or former subsidiaries. The Company is entitled to indemnification from such entities for any liability resulting from such litigation. Commitments to Purchase Vehicles The Company maintains agreements with vehicle manufacturers under which the Company has agreed to purchase approximately $2.0 billion of vehicles from manufacturers over the next 12 months. The majority of these commitments are subject to the vehicle manufacturers’ satisfying their obligations under their respective repurchase and guaranteed depreciation agreements. The purchase of such vehicles is financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles. Other Purchase Commitments In the normal course of business, the Company makes various commitments to purchase other goods or services from specific suppliers, including those related to marketing, advertising and capital expenditures. As of June 30, 2014, the Company had approximately $137 million of purchase obligations, which extend through 2018. Concentrations Concentrations of credit risk at June 30, 2014 include (i) risks related to the Company’s repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers, including Ford, General Motors, Chrysler, Peugeot, Volkswagen, Kia, Fiat, BMW, Subaru, Mercedes and Toyota, and primarily with respect to receivables for program cars that have been disposed but for which the Company has not yet received payment from the manufacturers and (ii) risks related to Realogy and Wyndham, including receivables of $62 million and $38 million, respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition. 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 sold or spun-off 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 $42 million, the majority of which expire by the end of 2015. At June 30, 2014, the liability recorded by the Company in connection with these guarantees was approximately $1 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 and Wyndham, as applicable. 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.

Stockholders' Equity

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchases

In August 2013, the Company obtained Board approval to repurchase up to $200 million of its common stock. In April 2014, the Company’s Board authorized a $235 million increase to the share repurchase program. During the six months ended June 30, 2014, the Company repurchased approximately 2,977,000 shares of common stock at a cost of approximately $150 million under the program. The Company did not repurchase any of its common stock during the six months ended June 30, 2013.

Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income were as follows:



	Currency Translation Adjustments^(a)			Net Unrealized Gains (Losses) on Cash Flow Hedges^(b)			Net Unrealized Gains (Losses) on Available-for Sale Securities^(a)			Minimum Pension Liability Adjustment^(a)			Accumulated Other Comprehensive Income
Balance, January 1, 2014	$	166		$	1		$	2		$	(52	)	$	117
Net current-period other comprehensive income (loss)	8			(2		)	1			1			8
Balance, June 30, 2014	$	174		$	(1	)	$	3		$	(51	)	$	125

Balance, January 1, 2013	$	193		$	—		$	2		$	(85	)	$	110
Net current-period other comprehensive income (loss)	(60		)	1			(1		)	—			(60		)
Balance, June 30, 2013	$	133		$	1		$	1		$	(85	)	$	50

__________

All components of accumulated other comprehensive income are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include a $9 million loss, net of tax, related to the Company's hedge of its net investment in Euro-denominated foreign operations (See Note 14 - Financial Instruments).


^(a)	For the three and six months ended June 30, 2014 and 2013, amounts reclassified from accumulated other comprehensive income were not material.


^(b)	For the three and six months ended June 30, 2014, amounts reclassified from accumulated other comprehensive income were $2 million ($1 million, net of tax) and $4 million ($2 million, net of tax), respectively. For the three and six months ended June 30, 2013, amounts reclassified from accumulated other comprehensive income were not material.

Total Comprehensive Income

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

The components of other comprehensive income (loss) were as follows:



		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
Net income (loss)		$	26		$	(28	)	$	30		$	(74	)
Other comprehensive income (loss):
	Currency translation adjustments	5			(37		)	8			(60		)
	Net unrealized gain (loss) on available-for-sale securities	2			(1		)	1			(1		)
	Net unrealized gain (loss) on cash flow hedges	(3		)	1			(2		)	1
	Minimum pension liability adjustment	1			—			1			—
		5			(37		)	8			(60		)
Total comprehensive income (loss)		$	31		$	(65	)	$	38		$	(134	)

__________

All components of other comprehensive income are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries. The related taxes on all other components are not material for any period presented.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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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
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: 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 15: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 02
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
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Reference 17: 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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Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

6 Months Ended

Jun. 30, 2014

Stock-Based Compensation

The Company recorded stock-based compensation expense of $8 million and $5 million ($5 million and $3 million, net of tax) during the three months ended June 30, 2014 and 2013, respectively, and $16 million and $9 million ($10 million and $6 million, net of tax) during the six months ended June 30, 2014 and 2013, respectively, related to stock-based awards that were granted by the Company. In jurisdictions with net operating loss carryforwards, exercises and/or vestings of stock-based awards have generated $52 million of total tax deductions at June 30, 2014. Approximately $21 million of tax benefits will be recorded in additional paid-in capital when these tax deductions are realized in these jurisdictions.

The weighted average assumptions used in the Monte Carlo simulation model to calculate the fair value of the Company’s stock unit awards containing a market condition are as follows:



	Six Months Ended June 30,
	2014	2013
Expected volatility of stock price	40%	43%
Risk-free interest rate	0.83%	0.39%
Expected term of awards	3 years	3 years
Dividend yield	0.0%	0.0%

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



		Time-Based RSUs				Performance-Based and Market-Based RSUs				Cash Unit Awards
		Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2014 ^(a)		1,308		$	17.92	2,043		$	13.79	267	$	14.90
	Granted	379		41.94		325		41.97		—	—
	Vested ^(b)	(600	)	16.71		(432	)	10.91		—	—
	Forfeited/expired	(57	)	23.62		(32	)	21.48		—	—
Outstanding at June 30, 2014 ^(c)		1,030		$	27.12	1,904		$	19.13	267	$	14.90

__________


^(a)	Reflects the maximum number of stock units assuming achievement of all time-, performance- and market-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs, performance-based and market-based RSUs, and cash units granted in 2013 was $21.73, $20.64 and $17.14, respectively.


^(b)	The total grant date fair value of RSUs vested during the six months ended June 30, 2014 and 2013 was $15 million and $14 million, respectively.

^(c)

The Company’s outstanding time-based RSUs, performance-based and market-based RSUs, and cash units had aggregate intrinsic value of $61 million, $114 million and $16 million, respectively. Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $41 million and will be recognized over a weighted average vesting period of 1.1 years. The Company assumes that substantially all outstanding awards will vest over time.

The stock option activity consisted of (in thousands of shares):



		Number of Options		Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)		Weighted Average Remaining Contractual Term (years)
Outstanding at January 1, 2014		979		$	2.82	$	37	5.2
	Granted	—		—		—
	Exercised	(100	)	2.59		5
	Forfeited/expired	—		—		—
Outstanding at June 30, 2014 ^(a)		879		2.85		50		4.7
Exercisable at June 30, 2014		847		$	2.52	$	48	4.7

__________


^(a)	The Company assumes that substantially all outstanding stock options will vest over time.

Financial Instruments

6 Months Ended

Jun. 30, 2014

Investments, All Other Investments [Abstract]

Financial Instruments

Derivative Instruments and Hedging Activities

The Company uses currency exchange contracts to manage its exposure to changes in currency exchange rates associated with its non-U.S.-dollar denominated receivables and forecasted royalties, forecasted earnings of non-U.S. subsidiaries and forecasted non-U.S.-dollar denominated acquisitions. The Company primarily hedges a portion of its current-year currency exposure to the Australian, Canadian and New Zealand dollars, the Euro and the British pound sterling. The majority of forward contracts do not qualify for hedge accounting treatment. The fluctuations in the value of these forward contracts do, however, largely offset the impact of changes in the value of the underlying risk they economically hedge. Forward contracts used to hedge forecasted third-party receipts and disbursements up to 12 months are designated and do qualify as cash flow hedges.

The Company has designated its 6% Euro-denominated notes as a hedge of its net investment in Euro-denominated foreign operations. For the six months ended June 30, 2014, the Company recorded a $2 million gain in accumulated other comprehensive income as part of currency translation adjustments. There was no ineffectiveness related to the Company’s net investment hedges during the three and six months ended June 30, 2014 and the Company does not expect to reclassify any amounts from accumulated other comprehensive income into earnings over the next 12 months.

The Company uses various hedging strategies including interest rate swaps and interest rate caps to create an appropriate mix of fixed and floating rate assets and liabilities. The Company uses interest rate swaps and interest rate caps to manage the risk related to its floating rate corporate debt and its floating rate vehicle-backed debt. The Company records the effective portion of changes in the fair value of its cash flow hedges to other comprehensive income, net of tax, and subsequently reclassifies these amounts into earnings in the period during which the hedged transaction is recognized. The Company records the gains or losses related to freestanding derivatives, which are not designated as a hedge for accounting purposes, in its consolidated results of operations. The changes in fair values of hedges that are determined to be ineffective are immediately reclassified from accumulated other comprehensive income into earnings. There was no ineffectiveness related to the Company’s cash flow hedges during the three and six months ended June 30, 2014. The Company estimates that $7 million of losses currently recorded in accumulated other comprehensive income will be recognized in earnings over the next 12 months.

From time to time, the Company enters into derivative commodity contracts to manage its exposure to changes in the price of unleaded gasoline. Changes in the fair value of these derivatives are recorded within operating expenses.

Certain of the Company’s derivative instruments contain collateral support provisions that require the Company to post cash collateral to the extent that such derivatives are in a liability position. The aggregate fair value of such derivatives and the aggregate fair value of assets needed to settle these derivatives was not material as of June 30, 2014.

The Company held derivative instruments with absolute notional values as follows:



	As of
	June 30, 2014
Interest rate caps ^(a)	$	12,275
Interest rate swaps	1,501
Foreign exchange swaps	642
Foreign exchange forward contracts	315

Commodity contracts (millions of gallons of unleaded gasoline)	10

__________


^(a)	Represents $9.9 billion of interest rate caps sold, partially offset by approximately $2.4 billion of interest rate caps purchased. These amounts exclude $7.5 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary as it is not consolidated by the Company.

Fair values (Level 2) of derivative instruments were as follows:



		As of June 30, 2014				As of December 31, 2013
		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives
Derivatives designated as hedging instruments
	Interest rate swaps ^(a)	$	1	$	2	$	2	$	1

Derivatives not designated as hedging instruments
	Interest rate caps ^(b)	—		4		2		13
	Interest rate swaps	—		—		—		—
	Foreign exchange swaps and forward contracts ^(c)	2		11		3		5
	Commodity contracts ^(c)	1		—		—		—
	Total	$	4	$	17	$	7	$	19

__________

Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income.


^(a)	Included in other non-current assets or other non-current liabilities.


^(b)	Included in assets under vehicle programs or liabilities under vehicle programs.


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

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



		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
Derivatives designated as hedging instruments
	Interest rate swaps ^(a)	$	(3	)	$	1		$	(2	)	$	1
Derivatives not designated as hedging instruments ^(b)
	Interest rate caps ^(c)	—			4			—			7
	Foreign exchange swaps and forward contracts^(d)	(11		)	34			(29		)	35
	Commodity contracts ^(e)	1			(2		)	1			—
	Total	$	(13	)	$	37		$	(30	)	$	43

__________


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


^(b)	Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.


^(c)	Included in interest expense.

^(d)

For the three months ended June 30, 2014, included a $11 million loss in interest expense and for the six months ended June 30, 2014, included a $26 million loss in interest expense and a $3 million loss in operating expense. For the three months ended June 30, 2013 included a $30 million gain in interest expense and a $4 million gain in operating expense and for the six months ended June 30, 2013, included a $29 million gain in interest expense and a $6 million gain in operating expenses.


^(e)	Included in operating expenses.

Debt Instruments

The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows:



		As of June 30, 2014				As of December 31, 2013
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
	Short-term debt and current portion of long-term debt, excluding convertible debt	$	24	$	24	$	23	$	23
	Convertible debt	65		240		66		159
	Long-term debt	3,299		3,381		3,305		3,416

Debt under vehicle programs
	Vehicle-backed debt due to Avis Budget Rental Car Funding	$	8,101	$	8,241	$	5,656	$	5,732
	Vehicle-backed debt	2,743		2,749		1,668		1,675
	Interest rate swaps and interest rate contracts ^(a)	4		4		13		13

__________


^(a)	Derivatives in a liability position.

Segment Information

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segment Information

The Company’s chief operating decision maker assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. In identifying its reportable segments, the Company considered the nature of services provided, the geographical areas in which the segments operated and other relevant factors. The Company has aggregated certain of its operating segments into its reportable segments.

Management evaluates the operating results of each of its reportable segments based upon revenue and “Adjusted EBITDA,” which the Company defines as income from continuing operations before non-vehicle related depreciation and amortization, any impairment charge, restructuring expense, early extinguishment of debt costs, non-vehicle related interest, transaction-related costs and income taxes. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.



				Three Months Ended June 30,
				2014					2013
				Revenues		Adjusted EBITDA			Revenues ^(a)		Adjusted EBITDA ^(b)
North America				$	1,427	$	157		$	1,279	$	115
International				667		57			621		58
Truck Rental				100		13			102		17
Corporate and Other ^(c)				—		(14		)	—		(11		)
	Total Company			$	2,194	213			$	2,002	179

Less:		Non-vehicle related depreciation and amortization				45					37
		Interest expense related to corporate debt, net:
			Interest expense			55					55
			Early extinguishment of debt			56					91
		Transaction-related costs				8					19
		Restructuring expense				1					15
Income (loss) before income taxes						$	48				$	(38	)

__________


^(a)	Previously reported amounts were recast for a change in the Company’s reportable segments, decreasing North America revenues and increasing International revenues by $13 million in the three months ended June 30, 2013.

^(b)

Amounts reflect a revision to the definition of Adjusted EBITDA to exclude restructuring expense, which resulted in an increase in Adjusted EBITDA in International and Truck Rental of $6 million and $9 million, respectively, and a change in the Company’s reportable segments, which resulted in an increase in North America Adjusted EBITDA and a decrease in International Adjusted EBITDA of $1 million in the three months ended June 30, 2013.


^(c)	Includes unallocated corporate overhead which is not attributable to a particular segment.



				Six Months Ended June 30,
				2014					2013
				Revenues		Adjusted EBITDA			Revenues ^(a)		Adjusted EBITDA ^(b)
North America				$	2,663	$	271		$	2,377	$	208
International				1,218		74			1,138		75
Truck Rental				175		11			178		12
Corporate and Other ^(c)				—		(26		)	—		(23		)
	Total Company			$	4,056	330			$	3,693	272

Less:		Non-vehicle related depreciation and amortization				86					71
		Interest expense related to corporate debt, net:
			Interest expense			111					114
			Early extinguishment of debt			56					131
		Transaction-related costs				16					26
		Restructuring expense				8					25
Income (loss) before income taxes						$	53				$	(95	)

__________


^(a)	Previously reported amounts were recast for a change in the Company’s reportable segments, decreasing North America revenues and increasing International revenues by $15 million in the six months ended June 30, 2013.

^(b)

Amounts reflect the revised definition of Adjusted EBITDA to exclude restructuring expense, which resulted in an increase in Adjusted EBITDA in North America, International and Truck Rental of $3 million, $9 million and $13 million, respectively, and a change in the Company’s reportable segments, which resulted in an increase in North America Adjusted EBITDA and a decrease in International Adjusted EBITDA by $1 million in the six months ended June 30, 2013.


^(c)	Includes unallocated corporate overhead which is not attributable to a particular segment.

Since December 31, 2013, there have been no significant changes in segment assets other than in the Company’s North America and International segment assets under vehicle programs. As of June 30, 2014 and December 31, 2013, North America assets under vehicle programs were approximately $10.8 billion and $7.9 billion, respectively, and International assets under vehicle programs were approximately $2.9 billion and $2.2 billion, respectively.

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract]

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2014
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event During July 2014, the Company's Avis Budget Rental Car Funding subsidiary issued $500 million in asset-backed notes at a weighted average interest rate of 2.62%, to provide funds for the repayment of maturing vehicle-backed debt and the acquisition of rental cars in the United States. The expected final payment date of these notes is February 2020.

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2014

Basis of Presentation

The Company operates the following business segments:


•	North America—provides car rentals in the United States and vehicle rentals in Canada, as well as ancillary products and services, and operates the Company’s car sharing business in North America.


•	International—provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia, South America, Central America, the Caribbean, Australia and New Zealand, and operates the Company's car sharing business in certain of these markets.


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

Vehicle Programs

Currency Transactions

Adoption of New Accounting Standards

Recently Issued Accounting Standards

Restructuring (Tables)

6 Months Ended

Jun. 30, 2014

Restructuring and Related Activities [Abstract]

Summary Of Changes To Restructuring-Related Liabilities



		North America			International			Total
Balance as of January 1, 2014		$	1		$	21		$	22
	Restructuring expense	2			6			8
	Cash payment/utilization	(2		)	(16		)	(18		)
Balance as of June 30, 2014		$	1		$	11		$	12

		Personnel Related			Facility Related			Total
Balance as of January 1, 2014		$	17		$	5		$	22
	Restructuring expense	8			—			8
	Cash payment/utilization	(18		)	—			(18		)
Balance as of June 30, 2014		$	7		$	5		$	12

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Computation Of Basic And Diluted Earnings Per Share

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



		Three Months Ended June 30,					Six Months Ended June 30,
		2014		2013			2014		2013
Net income (loss) for basic EPS		$	26	$	(28	)	$	30	$	(74	)
Convertible note interest, net of tax		1		—			1		—
Net income (loss) for diluted EPS		$	27	$	(28	)	$	31	$	(74	)

Basic weighted average shares outstanding		105.1		108.4			105.8		108.0
Options, warrants and non-vested stock ^{(a) (b)}		1.9		—			2.0		—
Convertible debt ^(c)		4.0		—			4.0		—
Diluted weighted average shares outstanding		111.0		108.4			111.8		108.0

Earnings (loss) per share:
	Basic	$	0.25	$	(0.26	)	$	0.29	$	(0.69	)
	Diluted	$	0.24	$	(0.26	)	$	0.28	$	(0.69	)

__________

Other Current Assets Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2014

Other Current Assets [Abstract]

Schedule of Other Current Assets [Table Text Block]

Other current assets consisted of:



	As of June 30, 2014		As of December 31, 2013
Sales and use taxes	$	321	$	132
Prepaid expenses	221		187
Other	124		136
Other current assets	$	666	$	455

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Intangible Assets

Intangible assets consisted of:



	As of June 30, 2014						As of December 31, 2013
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements ^(a)(b)(d)	$	279	$	58	$	221	$	272	$	52	$	220
Customer relationships ^(a)(d)	177		44		133		166		35		131
Other ^(c)	8		2		6		2		1		1
Total	$	464	$	104	$	360	$	440	$	88	$	352

Unamortized Intangible Assets
Goodwill ^(a)(b)(d)	$	707					$	691
Trademarks ^(d)	$	572					$	571

__________


^(a)	The increases in carrying amounts reflect the acquisition of the Budget licensee for Edmonton.


^(b)	The increases in carrying amounts reflect the reacquired right to operate the Budget brand in Portugal.


^(c)	The increases in carrying amounts reflect the acquisition of airport concession agreements, amortized over a weighted average useful life of approximately three years.


^(d)	The changes in carrying amounts reflect fluctuations in currency exchange rates.

Vehicle Rental Activities (Tables)

6 Months Ended

Jun. 30, 2014

Vehicle Rental Activities [Abstract]

Components Of The Company's Vehicles

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



	As of			As of
	June 30,			December 31,
	2014			2013
Rental vehicles	$	14,409		$	10,234
Less: Accumulated depreciation	(1,461		)	(1,411		)
	12,948			8,823
Vehicles held for sale	418			759
Vehicles, net	$	13,366		$	9,582

Components Of Vehicle Depreciation And Lease Charges

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Depreciation expense	$	491		$	455		$	898		$	808
Lease charges	39			23			76			57
Gain on sales of vehicles, net	(13		)	(2		)	(24		)	(2		)
Vehicle depreciation and lease charges, net	$	517		$	476		$	950		$	863

Long-term Debt and Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2014

Schedule Of Long-Term Debt

Long-term and other borrowing arrangements consisted of:



		As of		As of
	Maturity Dates	June 30,		December 31,
	Maturity Dates	2014		2013
3½% Convertible Notes ^(a)	October 2014	$	65	$	66
4⅞% Senior Notes	November 2017	300		300
Floating Rate Senior Notes ^(b)	December 2017	247		247
8¼% Senior Notes	January 2019	—		691
Floating Rate Term Loan ^(c)	March 2019	985		989
9¾% Senior Notes	March 2020	223		223
6% Euro-denominated Senior Notes	March 2021	634		344
5⅛% Senior Notes	June 2022	400		—
5½% Senior Notes	April 2023	500		500
		3,354		3,360
Other		34		34
Total		3,388		3,394
Less: Short-term debt and current portion of long-term debt		89		89
Long-term debt		$	3,299	$	3,305

__________


^(a)	As of June 30, 2014, the 3½% convertible notes are convertible by the holders into approximately 4 million shares of the Company’s common stock.


^(b)	The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 2.98% at June 30, 2014; the Company has entered into an interest rate swap to hedge its interest rate exposure related to these notes at an aggregate rate of 3.58%.

^(c)

Schedule Of Committed Credit Facilities

At June 30, 2014, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows:



	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2018 ^(a)	$	1,650	$	—	$	900	$	750
Other facilities^(b)	13		1		—		12

__________


^(a)	The senior revolving credit facility bears interest at one-month LIBOR, plus 225 basis points and is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.


^(b)	These facilities encompass bank overdraft lines of credit, bearing interest of 5.14% to 5.69% as of June 30, 2014.

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
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
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-Article 5

Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2014

Schedule Of Debt Under Vehicle Programs

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



	As of		As of
	June 30,		December 31,
	2014		2013
North America - Debt due to Avis Budget Rental Car Funding ^(a)	$	8,101	$	5,656
North America - Canadian borrowings ^(a)(b)	744		400
International - Debt borrowings ^(a)	1,290		731
International - Capital leases ^(a)	444		289
Truck Rental - Debt borrowings ^(c)	264		226
Other	5		35
Total	$	10,848	$	7,337

__________


^(a)	The increase reflects additional borrowings principally to fund a seasonal increase in the Company’s car rental fleet.


^(b)	The increase includes additional borrowings to fund an increase in the Company’s fleet driven by the acquisition of its Budget licensee for Edmonton.


^(c)	The increase reflects additional borrowings to acquire rental fleet.

Schedule Of Contractual Maturities

The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding at June 30, 2014.



	Debt Under Vehicle Programs
Within 1 year ^(a)	$	1,251
Between 1 and 2 years	4,871
Between 2 and 3 years	1,485
Between 3 and 4 years	1,156
Between 4 and 5 years	1,714
Thereafter	371
Total	$	10,848

__________


^(a)	Vehicle-backed debt maturing within one year primarily represents term asset-backed securities.

Schedule Of Available Funding Under The Vehicle Programs

As of June 30, 2014, 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
North America - Debt due to Avis Budget Rental Car Funding ^(b)	$	8,516	$	8,101	$	415
North America - Canadian borrowings ^(c)	961		744		217
International - Debt borrowings ^(d)	1,650		1,290		360
International - Capital leases ^(e)	554		444		110
Truck Rental - Debt borrowings ^(f)	283		264		19
Other	5		5		—
Total	$	11,969	$	10,848	$	1,121

__________


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


^(b)	The outstanding debt is collateralized by approximately $9.7 billion of underlying vehicles and related assets.


^(c)	The outstanding debt is collateralized by $919 million of underlying vehicles and related assets.


^(d)	The outstanding debt is collateralized by approximately $1.6 billion of underlying vehicles and related assets.


^(e)	The outstanding debt is collateralized by $450 million of underlying vehicles and related assets.


^(f)	The outstanding debt is collateralized by $406 million of underlying vehicles and related assets.

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income were as follows:



	Currency Translation Adjustments^(a)			Net Unrealized Gains (Losses) on Cash Flow Hedges^(b)			Net Unrealized Gains (Losses) on Available-for Sale Securities^(a)			Minimum Pension Liability Adjustment^(a)			Accumulated Other Comprehensive Income
Balance, January 1, 2014	$	166		$	1		$	2		$	(52	)	$	117
Net current-period other comprehensive income (loss)	8			(2		)	1			1			8
Balance, June 30, 2014	$	174		$	(1	)	$	3		$	(51	)	$	125

Balance, January 1, 2013	$	193		$	—		$	2		$	(85	)	$	110
Net current-period other comprehensive income (loss)	(60		)	1			(1		)	—			(60		)
Balance, June 30, 2013	$	133		$	1		$	1		$	(85	)	$	50

__________


^(a)	For the three and six months ended June 30, 2014 and 2013, amounts reclassified from accumulated other comprehensive income were not material.


^(b)	For the three and six months ended June 30, 2014, amounts reclassified from accumulated other comprehensive income were $2 million ($1 million, net of tax) and $4 million ($2 million, net of tax), respectively. For the three and six months ended June 30, 2013, amounts reclassified from accumulated other comprehensive income were not material.

Components Of Other Comprehensive Income

The components of other comprehensive income (loss) were as follows:



		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
Net income (loss)		$	26		$	(28	)	$	30		$	(74	)
Other comprehensive income (loss):
	Currency translation adjustments	5			(37		)	8			(60		)
	Net unrealized gain (loss) on available-for-sale securities	2			(1		)	1			(1		)
	Net unrealized gain (loss) on cash flow hedges	(3		)	1			(2		)	1
	Minimum pension liability adjustment	1			—			1			—
		5			(37		)	8			(60		)
Total comprehensive income (loss)		$	31		$	(65	)	$	38		$	(134	)

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary Of Share Based Payment Other Than Options Valuation Assumptions



	Six Months Ended June 30,
	2014	2013
Expected volatility of stock price	40%	43%
Risk-free interest rate	0.83%	0.39%
Expected term of awards	3 years	3 years
Dividend yield	0.0%	0.0%

Stock Based Compensation Activity

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



		Time-Based RSUs				Performance-Based and Market-Based RSUs				Cash Unit Awards
		Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2014 ^(a)		1,308		$	17.92	2,043		$	13.79	267	$	14.90
	Granted	379		41.94		325		41.97		—	—
	Vested ^(b)	(600	)	16.71		(432	)	10.91		—	—
	Forfeited/expired	(57	)	23.62		(32	)	21.48		—	—
Outstanding at June 30, 2014 ^(c)		1,030		$	27.12	1,904		$	19.13	267	$	14.90

__________


^(a)	Reflects the maximum number of stock units assuming achievement of all time-, performance- and market-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs, performance-based and market-based RSUs, and cash units granted in 2013 was $21.73, $20.64 and $17.14, respectively.


^(b)	The total grant date fair value of RSUs vested during the six months ended June 30, 2014 and 2013 was $15 million and $14 million, respectively.

^(c)

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

The stock option activity consisted of (in thousands of shares):



		Number of Options		Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)		Weighted Average Remaining Contractual Term (years)
Outstanding at January 1, 2014		979		$	2.82	$	37	5.2
	Granted	—		—		—
	Exercised	(100	)	2.59		5
	Forfeited/expired	—		—		—
Outstanding at June 30, 2014 ^(a)		879		2.85		50		4.7
Exercisable at June 30, 2014		847		$	2.52	$	48	4.7

__________


^(a)	The Company assumes that substantially all outstanding stock options will vest over time.

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Investments, All Other Investments [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The Company held derivative instruments with absolute notional values as follows:



	As of
	June 30, 2014
Interest rate caps ^(a)	$	12,275
Interest rate swaps	1,501
Foreign exchange swaps	642
Foreign exchange forward contracts	315

Commodity contracts (millions of gallons of unleaded gasoline)	10

__________


^(a)	Represents $9.9 billion of interest rate caps sold, partially offset by approximately $2.4 billion of interest rate caps purchased. These amounts exclude $7.5 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary as it is not consolidated by the Company.

Fair Value Of Derivative Instruments

Fair values (Level 2) of derivative instruments were as follows:



		As of June 30, 2014				As of December 31, 2013
		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives
Derivatives designated as hedging instruments
	Interest rate swaps ^(a)	$	1	$	2	$	2	$	1

Derivatives not designated as hedging instruments
	Interest rate caps ^(b)	—		4		2		13
	Interest rate swaps	—		—		—		—
	Foreign exchange swaps and forward contracts ^(c)	2		11		3		5
	Commodity contracts ^(c)	1		—		—		—
	Total	$	4	$	17	$	7	$	19

__________


^(a)	Included in other non-current assets or other non-current liabilities.


^(b)	Included in assets under vehicle programs or liabilities under vehicle programs.


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

Segment Information (Tables)

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Summary Of Segments Information



				Six Months Ended June 30,
				2014					2013
				Revenues		Adjusted EBITDA			Revenues ^(a)		Adjusted EBITDA ^(b)
North America				$	2,663	$	271		$	2,377	$	208
International				1,218		74			1,138		75
Truck Rental				175		11			178		12
Corporate and Other ^(c)				—		(26		)	—		(23		)
	Total Company			$	4,056	330			$	3,693	272

Less:		Non-vehicle related depreciation and amortization				86					71
		Interest expense related to corporate debt, net:
			Interest expense			111					114
			Early extinguishment of debt			56					131
		Transaction-related costs				16					26
		Restructuring expense				8					25
Income (loss) before income taxes						$	53				$	(95	)

__________


^(a)	Previously reported amounts were recast for a change in the Company’s reportable segments, decreasing North America revenues and increasing International revenues by $15 million in the six months ended June 30, 2013.

^(b)


^(c)	Includes unallocated corporate overhead which is not attributable to a particular segment.



				Three Months Ended June 30,
				2014					2013
				Revenues		Adjusted EBITDA			Revenues ^(a)		Adjusted EBITDA ^(b)
North America				$	1,427	$	157		$	1,279	$	115
International				667		57			621		58
Truck Rental				100		13			102		17
Corporate and Other ^(c)				—		(14		)	—		(11		)
	Total Company			$	2,194	213			$	2,002	179

Less:		Non-vehicle related depreciation and amortization				45					37
		Interest expense related to corporate debt, net:
			Interest expense			55					55
			Early extinguishment of debt			56					91
		Transaction-related costs				8					19
		Restructuring expense				1					15
Income (loss) before income taxes						$	48				$	(38	)

__________


^(a)	Previously reported amounts were recast for a change in the Company’s reportable segments, decreasing North America revenues and increasing International revenues by $13 million in the three months ended June 30, 2013.

^(b)


^(c)	Includes unallocated corporate overhead which is not attributable to a particular segment.



				Six Months Ended June 30,
				2014					2013
				Revenues		Adjusted EBITDA			Revenues ^(a)		Adjusted EBITDA ^(b)
North America				$	2,663	$	271		$	2,377	$	208
International				1,218		74			1,138		75
Truck Rental				175		11			178		12
Corporate and Other ^(c)				—		(26		)	—		(23		)
	Total Company			$	4,056	330			$	3,693	272

Less:		Non-vehicle related depreciation and amortization				86					71
		Interest expense related to corporate debt, net:
			Interest expense			111					114
			Early extinguishment of debt			56					131
		Transaction-related costs				16					26
		Restructuring expense				8					25
Income (loss) before income taxes						$	53				$	(95	)

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

6 Months Ended

Jun. 30, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Statements of Comprehensive Income

Six Months Ended June 30, 2014



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,965		$	917	$	—		$	2,882
	Other		—			—			576			1,646		(1,048		)	1,174
Net revenues			—			—			2,541			2,563		(1,048		)	4,056

Expenses
	Operating		2			8			1,264			831		—			2,105
	Vehicle depreciation and lease charges, net		—			—			946			948		(944		)	950
	Selling, general and administrative		13			11			297			214		—			535
	Vehicle interest, net		—			—			96			144		(104		)	136
	Non-vehicle related depreciation and amortization		—			1			55			30		—			86
	Interest expense related to corporate debt, net:
		Interest expense	1			88			2			20		—			111
		Intercompany interest expense (income)	(6		)	(5		)	1			10		—			—
		Early extinguishment of debt	—			56			—			—		—			56
	Transaction-related costs		—			4			(1		)	13		—			16
	Restructuring expense		—			—			2			6		—			8
Total expenses			10			163			2,662			2,216		(1,048		)	4,003
Income (loss) before income taxes and equity in earnings of subsidiaries			(10		)	(163		)	(121		)	347		—			53
Provision for (benefit from) income taxes			(3		)	(64		)	70			20		—			23
Equity in earnings of subsidiaries			37			136			327			—		(500		)	—
Net income			$	30		$	37		$	136		$	327	$	(500	)	$	30

Comprehensive income			$	38		$	44		$	144		$	335	$	(523	)	$	38

Three Months Ended June 30, 2014



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,049		$	504	$	—		$	1,553
	Other		—			—			309			891		(559		)	641
Net revenues			—			—			1,358			1,395		(559		)	2,194

Expenses
	Operating		2			4			660			439		—			1,105
	Vehicle depreciation and lease charges, net		—			—			505			516		(504		)	517
	Selling, general and administrative		6			7			157			117		—			287
	Vehicle interest, net		—			—			51			76		(55		)	72
	Non-vehicle related depreciation and amortization		—			1			28			16		—			45
	Interest expense related to corporate debt, net:
		Interest expense	—			41			2			12		—			55
		Intercompany interest expense (income)	(3		)	(2		)	—			5		—			—
		Early extinguishment of debt	—			56			—			—		—			56
	Transaction-related costs		—			2			(4		)	10		—			8
	Restructuring expense		—			—			—			1		—			1
Total expenses			5			109			1,399			1,192		(559		)	2,146
Income (loss) before income taxes and equity in earnings of subsidiaries			(5		)	(109		)	(41		)	203		—			48
Provision for (benefit from) income taxes			(1		)	(43		)	52			14		—			22
Equity in earnings of subsidiaries			30			96			189			—		(315		)	—
Net income			$	26		$	30		$	96		$	189	$	(315	)	$	26

Comprehensive income			$	31		$	33		$	101		$	194	$	(328	)	$	31

Six Months Ended June 30, 2013



			Parent			Subsidiary Issuers			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,809	$	845	$	—		$	2,654
	Other		—			—			535		1,170		(666		)	1,039
Net revenues			—			—			2,344		2,015		(666		)	3,693

Expenses
	Operating		3			3			1,171		760		—			1,937
	Vehicle depreciation and lease charges, net		—			—			587		566		(290		)	863
	Selling, general and administrative		17			2			296		183		—			498
	Vehicle interest, net		—			—			88		121		(86		)	123
	Non-vehicle related depreciation and amortization		—			1			45		25		—			71
	Interest expense related to corporate debt, net:
		Interest expense	2			106			—		6		—			114
		Intercompany interest expense (income)	(6		)	(17		)	4		19		—			—
		Early extinguishment of debt	41			90			—		—		—			131
	Transaction-related costs		1			13			1		11		—			26
	Restructuring expense		—			—			16		9		—			25
Total expenses			58			198			2,208		1,700		(376		)	3,788
Income (loss) before income taxes and equity in earnings of subsidiaries			(58		)	(198		)	136		315		(290		)	(95		)
Provision for (benefit from) income taxes			(7		)	(75		)	48		13		—			(21		)
Equity in earnings (loss) of subsidiaries			(23		)	100			12		—		(89		)	—
Net income (loss)			$	(74	)	$	(23	)	$	100	$	302	$	(379	)	$	(74	)

Comprehensive income (loss)			$	(134	)	$	(82	)	$	41	$	245	$	(204	)	$	(134	)

Three Months Ended June 30, 2013



			Parent			Subsidiary Issuers			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	972	$	466	$	—		$	1,438
	Other		—			—			288		643		(367		)	564
Net revenues			—			—			1,260		1,109		(367		)	2,002

Expenses
	Operating		2			2			613		390		—			1,007
	Vehicle depreciation and lease charges, net		—			—			327		323		(174		)	476
	Selling, general and administrative		8			1			165		100		—			274
	Vehicle interest, net		—			—			46		63		(43		)	66
	Non-vehicle related depreciation and amortization		—			—			25		12		—			37
	Interest expense related to corporate debt, net:
		Interest expense	1			52			—		2		—			55
		Intercompany interest expense (income)	(3		)	(6		)	1		8		—			—
		Early extinguishment of debt	2			89			—		—		—			91
	Transaction-related costs		1			9			1		8		—			19
	Restructuring expense		—			—			9		6		—			15
Total expenses			11			147			1,187		912		(217		)	2,040
Income (loss) before income taxes and equity in earnings of subsidiaries			(11		)	(147		)	73		197		(150		)	(38		)
Provision for (benefit from) income taxes			(3		)	(55		)	34		14		—			(10		)
Equity in earnings (loss) of subsidiaries			(20		)	72			33		—		(85		)	—
Net income (loss)			$	(28	)	$	(20	)	$	72	$	183	$	(235	)	$	(28	)

Comprehensive income (loss)			$	(65	)	$	(56	)	$	39	$	151	$	(134	)	$	(65	)

Schedule Of Condensed Consolidating Balance Sheet Table

As of December 31, 2013



		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	14	$	242	$	12	$	425	$	—		$	693
	Receivables, net	—		—		150		469		—			619
	Deferred income taxes	1		—		156		21		(1		)	177
	Other current assets	4		80		82		289		—			455
Total current assets		19		322		400		1,204		(1		)	1,944

Property and equipment, net		—		109		312		193		—			614
Deferred income taxes		20		1,142		141		—		(4		)	1,299
Goodwill		—		—		342		349		—			691
Other intangibles, net		—		41		519		363		—			923
Other non-current assets		104		96		18		143		—			361
Intercompany receivables		145		210		853		331		(1,539		)	—
Investment in subsidiaries		671		2,900		3,347		—		(6,918		)	—
Total assets exclusive of assets under vehicle programs		959		4,820		5,932		2,583		(8,462		)	5,832

Assets under vehicle programs:
	Program cash	—		—		—		116		—			116
	Vehicles, net	—		10		9		9,563		—			9,582
	Receivables from vehicle manufacturers and other	—		—		—		391		—			391
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		363		—			363
		—		10		9		10,433		—			10,452
Total assets		$	959	$	4,830	$	5,941	$	13,016	$	(8,462	)	$	16,284

Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	25	$	238	$	487	$	730	$	(1	)	$	1,479
	Short-term debt and current portion of long-term debt	65		14		3		7		—			89
Total current liabilities		90		252		490		737		(1		)	1,568

Long-term debt		—		2,955		6		344		—			3,305
Other non-current liabilities		98		96		221		436		(4		)	847
Intercompany payables		—		844		340		355		(1,539		)	—
Total liabilities exclusive of liabilities under vehicle programs		188		4,147		1,057		1,872		(1,544		)	5,720

Liabilities under vehicle programs:
	Debt	—		11		—		1,670		—			1,681
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		5,656		—			5,656
	Deferred income taxes	—		—		1,984		193		—			2,177
	Other	—		1		—		278		—			279
		—		12		1,984		7,797		—			9,793
Total stockholders’ equity		771		671		2,900		3,347		(6,918		)	771
Total liabilities and stockholders’ equity		$	959	$	4,830	$	5,941	$	13,016	$	(8,462	)	$	16,284

As of June 30, 2014



		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	5	$	248	$	—	$	284	$	—		$	537
	Receivables, net	—		—		199		554		—			753
	Deferred income taxes	1		—		156		23		(4		)	176
	Other current assets	3		94		86		483		—			666
Total current assets		9		342		441		1,344		(4		)	2,132

Property and equipment, net		—		105		320		203		—			628
Deferred income taxes		19		1,032		143		—		(4		)	1,190
Goodwill		—		—		342		365		—			707
Other intangibles, net		—		40		514		378		—			932
Other non-current assets		107		82		20		144		—			353
Intercompany receivables		148		332		850		712		(2,042		)	—
Investment in subsidiaries		579		3,046		3,369		—		(6,994		)	—
Total assets exclusive of assets under vehicle programs		862		4,979		5,999		3,146		(9,044		)	5,942

Assets under vehicle programs:
	Program cash	—		—		—		145		—			145
	Vehicles, net	—		7		88		13,271		—			13,366
	Receivables from vehicle manufacturers and other	—		—		3		171		—			174
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362		—			362
		—		7		91		13,949		—			14,047
Total assets		$	862	$	4,986	$	6,090	$	17,095	$	(9,044	)	$	19,989

Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	30	$	209	$	550	$	851	$	(4	)	$	1,636
	Short-term debt and current portion of long-term debt	65		14		4		6		—			89
Total current liabilities		95		223		554		857		(4		)	1,725

Long-term debt		—		2,657		8		634		—			3,299
Other non-current liabilities		100		98		225		433		(4		)	852
Intercompany payables		—		1,425		301		316		(2,042		)	—
Total liabilities exclusive of liabilities under vehicle programs		195		4,403		1,088		2,240		(2,050		)	5,876

Liabilities under vehicle programs:
	Debt	—		4		73		2,670		—			2,747
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		8,101		—			8,101
Deferred income taxes		—		—		1,883		187		—			2,070
Other		—		—		—		528		—			528
		—		4		1,956		11,486		—			13,446
Total stockholders’ equity		667		579		3,046		3,369		(6,994		)	667
Total liabilities and stockholders’ equity		$	862	$	4,986	$	6,090	$	17,095	$	(9,044	)	$	19,989

Consolidating Condensed Statements Of Cash Flows

Six Months Ended June 30, 2014



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by operating activities	$	2		$	502		$	45		$	462		$	—		$	1,011

Investing activities
Property and equipment additions	—			(7		)	(39		)	(34		)	—			(80		)
Proceeds received on asset sales	—			2			—			4			—			6
Net assets acquired (net of cash acquired)	—			—			—			(125		)	—			(125		)
Other, net	136			(7		)	(1		)	—			(136		)	(8		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	136			(12		)	(40		)	(155		)	(136		)	(207		)

Vehicle programs:
Increase in program cash	—			—			—			(29		)	—			(29		)
Investment in vehicles	—			(3		)	(86		)	(8,125		)	—			(8,214		)
Proceeds received on disposition of vehicles	—			5			—			4,377			—			4,382
	—			2			(86		)	(3,777		)	—			(3,861		)
Net cash provided by (used in) investing activities	136			(10		)	(126		)	(3,932		)	(136		)	(4,068		)

Financing activities
Proceeds from long-term borrowings	—			400			—			295			—			695
Payments on long-term borrowings	—			(744		)	(3		)	—			—			(747		)
Repurchases of common stock	(146		)	—			—			—			—			(146		)
Debt financing fees	—			(6		)	—			(5		)	—			(11		)
Other, net	(1		)	(136		)	—			—			136			(1		)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(147		)	(486		)	(3		)	290			136			(210		)

Vehicle programs:
Proceeds from borrowings	—			—			73			9,463			—			9,536
Payments on borrowings	—			—			—			(6,417		)	—			(6,417		)
Debt financing fees	—			—			(1		)	(9		)	—			(10		)
	—			—			72			3,037			—			3,109
Net cash provided by (used in) financing activities	(147		)	(486		)	69			3,327			136			2,899

Effect of changes in exchange rates on cash and cash equivalents	—			—			—			2			—			2

Net increase (decrease) in cash and cash equivalents	(9		)	6			(12		)	(141		)	—			(156		)
Cash and cash equivalents, beginning of period	14			242			12			425			—			693
Cash and cash equivalents, end of period	$	5		$	248		$	—		$	284		$	—		$	537

Six Months Ended June 30, 2013



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	(5	)	$	48		$	(32	)	$	866		$	(3	)	$	874

Investing activities
Property and equipment additions	—			(11		)	(24		)	(21		)	—			(56		)
Proceeds received on asset sales	—			3			—			4			—			7
Net assets acquired (net of cash acquired)	—			(513		)	16			21			—			(476		)
Intercompany loan receipts	—			70			—			—			(70		)	—
Other, net	87			(1		)	43			8			(87		)	50
Net cash provided by (used in) investing activities exclusive of vehicle programs	87			(452		)	35			12			(157		)	(475		)

Vehicle programs:
Increase in program cash	—			—			—			(111		)	—			(111		)
Investment in vehicles	—			(3		)	(1		)	(7,302		)	—			(7,306		)
Proceeds received on disposition of vehicles	—			2			—			4,432			—			4,434
	—			(1		)	(1		)	(2,981		)	—			(2,983		)
Net cash provided by (used in) investing activities	87			(453		)	34			(2,969		)	(157		)	(3,458		)

Financing activities
Proceeds from long-term borrowings	—			2,725			—			—			—			2,725
Payments on long-term borrowings	(93		)	(2,243		)	(2		)	—			—			(2,338		)
Net change in short-term borrowings	—			—			—			10			—			10
Purchase of warrants	(29		)	—			—			—			—			(29		)
Proceeds from sale of call options	40			—			—			—			—			40
Intercompany loan payments	—			—			—			(70		)	70			—
Debt financing fees	—			(28		)	—			—			—			(28		)
Other, net	2			(87		)	—			(3		)	90			2
Net cash provided by (used in) financing activities exclusive of vehicle programs	(80		)	367			(2		)	(63		)	160			382

Vehicle programs:
Proceeds from borrowings	—			—			—			8,191			—			8,191
Payments on borrowings	—			—			—			(6,055		)	—			(6,055		)
Debt financing fees	—			—			—			(20		)	—			(20		)
	—			—			—			2,116			—			2,116
Net cash provided by (used in) financing activities	(80		)	367			(2		)	2,053			160			2,498

Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(17		)	—			(17		)

Net increase (decrease) in cash and cash equivalents	2			(38		)	—			(67		)	—			(103		)
Cash and cash equivalents, beginning of period	5			102			—			499			—			606
Cash and cash equivalents, end of period	$	7		$	64		$	—		$	432		$	—		$	503

Basis Of Presentation And Recently Issued Accounting Pronouncements (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract]
Net unrealized gain or loss on foreign-currency transactions of intercompany loan hedges	$ (2)	$ (3)	$ (4)	$ (7)

Restructuring (Narrative) (Detail)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2014

USD ($)

Jun. 30, 2013

USD ($)

^[1]

Jun. 30, 2014

USD ($)

Employee

Jun. 30, 2013

USD ($)

^[1]

Restructuring Cost and Reserve [Line Items]

Number of employees terminated during the period | Employee

150

Worldwide Restructuring Initiative [Member]

$ 1

$ 15

$ 8

$ 25

Restructuring Cost and Reserve [Line Items]

Number of employees terminated during the period | Employee

210

Restructuring and Related Cost, Expected Cost

$ 8

$ 13

[1]	(c) Includes unallocated corporate overhead which is not attributable to a particular segment.

Restructuring (Summary Of Changes To Restructuring-Related Liabilities) (Detail) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

^[1]

Jun. 30, 2014

Jun. 30, 2013

^[1]

$ 22

$ 1

$ 15

$ 25

(18)

North America

(2)

International

(16)

Personnel Related

(18)

Facility Related

Net income (loss) for basic EPS

$ 5

[1]	(c) Includes unallocated corporate overhead which is not attributable to a particular segment.

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

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Earnings Per Share [Abstract]

$ 26

$ (28)

$ 30

$ (74)

Convertible note interest, net of tax

Net income (loss) for diluted EPS

$ 27

$ (28)

$ 31

$ (74)

Basic weighted average shares outstanding

105.1

108.4

105.8

108.0

Options, warrants and non-vested stock

^[1],[2]

1.9

0.0

2.0

0.0

Convertible debt

^[3]

4.0

0.0

4.0

0.0

Diluted weighted average shares outstanding

111.0

108.4

111.8

108.0

Basic (US$ per share)

$ 0.25

$ (0.26)

$ 0.29

$ (0.69)

Diluted (US$ per share)

$ 0.24

$ (0.26)

$ 0.28

$ (0.69)

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

0.0

3.5

Options [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

1.2

Warrants [Member]

Convertible Debt Securities [Member]

0.0

4.6

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Finite And Indefinite Lived Intangible Assets [Line Items]

4.6

[1]	(a) For the three months ended June 30, 2014, there are no anti-dilutive securities which were excluded from the computation of diluted earnings per share. For the six months ended June 30, 2014, the number of anti-dilutive securities which were excluded from the computation of diluted earnings per share was not significant.
[2]	(b) As the Company incurred a net loss for the three and six months ended June 30, 2013, 1.2 million outstanding options, 4.6 million warrants and 3.5 million non-vested stock awards have an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding.
[3]	(c) For the three and six months ended June 30, 2013, 4.6 million issuable shares underlying the 3½% convertible notes due 2014 have an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding.

Earnings Per Share (Outstanding Common Stock Equivalents That Were Anti-Dilutive) (Detail) - shares shares in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0.0	3.5
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	1.2	1.2
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0.0	4.6

Earnings Per Share (Outstanding Common Stock Equivalents That Were Anti-Dilutive) (Parenthetical) (Detail) - shares shares in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0.0	3.5
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	1.2	1.2
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0.0	4.6
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	4.6	4.6

Acquisitions (Narrative) (Detail) - USD ($) $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
Acquisitions (Narrative) (Detail) - USD ($) $ in Millions	Aug. 31, 2013	Mar. 31, 2013	Mar. 31, 2014	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2012
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Business Acquisition Purchase Price Allocation Vehicles Net			$ 86
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			$ 17
Goodwill				$ 707	$ 691
Other intangibles, useful life, in years			12 years
Edmonton [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Date of acquisition			Feb. 01, 2014
Business Combination, Consideration Transferred			$ 33
Goodwill			$ 9
Other intangibles, useful life, in years			4 years
Indefinite-Lived License Agreements			$ 3
Customer Relationships [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			11
License Agreement Terms [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			$ 6
Portugal [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Date of acquisition			Feb. 01, 2014
Business Combination, Consideration Transferred				10
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			$ 2
Goodwill			$ 13
Other intangibles, useful life, in years			2 years
Business Combination, Consideration Transferred, Other			$ 15
Zipcar [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Date of acquisition					Mar. 14, 2013
Business Combination, Consideration Transferred		$ 473
Apex [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability				7
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High						$ 26
Business Combination, Contingent Consideration, Liability				19
Brazil [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Date of acquisition					Aug. 12, 2013
Equity Method Investment, Ownership Percentage					50.00%
Payments to Acquire Equity Method Investments	$ 53			$ 6

Other Current Assets Other Current Assets (Details) - USD ($) $ in Millions	Jun. 30, 2014	Dec. 31, 2013
Other Current Assets [Abstract]
Sales And Use Taxes	$ 321	$ 132
Prepaid Expense, Current	221	187
Other Assets, Miscellaneous, Current	124	136
Other Assets, Current	$ 666	$ 455

Intangible Assets (Schedule Of Intangible Assets) (Detail) - USD ($)
$ in Millions

Jun. 30, 2014

Dec. 31, 2013

Amortized Intangible Assets, Accumulated Amortization

$ 464

$ 440

104

Unamortized Intangible Assets, Goodwill, Gross Carrying Amount

360

352

707

691

License Agreements [Member]

Finite And Indefinite Lived Intangible Assets [Line Items]

Amortized Intangible Assets, Accumulated Amortization

^[1],[2]

279

272

^[1],[2]

Customer Relationships [Member]

^[1],[2]

221

220

Finite And Indefinite Lived Intangible Assets [Line Items]

Amortized Intangible Assets, Accumulated Amortization

^[1]

177

166

^[1]

Other Intangible Assets [Member]

^[1]

133

131

Finite And Indefinite Lived Intangible Assets [Line Items]

Amortized Intangible Assets, Accumulated Amortization

Finite And Indefinite Lived Intangible Assets [Line Items]

Goodwill [Member]

Unamortized Intangible Assets, Goodwill, Gross Carrying Amount

^[1],[2]

707

691

Trademarks [Member]

Finite And Indefinite Lived Intangible Assets [Line Items]

Unamortized Intangible Assets, Trademarks, Gross Carrying Amount

^[1]

$ 572

$ 571

[1]	(a) The increases in carrying amounts reflect the acquisition of the Budget licensee for Edmonton.
[2]	(b) The increases in carrying amounts reflect the reacquired right to operate the Budget brand in Portugal.

Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense relating to all intangible assets	$ 9	$ 7	$ 16	$ 12
Amortization expense for remainder of the year	18		18
Intangible assets amortization expense, year one	32		32
Intangible assets amortization expense, year two	32		32
Intangible assets amortization expense, year three	32		32
Intangible assets amortization expense, year four	32		32
Intangible assets amortization expense, year five	$ 32		$ 32

Vehicle Rental Activities (Components Of The Company's Vehicles) (Detail) - USD ($) $ in Millions	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013
Vehicle Rental Activities [Abstract]
Rental vehicles	$ 14,409	$ 10,234
Less: Accumulated depreciation	(1,461)	(1,411)
Rental Vehicles Net, Total	12,948	8,823
Vehicles held for sale	418	759
Vehicles, net	13,366	$ 9,582
Accounts Payable, Other, Current	498		$ 525
Other Receivables	$ 170		$ 154

Vehicle Rental Activities (Components Of Vehicle Depreciation And Lease Charges) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Vehicle Rental Activities [Abstract]
Other Receivables	$ 170	$ 154	$ 170	$ 154
Depreciation expense	491	455	898	808
Lease charges	39	23	76	57
Gain on sales of vehicles, net	(13)	(2)	(24)	(2)
Cost of Services, Depreciation	$ 517	$ 476	$ 950	$ 863

Income Taxes (Narrative) (Detail)	6 Months Ended
Income Taxes (Narrative) (Detail)	Jun. 30, 2014	Jun. 30, 2013
Income Tax Disclosure [Abstract]
Effective tax provision (benefit) rate	43.40%	(22.10%)
Federal statutory rate	35.00%	35.00%

Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail) - USD ($)
shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2014

Dec. 31, 2013

Debt Instrument Convertible Shares

Long-term Debt, Current Maturities

$ 34

Long-term Debt

3,388

3,394

Three And One Over Two Senior Notes [Member]

3,299

3,305

$ 65

^[1]

$ 65

^[1]

Three And One Over Two Senior Notes [Member] | Long Term Borrowings [Member] | Convertible Note [Member]

October 2014

Four And Seven Over Eight Senior Notes [Member]

3.50%

$ 300

300

Four And Seven Over Eight Senior Notes [Member] | Long Term Borrowings [Member]

November 2017

Eight And One Over Four Senior Notes [Member]

4.875%

$ 0

691

Eight And One Over Four Senior Notes [Member] | Long Term Borrowings [Member]

January 2019

Floating Rate Term Loan Due March Two Thousand Nineteen [Member]

8.25%

Debt Instrument, Basis Spread on Variable Rate

3.96%

^[2]

$ 985

989

Debt Instrument, Description of Variable Rate Basis

March 2019

225 basis points

Percentage Of Margin Aggregate Interest Rate

3.00%

Nine And Three Over Four Senior Notes [Member]

$ 223

223

Nine And Three Over Four Senior Notes [Member] | Long Term Borrowings [Member]

March 2020

Six Euro-Denominated Senior Notes [Member]

9.75%

$ 634

344

Six Euro-Denominated Senior Notes [Member] | Long Term Borrowings [Member]

March 2021

Five and One over Eight Senior Notes [Member]

6.00%

$ 400

5.125%

Five And One Over Two Senior Notes [Member]

June 2022

$ 500

500

Five And One Over Two Senior Notes [Member] | Long Term Borrowings [Member]

April 2023

5.50%

Long-term Debt [Member]

Revolving Credit Facility Maturing Two Thousand Sixteen [Member]

$ 3,354

3,360

Debt Instrument, Basis Spread on Variable Rate

3.00%

Debt Instrument, Description of Variable Rate Basis

225 basis points

Senior Notes [Member] | Floating Rate Senior Notes Due December 2017 [Member]

^[3]

$ 247

Percentage Of Margin Aggregate Interest Rate

December 2017

2.98%

Senior Notes [Member] | Eight And One Over Four Senior Notes [Member]

Repayments of Long-term Debt

$ 316

$ 421

Senior Notes [Member] | Six Euro-Denominated Senior Notes [Member]

Convertible Senior Note Issuance Price As Percentage Of Face Value

106.75%

Proceeds from Issuance of Senior Long-term Debt

$ 295

Percentage Of Margin Aggregate Interest Rate

4.85%

[1]	______(a) As of June 30, 2014, the 3½% convertible notes are convertible by the holders into approximately 4 million shares of the Company’s co
[2]	The floating rate term loan is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of June 30, 2014, the floating term rate loan due 2019 bears interest at the greater of three-month LIBOR or 0.75%, plus 225 basis points, for an aggregate rate of 3.00%. The Company has entered into a swap to hedge $600 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.96%.
[3]	The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 2.98% at June 30, 2014; the Company has entered into an interest rate swap to hedge its interest rate exposure related to these notes at an aggregate rate of 3.58%.

Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Floating Rate Notes [Member]
Debt Instrument [Line Items]
Basis spread over variable rate	3.58%	3.58%
Floating Rate Term Loan Due March Two Thousand Nineteen [Member]
Debt Instrument [Line Items]
Basis spread over variable rate	3.96%	3.96%
Floating rate	0.75%
Senior Notes [Member] \| 8 1/4% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	$ 395	$ 395	$ 292
Loans Payable [Member] \| Floating Rate Term Loan Due March Two Thousand Nineteen [Member]
Debt Instrument [Line Items]
Derivative, Amount of Hedged Item	$ 600	$ 600
Revolving Credit Facility Maturing Two Thousand Sixteen [Member]
Debt Instrument [Line Items]
Basis spread over variable rate		3.00%

Long-Term Debt And Borrowing Arrangements (Narrative) (Detail) € in Millions, shares in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2014 USD ($) shares	Mar. 31, 2014 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2014 USD ($) shares	Jun. 30, 2013 USD ($)	Mar. 31, 2014 EUR (€)	Mar. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Debt Instrument [Line Items]
Debt Instrument Convertible Shares \| shares	4			4
Other Long-term Debt	$ 34			$ 34				$ 34
Long-term Debt	3,388			3,388				$ 3,394
Early extinguishment of debt	$ 56		$ 91	$ 56	$ 131
Uncommitted Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Credit facilities bearing interest				0.41%
Uncommitted Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Credit facilities bearing interest				2.50%
Floating Rate Term Loan Due March Two Thousand Nineteen [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	225 basis points
Floating Rate Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	275 basis points
Six Euro-Denominated Senior Notes [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issue of senior notes						€ 200	$ 275
8 1/4% Notes [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	$ 395			$ 395			$ 292
Repayments of Long-term Debt		$ 316		421
Five and One over Eight Senior Notes [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issue of senior notes	$ 400			$ 400
Revolving Credit Facility Maturing Two Thousand Sixteen [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	225 basis points

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

Jun. 30, 2014

USD ($)

Revolving Credit Facility Maturing Two Thousand Sixteen [Member]

Line of Credit Facility [Line Items]

$ 1,650

^[1]

^[1]

Letters of Credit Issued

900

^[1]

Other Facilities [Member]

750

^[1]

Line of Credit Facility [Line Items]

^[2]

^[2]

Letters of Credit Issued

^[2]

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

$ 12

^[2]

[1]	The senior revolving credit facility bears interest at one-month LIBOR, plus 225 basis points and is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.
[2]	These facilities encompass bank overdraft lines of credit, bearing interest of 5.14% to 5.69% as of June 30, 2014.

Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Parenthetical) (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2014 USD ($)
Line of Credit Facility [Line Items]
Amounts drawn under uncommitted credit facilities	$ 5
Minimum [Member] \| Bank Overdraft [Member]
Line of Credit Facility [Line Items]
Credit facilities bearing interest	5.14%
Minimum [Member] \| Uncommitted Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit facilities bearing interest	0.41%
Maximum [Member] \| Bank Overdraft [Member]
Line of Credit Facility [Line Items]
Credit facilities bearing interest	5.69%
Maximum [Member] \| Uncommitted Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit facilities bearing interest	2.50%

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

Jun. 30, 2014

Dec. 31, 2013

Debt Due To Avis Budget Rental Car Funding (Member)

$ 10,848

$ 7,337

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

Canada Debt Borrowings [Member] [Domain]

^[1]

8,101

5,656

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

International Debt Borrowings [Domain]

^[1],[2]

744

400

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

International Capital Leases [Domain]

^[3]

1,290

731

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

Budget Truck Financing (Member)

^[1]

444

289

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

264

226

Other (Member)

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

$ 5

$ 35

[1]	The increase reflects additional borrowings principally to fund a seasonal increase in the Company’s car rental fleet.
[2]	The increase includes additional borrowings to fund an increase in the Company’s fleet driven by the acquisition of its Budget licensee for Edmonton.
[3]	(c) The increase reflects additional borrowings to acquire rental fleet.

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Contractual Maturities) (Detail)
$ in Millions

Jun. 30, 2014

USD ($)

Vehicle Program Debt Amount Outstanding

$ 10,848

Vehicle backed debt [Member]

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

Within 1 year

1,251

^[1]

Between 1 and 2 years

4,871

Between 2 and 3 years

1,485

Between 3 and 4 years

1,156

Between 4 and 5 years

1,714

Thereafter

371

Vehicle Program Debt Amount Outstanding

$ 10,848

[1]	Vehicle-backed debt maturing within one year primarily represents term asset-backed securities.

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

Jun. 30, 2014

USD ($)

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

$ 11,969

^[1]

10,848

Debt Due To Avis Budget Rental Car Funding (Member)

1,121

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

8,516

^[1],[2]

8,101

^[2]

Leasing vehicles and related assets, pledged as collateralized debt

415

^[2]

9,700

Canada Debt Borrowings [Member] [Domain]

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

961

^[1],[3]

744

^[3]

Leasing vehicles and related assets, pledged as collateralized debt

217

^[3]

919

International Debt Borrowings [Domain]

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

1,650

^[1],[4]

1,290

^[4]

Leasing vehicles and related assets, pledged as collateralized debt

360

^[4]

1,600

International Capital Leases [Domain]

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

554

^[1],[5]

444

^[5]

Budget Truck Financing (Member)

110

^[5]

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

283

^[1],[6]

264

^[6]

Leasing vehicles and related assets, pledged as collateralized debt

^[6]

450

European Rental Fleet Securitization [Member]

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

Leasing vehicles and related assets, pledged as collateralized debt

406

Other (Member)

Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]

^[1]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 0

[1]	Capacity is subject to maintaining sufficient assets to collateralize debt.
[2]	The outstanding debt is collateralized by approximately $9.7 billion of underlying vehicles and related assets.
[3]	The outstanding debt is collateralized by $919 million of underlying vehicles and related assets.
[4]	The outstanding debt is collateralized by approximately $1.6 billion of underlying vehicles and related assets.
[5]	The outstanding debt is collateralized by $450 million of underlying vehicles and related assets.
[6]	The outstanding debt is collateralized by $406 million of underlying vehicles and related assets.

Commitments And Contingencies (Narrative) (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Schedule Of Commitments And Contingencies [Line Items]
Percentage of payment on defaulting party's obligation on assumed liabilities	50.00%
Purchase obligation over the next twelve months	$ 2,000
Aggregate purchase obligations	137
Other Receivables	$ 170	$ 154
Realogy [Member]
Schedule Of Commitments And Contingencies [Line Items]
Percentage of assumption of contingent and other corporate liabilities	62.50%
Other Receivables	$ 62
Wyndham [Member]
Schedule Of Commitments And Contingencies [Line Items]
Percentage of assumption of contingent and other corporate liabilities	37.50%
Other Receivables	$ 38
Realogy, Wyndham And Travelport [Member] \| Real Estate Leases [Member]
Schedule Of Commitments And Contingencies [Line Items]
Maximum potential amount of future payments under guarantees	42
Liability recorded in connection with guarantees	$ 1

Stockholders' Equity (Narrative) (Detail) - USD ($) $ in Millions			6 Months Ended
	Apr. 18, 2014	Aug. 06, 2013	Jun. 30, 2014
Stockholders Equity [Line Items]
Stock Repurchase Program, Authorized Amount	$ 235	$ 200
Stock Repurchased During Period, Shares			2,977,000
Stock Repurchased During Period, Value			$ 150

Stockholders' Equity (Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Currency Translation Adjustments, Balance			$ 166	$ 193
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance	$ (1)	$ 1	(1)	1
Net Unrealized Gains on Available- For-Sale Securities, Balance			2	2
Currency Translation Adjustments, Balance			(52)	(85)
Accumulated Other Comprehensive Income, Balance			117	110
Currency Translation Adjustments, Current period change	5	(37)	8	(60)
Net unrealized gain (loss) on cash flow hedges	(3)	1	(2)	1
Net unrealized gains on available-for-sale securities, net of tax	2	(1)	1	(1)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	(1)	0	(1)	0
Accumulated Other Comprehensive Income, Current period change	5	(37)	8	(60)
Currency Translation Adjustments, Balance	174	133	174	133
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance			1	0
Net Unrealized Gains on Available- For-Sale Securities, Balance	3	1	3	1
Currency Translation Adjustments, Balance	(51)	(85)	(51)	(85)
Accumulated Other Comprehensive Income, Balance	125	$ 50	125	$ 50
Derivatives used in Net Investment Hedge, Net of Tax	9		9
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	2		4
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	$ 1		$ 2

Stockholders' Equity (Components Of Other Comprehensive Income) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Equity [Abstract]
Net income (loss)	$ 26	$ (28)	$ 30	$ (74)
Currency translation adjustments	5	(37)	8	(60)
Net unrealized gain (loss) on available-for-sale securities	2	(1)	1	(1)
Net unrealized gain (loss) on cash flow hedges	(3)	1	(2)	1
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	(1)	0	(1)	0
Other comprehensive income (loss)	5	(37)	8	(60)
Total comprehensive income (loss)	$ 31	$ (65)	$ 38	$ (134)

Stock-Based Compensation (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 8	$ 5	$ 16	$ 9
Stock-based compensation expense (net of tax)	5	$ 3	10	$ 6
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation			52
Employee service share based compensation incremental tax benefit to be realized from exercise of stock awards	$ 21		$ 21

Stock-Based Compensation (Summary Of Share Based Payment Other Than Options Valuation Assumptions) (Detail)	3 Months Ended	6 Months Ended
	Mar. 31, 2013	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected volatility of stock price	43.00%	40.00%
Risk-free interest rate	0.39%	0.83%
Expected term of awards	P3Y0M0D	P3Y0M0D
Dividend yield	0.00%	0.00%

Stock-Based Compensation (Stock Based Compensation Activity) (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2014

Mar. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation

$ 52

Number of Options, Balance

879

^[1]

879

^[1]

979

Options outstanding, intrinsic value

$ 50

^[1]

$ 50

^[1]

$ 37

Stock Issued During Period, Value, Restricted Stock Award, Gross

$ 14

$ 15

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term

4 years 8 months

^[1]

5 years 2 months

Time-Based RSUs

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Weighted Average Grant Price, Granted at fair market value

^[2]

$ 17.92

41.94

$ 21.73

Weighted Average Grant Price, Vested/exercised

^[3]

16.71

Weighted Average Grant Price, Canceled

23.62

$ 27.12

^[4]

$ 27.12

^[4]

$ 17.92

^[2]

Number of RSUs, Granted at fair market value

^[2]

1,308

379

Number of RSUs, Vested/exercised

^[3]

(600)

Number of RSUs, Canceled

(57)

Performance-Based and Market-Based RSUs

1,030

^[4]

1,030

^[4]

1,308

^[2]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Weighted Average Grant Price, Granted at fair market value

^[2]

$ 13.79

41.97

20.64

Weighted Average Grant Price, Vested/exercised

^[3]

10.91

Weighted Average Grant Price, Canceled

21.48

$ 19.13

^[4]

$ 19.13

^[4]

$ 13.79

^[2]

Number of RSUs, Granted at fair market value

^[2]

2,043

325

Number of RSUs, Vested/exercised

^[3]

(432)

Number of RSUs, Canceled

(32)

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding

1,904

^[4]

1,904

^[4]

2,043

^[2]

$ 114

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term

1 year 1 month

Cash Unit Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Weighted Average Grant Price, Granted at fair market value

^[2]

$ 14.90

0.00

$ 17.14

Weighted Average Grant Price, Vested/exercised

^[3]

0.00

Weighted Average Grant Price, Canceled

0.00

$ 14.90

^[4]

$ 14.90

^[4]

$ 14.90

^[2]

Number of RSUs, Granted at fair market value

^[2]

267

Number of RSUs, Vested/exercised

^[3]

Number of RSUs, Canceled

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding

267

^[4]

267

^[4]

267

^[2]

$ 16

Restricted Stock Units (RSUs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized

$ 41

[1]	The Company assumes that substantially all outstanding stock options will vest over time.
[2]	Reflects the maximum number of stock units assuming achievement of all time-, performance- and market-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs, performance-based and market-based RSUs, and cash units granted in 2013 was $21.73, $20.64 and $17.14, respectively.
[3]	The total grant date fair value of RSUs vested during the six months ended June 30, 2014 and 2013 was $15 million and $14 million, respectively.
[4]	The Company’s outstanding time-based RSUs, performance-based and market-based RSUs, and cash units had aggregate intrinsic value of $61 million, $114 million and $16 million, respectively. Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $41 million and will be recognized over a weighted average vesting period of 1.1 years. The Company assumes that substantially all outstanding awards will vest over time.

Stock-Based Compensation (Summary Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range) (Detail)
$ / shares in Units, shares in Thousands, € in Millions, $ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2014

USD ($)

$ / shares

Jun. 30, 2014

EUR (€)

Jun. 30, 2014

USD ($)

$ / shares

Dec. 31, 2013

USD ($)

$ / shares

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares

879

^[1]

879

^[1]

979

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price

$ 2.85

^[1]

$ 2.85

^[1]

$ 2.82

Weighted average contractual life | shares

Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price

0.00

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price

$ 0.00

Number of Options

2.52

$ 2.52

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value

€ 5

$ 0

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value

$ 0

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares

(100)

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price

$ 2.59

Options outstanding, intrinsic value | $

$ 50

^[1]

$ 50

^[1]

$ 37

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term

4 years 8 months

^[1]

5 years 2 months

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | shares

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares

847

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $

$ 48

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term

4 years 8 months

[1]	The Company assumes that substantially all outstanding stock options will vest over time.

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

Jun. 30, 2014

Dec. 31, 2013

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

$ 89

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

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

Long Term Debt Excluding Convertible Debt

3,299

3,305

Convertible debt

Debt Due To Avis Budget Rental Car Funding Aesop Llc Related Party

8,101

5,656

Vehicle-backed debt

2,743

1,668

Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts

^[1]

Estimate Of Fair Value, Fair Value Disclosure [Member]

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

Long Term Debt Excluding Convertible Debt

3,381

3,416

Convertible debt

240

159

Debt Due To Avis Budget Rental Car Funding Aesop Llc Related Party

8,241

5,732

Vehicle-backed debt

2,749

1,675

Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts

^[1]

$ 4

$ 13

[1]	Derivatives in a liability position.

Financial Instruments (Narrative) (Detail)
gal in Millions, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2014

USD ($)

gal

Jun. 30, 2013

USD ($)

Jun. 30, 2014

USD ($)

gal

Jun. 30, 2013

USD ($)

Schedule of Cost-method Investments [Line Items]

Net unrealized gain (loss) on cash flow hedges

$ 2

Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net

$ 7

Derivative Instruments, Gain (Loss) Recognized in Income, Net

^[1]

(13)

$ 37

(30)

$ 43

Interest Rate Caps [Member]

Schedule of Cost-method Investments [Line Items]

Interest Rate Caps [Member] | Interest Rate Caps Purchased [Member]

^[2]

12,275

Schedule of Cost-method Investments [Line Items]

Interest Rate Caps [Member] | Interest Rate Caps Purchased [Member] | Subsidiary Issuers [Member]

2,400

Schedule of Cost-method Investments [Line Items]

Interest Rate Caps [Member] | Interest Rate Caps Sold [Member]

7,500

Schedule of Cost-method Investments [Line Items]

Interest Rate Swaps [Member]

9,900

Schedule of Cost-method Investments [Line Items]

Commodity Contracts [Member]

$ 1,501

Schedule of Cost-method Investments [Line Items]

Units Of Gasoline | gal

Currency Swap [Member]

Schedule of Cost-method Investments [Line Items]

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

$ 642

Schedule of Cost-method Investments [Line Items]

Derivative Instruments, Gain (Loss) Recognized in Income, Net

^[3]

(2)

^[3]

(29)

^[4]

Foreign Exchange Contract [Member]

Schedule of Cost-method Investments [Line Items]

Derivative Instruments, Gain (Loss) Recognized in Income, Net

$ 11

Operating Expense [Member]

Schedule of Cost-method Investments [Line Items]

Derivative Instruments, Gain (Loss) Recognized in Income, Net

$ 4

$ 3

$ 6

[1]	Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.
[2]	Represents $9.9 billion of interest rate caps sold, partially offset by approximately $2.4 billion of interest rate caps purchased. These amounts exclude $7.5 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary as it is not consolidated by the Company.
[3]	Included in operating expenses.
[4]	For the three months ended June 30, 2014, included a $11 million loss in interest expense and for the six months ended June 30, 2014, included a $26 million loss in interest expense and a $3 million loss in operating expense. For the three months ended June 30, 2013 included a $30 million gain in interest expense and a $4 million gain in operating expense and for the six months ended June 30, 2013, included a $29 million gain in interest expense and a $6 million gain in operating expenses.

Financial Instruments (Fair Values Of Derivatives Instruments) (Detail) - USD ($)
$ in Millions

Jun. 30, 2014

Dec. 31, 2013

Schedule of Cost-method Investments [Line Items]

$ 4

$ 7

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

Schedule of Cost-method Investments [Line Items]

^[1]

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

^[1]

Schedule of Cost-method Investments [Line Items]

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

Schedule of Cost-method Investments [Line Items]

^[2]

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

^[2]

Schedule of Cost-method Investments [Line Items]

^[3]

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

^[3]

Schedule of Cost-method Investments [Line Items]

Schedule of Cost-method Investments [Line Items]

$ 0

[1]	Included in other non-current assets or other non-current liabilities.
[2]	Included in other current assets or other current liabilities.
[3]	Included in assets under vehicle programs or liabilities under vehicle programs.

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

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Long-term Debt, Current Maturities

$ 89

Interest Rate Swaps [Member]

^[1]

(13)

$ 37

(30)

$ 43

Schedule of Cost-method Investments [Line Items]

Derivative, Notional Amount

1,501

Foreign Exchange Contracts [Member]

Schedule of Cost-method Investments [Line Items]

Derivative, Notional Amount

315

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

Schedule of Cost-method Investments [Line Items]

Interest rate swaps

^[2]

(3)

(2)

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

Schedule of Cost-method Investments [Line Items]

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

(11)

^[3]

^[4]

Schedule of Cost-method Investments [Line Items]

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

^[5]

(2)

^[5]

(29)

^[3]

Schedule of Cost-method Investments [Line Items]

Operating Expense [Member]

^[4]

^[5]

Schedule of Cost-method Investments [Line Items]

Foreign Exchange Contract [Member]

Schedule of Cost-method Investments [Line Items]

$ 11

$ 30

$ 26

$ 29

[1]	Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.
[2]	Recognized, net of tax, as a component of other comprehensive income within stockholders’ equity.
[3]	For the three months ended June 30, 2014, included a $11 million loss in interest expense and for the six months ended June 30, 2014, included a $26 million loss in interest expense and a $3 million loss in operating expense. For the three months ended June 30, 2013 included a $30 million gain in interest expense and a $4 million gain in operating expense and for the six months ended June 30, 2013, included a $29 million gain in interest expense and a $6 million gain in operating expenses.
[4]	Included in interest expense.
[5]	Included in operating expenses.

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

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

$ 13

$ 15

$ 2,194

2,002

$ 4,056

3,693

^[1]

213

179

330

272

111

114

131

^[2]

Segment Reporting, Change in Measurement Method - EBITDA

(38)

(95)

North America

1,427

1,279

2,663

2,377

157

115

271

208

International

667

621

1,218

1,138

Truck Rental [Member]

100

102

175

178

Corporate and Other [Member]

^[2]

^[2]

$ (14)

$ (11)

$ (26)

$ (23)

[1]

(b) Amounts reflect a revision to the definition of Adjusted EBITDA to exclude restructuring expense, which resulted in an increase in Adjusted EBITDA in International and Truck Rental of $6 million and $9 million, respectively, and a change in the Company’s reportable segments, which resulted in an increase in North America Adjusted EBITDA and a decrease in International Adjusted EBITDA of $1 million in the three months ended June 30, 2013.

[2]

Segment Information (Narrative) (Detail) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

$ 13

$ 15

$ 2,194

2,002

$ 4,056

3,693

^[1]

213

179

330

272

111

114

131

Assets under vehicle programs

^[2]

14,047

$ 10,452

Non current deferred tax assets

1,190

1,299

Loss before income taxes

(38)

(95)

North America

1,427

1,279

2,663

2,377

157

115

271

208

Assets under vehicle programs

10,800

7,900

International

667

621

1,218

1,138

Assets under vehicle programs

2,900

$ 2,200

Truck Rental [Member]

100

102

175

178

Corporate and Other [Member]

^[2]

^[2]

$ (14)

$ (11)

$ (26)

$ (23)

[1]

[2]

Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Statements Of Comprehensive Income) (Detail) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Revenues

$ 1,553

$ 1,438

$ 2,882

$ 2,654

641

564

1,174

1,039

2,194

2,002

4,056

3,693

Expenses

1,105

1,007

2,105

1,937

517

476

950

863

287

274

535

498

136

123

111

114

131

Interest expense related to corporate debt, net:

2,146

2,040

4,003

3,788

(38)

(95)

(22)

(23)

(28)

(74)

(31)

(38)

134

^[1]

Parent Company [Member]

Revenues

Expenses

(3)

(6)

Interest expense related to corporate debt, net:

(5)

(11)

(10)

(58)

(20)

(23)

(28)

(74)

Subsidiary Issuers [Member]

Revenues

Expenses

106

(2)

(6)

(5)

(17)

Interest expense related to corporate debt, net:

109

147

163

198

(109)

(147)

(163)

(198)

136

100

(20)

(23)

(33)

(44)

Guarantor Subsidiaries [Member]

Revenues

1,049

972

1,965

1,809

309

288

576

535

1,358

1,260

2,541

2,344

Expenses

660

613

1,264

1,171

505

327

946

587

157

165

297

296

(4)

(1)

Interest expense related to corporate debt, net:

1,399

1,187

2,662

2,208

(41)

(121)

136

(52)

(34)

(70)

(48)

189

327

136

100

(101)

(39)

(144)

(41)

Non-Guarantor Subsidiaries [Member]

Revenues

504

466

917

845

891

643

1,646

1,170

1,395

1,109

2,563

2,015

Expenses

439

390

831

760

516

323

948

566

117

100

214

183

144

121

Interest expense related to corporate debt, net:

1,192

912

2,216

1,700

203

197

347

315

(14)

(20)

(13)

189

183

327

302

(194)

(151)

(335)

(245)

Eliminations [Member]

Revenues

(559)

(367)

(1,048)

(666)

(559)

(367)

(1,048)

(666)

Expenses

(504)

(174)

(944)

(290)

(55)

(43)

(104)

(86)

Interest expense related to corporate debt, net:

(559)

(217)

(1,048)

(376)

(150)

(290)

(315)

(85)

(500)

(89)

(315)

(235)

(500)

(379)

328

134

523

204