Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2014	Jul. 31, 2014
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Trading Symbol	CAR
Entity Registrant Name	AVIS BUDGET GROUP, INC.
Entity Central Index Key	0000723612
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		104,034,977

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Revenues

Vehicle rental

$ 1,553

$ 1,438

$ 2,882

$ 2,654

Other

641

564

1,174

1,039

Net revenues

2,194

2,002

4,056

3,693

Expenses

Operating

1,105

1,007

2,105

1,937

Vehicle depreciation and lease charges, net

517

476

950

863

Selling, general and administrative

287

274

535

498

Vehicle interest, net

136

123

Interest expense related to corporate debt, net:

Interest expense

111

114

Early extinguishment of debt

131

Transaction-related costs

Restructuring expense

^[1]

Total expenses

2,146

2,040

4,003

3,788

Income (loss) before income taxes

(38)

(95)

Provision for (benefit from) income taxes

(10)

(21)

Net income (loss)

(28)

(74)

Comprehensive income (loss)

$ 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, unless otherwise specified	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) (USD $)	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, unless otherwise specified	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 And Recently Issued Accounting Pronouncements [Abstract]

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

- Definition

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

+ References+ Details

Earnings Per Share 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.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

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.

- Definition

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).

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+ Details

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.

- Definition

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 [Abstract]

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.

- Definition

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

+ References+ Details

Long-term Debt and Borrowing Arrangements

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

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 Disclosure [Abstract]

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.

- Definition

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

+ References+ Details

Commitments and Contingencies	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.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

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.

- Definition

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.

+ References

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+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2014

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

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.