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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2015	Jan. 29, 2016	Jun. 30, 2015
Document Documentand Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Trading Symbol	CAR
Entity Registrant Name	AVIS BUDGET GROUP, INC.
Entity Central Index Key	0000723612
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		97,039,594
Entity Public Float			$ 4,532,680,060

Consolidated Statements Of Operations - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Vehicle rental									$ 6,026	$ 6,026	$ 5,707
Other									2,476	2,459	2,230
Net revenues									8,502	8,485	7,937
Expenses
Operating									4,284	4,251	4,074
Vehicle depreciation and lease charges, net									1,933	1,996	1,811
Selling, general and administrative									1,093	1,080	1,019
Vehicle interest, net									289	282	264
Non-vehicle related depreciation and amortization									218	180	152
Interest expense related to corporate debt, net:
Interest expense									194	209	228
Early extinguishment of debt									23	56	147
Transaction-related costs, net									68	13	51
Restructuring expense									18	26	61
Impairment									0	0	33
Total expenses									8,120	8,093	7,840
Income before income taxes									382	392	97
Provision for income taxes									69	147	81
Net income									$ 313	$ 245	$ 16
Earnings (loss) per share
Basic (in dollars per share)	$ (0.06)	$ 1.80	$ 1.36	$ (0.09)	$ 0.22	$ 1.84	$ 0.25	$ 0.03	$ 3.02	$ 2.32	$ 0.15
Diluted (in dollars per share)	$ (0.06)	$ 1.77	$ 1.34	$ (0.09)	$ 0.21	$ 1.74	$ 0.24	$ 0.03	$ 2.98	$ 2.22	$ 0.15

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 313	$ 245	$ 16
Other comprehensive income (loss), net of tax
Currency translation adjustments, net of tax of $(22), $(30) and $7, respectively	(131)	(115)	(27)
Available-for-sale securities:
Net unrealized gains (losses) on available-for-sale securities, net of tax of $1, $0 and $0, respectively	(2)	0	0
Cash flow hedges:
Net unrealized holding gains (losses), net of tax of $4, $4 and $1, respectively	(6)	(7)	1
Less: Cash flow hedges reclassified to earnings, net of tax of $(3), $(3) and $0, respectively	5	5	0
Minimum pension liability adjustment:
Pension and post-retirement benefits, net of tax of $(1), $25 and $(19), respectively	6	(24)	24
Less: Pension and post-retirement benefits reclassified to earnings, net of tax of $(2), $(1) and $(6), respectively	3	2	9
Other comprehensive income (loss)	(125)	(139)	7
Total comprehensive income	$ 188	$ 106	$ 23

Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax	$ (22)	$ (30)	$ 7
Net Unrealized gains (losses) on available-for-sale securities, tax	1	0	0
Net unrealized holding losses arising during period,tax	4	4	1
Cash flow hedges reclassified to earnings, tax	(3)	(3)	0
Pension and post retirement benefits, tax	(1)	25	(19)
Pension and post retirement benefits reclassified to earnings, tax	$ (2)	$ (1)	$ (6)

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 452	$ 624
Receivables (net of allowance for doubtful accounts of $34, respectively)	668	599
Other current assets	507	456
Total current assets	1,627	1,679
Property and equipment, net	681	638
Deferred income taxes	1,488	1,511
Goodwill	973	842
Other intangibles, net	917	886
Other non-current assets	232	228
Total assets exclusive of assets under vehicle programs	5,918	5,784
Assets under vehicle programs:
Program cash	258	119
Vehicles, net	10,658	10,215
Receivables from vehicle manufacturers and other	438	362
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	362	362
Assets under vehicle programs	11,716	11,058
Total assets	17,634	16,842
Current liabilities:
Accounts payable and other current liabilities	1,485	1,491
Short-term debt and current portion of long-term debt	26	28
Total current liabilities	1,511	1,519
Long-term debt	3,435	3,325
Other non-current liabilities	734	766
Total liabilities exclusive of liabilities under vehicle programs	5,680	5,610
Liabilities under vehicle programs:
Debt	2,064	1,760
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party	6,796	6,296
Deferred income taxes	2,367	2,267
Other	288	244
Total Liabilities under vehicle programs	11,515	10,567
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value—authorized 10 shares; none issued and outstanding	0	0
Common stock, $.01 par value—authorized 250 shares; issued 137 shares, respectively	1	1
Additional paid-in capital	7,010	7,212
Accumulated deficit	(1,802)	(2,115)
Accumulated other comprehensive loss	(147)	(22)
Treasury stock, at cost—39 and 31 shares, respectively	(4,623)	(4,411)
Total stockholders’ equity	439	665
Total liabilities and stockholders’ equity	$ 17,634	$ 16,842

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 34	$ 34
Preferred stock,par value	$ 0.01	$ 0.01
Preferred stock,shares authorized	10,000,000	10,000,000
Preferred stock,shares issued	0	0
Preferred stock,shares outstanding	0	0
Common stock,par value	$ 0.01	$ 0.01
Common stock,shares authorized	250,000,000	250,000,000
Common stock,shares issued	137,000,000	137,000,000
Treasury stock,shares	39,000,000	31,000,000

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net income	$ 313	$ 245	$ 16
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Vehicle depreciation	1,837	1,840	1,678
Gain on sale of vehicles, net	(60)	(7)	(6)
Non-vehicle related depreciation and amortization	218	180	152
Deferred income taxes	58	65	37
Stock-based compensation	28	25	20
Amortization of debt financing fees	42	41	41
Early extinguishment of debt costs	23	56	147
Impairment	0	0	33
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Receivables	(42)	(60)	(66)
Income taxes	(18)	37	(14)
Accounts payable and other current liabilities	(79)	(3)	(28)
Other, net	264	160	243
Net cash provided by operating activities	2,584	2,579	2,253
Investing activities
Property and equipment additions	(199)	(182)	(152)
Proceeds received on asset sales	15	21	22
Net assets acquired (net of cash acquired)	(256)	(416)	(537)
Other, net	6	(11)	2
Net cash used in investing activities exclusive of vehicle programs	(434)	(588)	(665)
Vehicle programs:
Increase in program cash	(148)	(10)	(79)
Investment in vehicles	(11,928)	(11,875)	(10,899)
Proceeds received on disposition of vehicles	9,680	9,666	9,409
Net Cash Used In Investing Activities Of Vehicle Programs	(2,396)	(2,219)	(1,569)
Net cash used in investing activities	(2,830)	(2,807)	(2,234)
Financing activities
Proceeds from long-term borrowings	377	871	2,972
Payments on long-term borrowings	(301)	(762)	(2,608)
Net change in short-term borrowings	(22)	5	(36)
Debt financing fees	(7)	(17)	(37)
Purchases of warrants	0	0	(78)
Proceeds from sale of call options	0	0	104
Repurchases of common stock	(393)	(297)	(48)
Other, net	(7)	0	3
Net cash (used in) provided by financing activities exclusive of vehicle programs	(353)	(200)	272
Vehicle programs:
Proceeds from borrowings	14,138	14,373	12,953
Payments on borrowings	(13,648)	(13,963)	(13,115)
Debt financing fees	(22)	(28)	(34)
Net cash provided by financing activities of vehicle programs	468	382	(196)
Net cash provided by (used in) financing activities	115	182	76
Effect of changes in exchange rates on cash and cash equivalents	(41)	(23)	(8)
Net (decrease) increase in cash and cash equivalents	(172)	(69)	87
Cash and cash equivalents, beginning of period	624	693	606
Cash and cash equivalents, end of period	452	624	693
Supplemental Disclosure
Interest payments	454	474	457
Income tax payments, net	$ 29	$ 45	$ 58

Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Balance (in shares) at Dec. 31, 2012		137,100				(30,000)
Balance at Dec. 31, 2012	$ 757	$ 1	$ 8,211	$ (2,376)	$ 110	$ (5,189)
Comprehensive income (loss):
Net income	16			16
Other comprehensive income (loss)	7				7
Total comprehensive income (loss)	23
Net activity related to restricted stock units (in shares)						400
Net activity related to restricted stock units	10		(197)			$ 207
Number of Options - Exercised						900
Exercise of stock options	2		(155)			$ 157
Excess Tax Benefit from Share-based Compensation, Financing Activities	3		3
Activity related to employee stock purchase plan	1		(1)			$ 2
Repurchase of warrants	(78)		(78)
Sale of call options, net of tax of $(1)	103		110
Treasury Stock, Shares						200
Treasury Stock, Value						$ (7)
Balance (in shares) at Dec. 31, 2013		137,100				(30,500)
Balance at Dec. 31, 2013	771	$ 1	7,893	(2,360)	117	$ (4,880)
Comprehensive income (loss):
Stock Repurchased During Period, Shares						(1,600)
Repurchases of common stock	(48)					$ (50)
Stock Repurchased During Period, Value	(50)
Balance (in shares) at Dec. 31, 2012		137,100				(30,000)
Balance at Dec. 31, 2012	757	$ 1	8,211	(2,376)	110	$ (5,189)
Balance (in shares) at Dec. 31, 2015		137,100				(39,300)
Balance at Dec. 31, 2015	439	$ 1	7,010	(1,802)	(147)	$ (4,623)
Comprehensive income (loss):
Stock Repurchased During Period, Value	(745)
Balance (in shares) at Dec. 31, 2013		137,100				(30,500)
Balance at Dec. 31, 2013	771	$ 1	7,893	(2,360)	117	$ (4,880)
Comprehensive income (loss):
Net income	245			245
Other comprehensive income (loss)	(139)				(139)
Total comprehensive income (loss)	106
Net activity related to restricted stock units (in shares)						700
Net activity related to restricted stock units	10		(143)			$ 153
Number of Options - Exercised						100
Exercise of stock options	0		(20)			$ 20
Excess Tax Benefit from Share-based Compensation, Financing Activities	12		12
Activity related to employee stock purchase plan	$ 0		(1)			$ 1
Stock Issued During Period, Shares, Conversion of Convertible Securities	(4,000)					(4,000)
Stock Issued During Period, Value, Conversion of Convertible Securities	$ 66		(529)			$ 595
Balance (in shares) at Dec. 31, 2014		137,100				(31,400)
Balance at Dec. 31, 2014	665	$ 1	7,212	(2,115)	(22)	$ (4,411)
Comprehensive income (loss):
Stock Repurchased During Period, Shares						(5,700)
Repurchases of common stock	(297)					$ (300)
Stock Repurchased During Period, Value	(300)
Net income	313
Other comprehensive income (loss)	(125)				(125)
Total comprehensive income (loss)	188
Net activity related to restricted stock units (in shares)						900
Net activity related to restricted stock units	$ (13)		(191)			$ 178
Number of Options - Exercised	20					0
Exercise of stock options	$ 0		(3)			$ 3
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation	(7)		(7)
Activity related to employee stock purchase plan	0		(1)			$ 1
Balance (in shares) at Dec. 31, 2015		137,100				(39,300)
Balance at Dec. 31, 2015	$ 439	$ 1	$ 7,010	$ (1,802)	$ (147)	$ (4,623)
Comprehensive income (loss):
Stock Repurchased During Period, Shares	(16,100)					(8,800)
Repurchases of common stock	$ (393)					$ (394)
Stock Repurchased During Period, Value	$ (394)

Consolidated Statements Of Stockholders' Equity (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($)
Statement of Stockholders' Equity [Abstract]
Sale of call options, tax	$ (1)

Basis of Presentation

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation


1.	Basis of Presentation

Avis Budget Group, Inc. provides car and truck rentals, car sharing services and ancillary services to businesses and consumers worldwide. The accompanying Consolidated Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, the “Company”).

The Company operates the following reportable business segments:


•	Americas—provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates the Company’s car sharing business in certain of these markets.


•	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, Australia and New Zealand, and operates the Company’s car sharing business in certain of these markets.

In 2015, 2014 and 2013, the Company completed the business acquisitions discussed in Note 5 to these Consolidated Financial Statements. The operating results of the acquired businesses are included in the accompanying Consolidated Financial Statements from the dates of acquisition.

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

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Accounting Principles

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

Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Company and all entities in which it has a direct or indirect controlling financial interest and variable interest entities for which the Company has determined it is the primary beneficiary. Intercompany transactions have been eliminated in consolidation.

Reclassifications

Certain reclassifications have been made to prior years’ Consolidated Financial Statements to conform to the current year presentation. These reclassifications have no impact on period reported net income or cash flow.

Use of Estimates and Assumptions

The use of estimates and assumptions as determined by management is required in the preparation of the Consolidated Financial Statements in conformity with GAAP. These estimates are based on management’s evaluation of historical trends and other information available when the Consolidated Financial Statements are prepared and may affect the amounts reported and related disclosures. Actual results could differ from those estimates.

Revenue Recognition

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

Vehicle rental and rental-related revenue is recognized over the period the vehicle is rented. Licensing revenue principally consists of royalties paid by the Company’s licensees and is recorded within other revenues as the licensees’ revenue is earned (over the rental period of a vehicle). The Company renews license agreements in the normal course of business and occasionally terminates, purchases or sells license agreements. In connection with ongoing fees that the Company receives from its licensees pursuant to license agreements, the Company is required to provide certain services, such as training, marketing and the operation of reservation systems. Revenue and expenses associated with gasoline, vehicle licensing and airport concessions are recorded on a gross basis within revenue and operating expenses. Membership fees related to the Company’s car sharing business are generally nonrefundable, are deferred and recognized ratably over the period of membership and are included in accounts payable and other current liabilities in the Consolidated Balance Sheets.

Currency Translation

Assets and liabilities of foreign operations are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the prevailing monthly average rate of exchange. The related translation adjustments are reflected in accumulated other comprehensive income (loss) in the stockholders’ equity section of the Consolidated Balance Sheets and in the Consolidated Statements of Comprehensive Income. The accumulated currency translation adjustment as of December 31, 2015 and 2014 was $(80) million and $51 million, respectively. The Company has designated its 6% Euro-denominated Notes as a hedge of its investment in Euro-denominated foreign operations and, accordingly, records the effective portion of gains or losses on this net investment hedge in accumulated other comprehensive income (loss) as part of currency translation adjustments.

Cash and Cash Equivalents

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

Property and Equipment

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



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

The Company capitalizes the costs of software developed for internal use when the preliminary project stage is completed and management (i) commits to funding the project and (ii) believes it is probable that the project will be completed and the software will be used to perform the function intended. The software developed or obtained for internal use is amortized on a straight-line basis commencing when such software is ready for its intended use. The net carrying value of software developed or obtained for internal use was $185 million and $140 million as of December 31, 2015 and 2014, respectively.

Goodwill and Other Intangible Assets

Goodwill represents the excess, if any, of the fair value of the consideration transferred by the acquirer and the fair value of any non-controlling interest remaining in the acquiree, if any, over the fair values of the identifiable net assets acquired. The Company does not amortize goodwill, but assesses it for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amounts of their respective reporting units exceed their fair values. The Company performs its annual impairment assessment in the fourth quarter of each year at the reporting unit level. The Company assesses goodwill for such impairment by comparing the carrying value of each reporting unit to its fair value using the present value of expected future cash flows. When appropriate, comparative market multiples and other factors are used to corroborate the discounted cash flow results.

Other intangible assets, primarily trademarks, with indefinite lives are not amortized but are evaluated annually for impairment and whenever events or changes in circumstances indicate that the carrying amount of this asset may exceed its fair value. If the carrying value of an other intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Other intangible assets with finite lives are amortized over their estimated useful lives and are evaluated each reporting period to determine if circumstances warrant a revision to these lives.

Impairment of Long-Lived Assets

The Company is required to assess long-lived assets for impairment whenever circumstances indicate impairment may have occurred. This analysis is performed by comparing the respective carrying values of the assets to the undiscounted expected future cash flows to be generated from such assets. Property and equipment is evaluated separately at the lowest level of identifiable cash flows. If such analysis indicates that the carrying value of these assets is not recoverable, the carrying value of such assets is reduced to fair value.

Program Cash

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

Vehicles

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

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

The estimation of residual values requires the Company to make assumptions regarding the age and mileage of the car at the time of disposal, as well as expected used vehicle auction market conditions. The Company periodically evaluates estimated residual values and adjusts depreciation rates as appropriate. Differences between actual residual values and those estimated result in a gain or loss on disposal and are recorded as part of vehicle depreciation at the time of sale. Vehicle-related interest expense amounts are net of vehicle-related interest income of $13 million, $10 million and $9 million for 2015, 2014 and 2013, respectively.

Advertising Expenses

Advertising costs are generally expensed in the period incurred. Advertising expenses, recorded within selling, general and administrative expense on our Consolidated Statements of Operations, include radio, television, travel partner rewards programs, Internet advertising and other advertising and promotions and were approximately $123 million, $112 million and $116 million in 2015, 2014 and 2013, respectively.

Taxes

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

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

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

Fair Value Measurements

The Company measures fair value of assets and liabilities and discloses the source for such fair value measurements. Financial assets and liabilities are classified as follows: Level 1, which refers to assets and liabilities valued using quoted prices from active markets for identical assets or liabilities; Level 2, which refers to assets and liabilities for which significant other observable market inputs are readily available; and Level 3, which are valued based on significant unobservable inputs.

The fair value of the Company’s financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (Level 1 inputs). In some cases where quoted market prices are not available, prices are derived by considering the yield of the benchmark security that was issued to initially price the instruments and adjusting this rate by the credit spread that market participants would demand for the instruments as of the measurement date (Level 2 inputs). In situations where long-term borrowings are part of a conduit facility backed by short-term floating rate debt, the Company has determined that its carrying value approximates the fair value of this debt (Level 2 inputs). The carrying amounts of cash and cash equivalents, available-for-sale securities, accounts receivable, program cash and accounts payable and accrued liabilities approximate fair value due to the short-term maturities of these assets and liabilities.

The Company’s derivative assets and liabilities consist principally of currency exchange contracts, interest rate swaps, interest rate caps and commodity contracts, and are carried at fair value based on significant observable inputs (Level 2 inputs). Derivatives entered into by the Company are typically executed over-the-counter and are valued using internal valuation techniques, as no quoted market prices exist for such instruments. The valuation technique and inputs depend on the type of derivative and the nature of the underlying exposure. The Company principally uses discounted cash flows to value these instruments. These models take into account a variety of factors including, where applicable, maturity, commodity prices, interest rate yield curves of the Company and counterparties, credit curves, counterparty creditworthiness and currency exchange rates. These factors are applied on a consistent basis and are based upon observable inputs where available.

Derivative Instruments

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

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

Investments

Joint venture investments are typically accounted for under the equity method of accounting. Under this method, the Company records its proportional share of the joint venture’s net income or loss within operating expenses in the Consolidated Statements of Operations. The Company assesses equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Any difference between the carrying value of the equity method investment and its estimated fair value is recognized as an impairment charge if the loss in value is deemed other than temporary. As of December 31, 2015 and 2014, the Company had investments in several joint ventures with a carrying value of $36 million and $46 million, respectively, recorded within other non-current assets on the Consolidated Balance Sheets.

Aggregate realized gains and losses on investments and dividend income are recorded within operating expenses on the Consolidated Statements of Operations. During 2014, the Company realized gains of $7 million from the sale of equity investments and during 2015 and 2013, the amounts realized were not material.

Self-Insurance Reserves

The Consolidated Balance Sheets include $413 million and $397 million of liabilities associated with retained risks of liability to third parties as of December 31, 2015 and 2014, respectively. Such liabilities relate primarily to public liability and third-party property damage claims, as well as claims arising from the sale of ancillary insurance products including but not limited to supplemental liability, personal effects protection and personal accident insurance. These obligations represent an estimate for both reported claims not yet paid and claims incurred but not yet reported. The estimated reserve requirements for such claims are recorded on an undiscounted basis utilizing actuarial methodologies and various assumptions which include, but are not limited to, the Company’s historical loss experience and projected loss development factors. The required liability is also subject to adjustment in the future based upon changes in claims experience, including changes in the number of incidents for which the Company is ultimately liable and changes in the cost per incident. These amounts are included within accounts payable and other current liabilities and other non-current liabilities.

The Consolidated Balance Sheets also include liabilities of approximately $70 million and $67 million as of December 31, 2015 and 2014, respectively, related to workers’ compensation, health and welfare and other employee benefit programs. The liabilities represent an estimate for both reported claims not yet paid and claims incurred but not yet reported, utilizing actuarial methodologies similar to those mentioned above. These amounts are included within accounts payable and other current liabilities and other non-current liabilities.

Stock-Based Compensation

Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense on a straight-line basis over the vesting period. The Company’s policy is to record compensation expense for stock options, and restricted stock units that are time- and performance-based, for the portion of the award that is expected to vest. Compensation expense related to market-based restricted stock units is recognized provided that the requisite service is rendered, regardless of when, if ever, the market condition is satisfied. We estimate the fair value of restricted stock units using the market price of the Company’s common stock on the date of grant. We estimate the fair value of stock-based and cash unit awards containing a market condition using a Monte Carlo simulation model. Key inputs and assumptions used in the Monte Carlo simulation model include the stock price of the award on the grant date, the expected term, the risk-free interest rate over the expected term, the expected annual dividend yield and the expected stock price volatility. The expected volatility is based on a combination of the historical and implied volatility of the Company’s publicly traded, near-the-money stock options, and the valuation period is based on the vesting period of the awards. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant and, since the Company does not currently pay or plan to pay a dividend on its common stock, the expected dividend yield was zero.

Business Combinations

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

The Company records contingent consideration resulting from a business combination at its fair value on the acquisition date. The fair value of the contingent consideration is generally estimated by utilizing a Monte Carlo simulation technique, based on a range of possible future results (Level 3). Any changes in contingent consideration are recorded in transaction-related costs, net. During 2015, the Company paid $18 million of contingent consideration associated with the acquisition of Apex, which consisted of $9 million related to the liability recognized at fair value as of the acquisition date and $13 million related to fair value adjustments previously recognized in earnings, partially offset by $4 million of favorable currency exchange rate movements.

Transaction-related Costs, net

Transaction-related costs, net are classified separately in the Consolidated Statements of Operations. These costs comprise expenses related to acquisition-related activities such as due-diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with those of the Company, including the implementation of best practices and process improvements, non-cash charges related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions.

Currency Transactions

Currency gains and losses resulting from foreign currency transactions are generally included in operating expenses within the Consolidated Statement of Operations; however, the net gain or loss of currency transactions on intercompany loans and the unrealized gain or loss on intercompany loan hedges are included within interest expense related to corporate debt, net. During the years ended December 31, 2015, 2014 and 2013, the Company recorded losses of $11 million, $9 million and $11 million, respectively, on such items.

Adoption of New Accounting Standards During 2015

On January 1, 2015, the Company adopted Accounting Standards Update (“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. The adoption of this accounting pronouncement did not have an impact on the Company’s Consolidated Financial Statements.

In November 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes,” which requires that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. ASU 2015-17 becomes effective for the Company on January 1, 2017; however, the Company has elected to adopt the provisions of ASU 2015-17 early on a retrospective basis. Accordingly, in the Company’s Consolidated Balance Sheet as of December 31, 2014, current deferred income tax assets of $159 million have been reclassified to non-current assets to conform to ASU 2015-17. For additional information, see Note 8-Income Taxes.

In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. ASU 2015-03 becomes effective for the Company on January 1, 2016; however, the Company has elected to adopt the provisions of ASU 2015-03 early on a retrospective basis. Accordingly, in the Company’s Consolidated Balance Sheet as of December 31, 2014, debt issuance costs associated with long-term debt of $67 million and $60 million were reclassified from other noncurrent assets to long-term debt and to liabilities under vehicle programs, respectively, to conform to ASU 2015-03. For additional information, see Note 12-Long-term Debt and Borrowing Arrangements, Note13-Debt under Vehicle Programs, Note 18-Financial Instruments and Note 19-Segment Information.

Recently Issued Accounting Pronouncements

In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” which makes limited amendments to the classification and measurement of financial instruments. The new standard amends certain disclosure requirements associated with the fair value of financial instruments. ASU 2016-01 becomes effective for the Company on January 1, 2018. The adoption of this accounting pronouncement is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement to retrospectively account for adjustments made to provisional amounts recognized in a business combination at the acquisition date. Instead, the cumulative impact of any adjustment will be recognized in the reporting period in which the adjustment is identified. ASU 2015-16 became effective for the Company on January 1, 2016. The adoption of this accounting pronouncement did not have a material impact on the Company’s Consolidated Financial Statements.

In April 2015, the FASB issued ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which provides guidance for determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software, rather than as a service contract. ASU 2015-05 became effective for the Company on January 1, 2016. The adoption of this accounting pronouncement did not have a material impact on the Company’s Consolidated Financial Statements.

In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and to provide related footnote disclosures in certain circumstances. ASU 2014-15 became effective for the Company on January 1, 2016. The adoption of this accounting pronouncement did not have an impact on the Company’s Consolidated 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, 2018. The Company has not completed its preliminary evaluation of the effect of this accounting pronouncement and cannot yet quantify the impact on its Consolidated Financial Statements. The Company has not yet selected a transition method by which it will adopt this standard.

Earnings Per Share

12 Months Ended

Dec. 31, 2015

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):



		Year Ended December 31,
		2015		2014		2013
Net income for basic EPS		$	313	$	245	$	16
Convertible debt interest, net of tax		—		1		—
Net income for diluted EPS		$	313	$	246	$	16

Basic weighted average shares outstanding		103.4		105.4		107.6
Options, warrants and non-vested stock		1.6		2.1		3.8
Convertible debt		—		3.1		—
Diluted weighted average shares outstanding		105.0		110.6		111.4

Earnings per share:
	Basic	$	3.02	$	2.32	$	0.15
	Diluted	$	2.98	$	2.22	$	0.15

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



	As of December 31,
	2015	2014	2013
Non-vested stock ^(a)	0.1	—	—
Shares underlying convertible debt	—	—	4.0

__________


^(a)	The weighted average grant date fair value for anti-dilutive non-vested stock for 2015 was $61.15.

Restructuring

12 Months Ended

Dec. 31, 2015

Restructuring and Related Activities [Abstract]

Restructuring


4.	Restructuring

In conjunction with recent acquisitions (see Note 5-Acquisitions), the Company has identified opportunities to integrate and streamline its operations, primarily in Europe (the “Acquisition integration”). During the year ended December 31, 2015, as part of this process, the Company formally communicated the termination of employment to approximately 180 employees, and as of December 31, 2015, the Company terminated approximately 140 of these employees. The costs associated with this initiative primarily represent severance, outplacement services and other costs associated with employee terminations, the majority of which have been or are expected to be settled in cash. The Company expects further restructuring expense of approximately $10 million related to this initiative to be incurred in 2016.

In 2014, the Company committed to various strategic initiatives to identify best practices and drive efficiency throughout its organization, by reducing headcount, improving processes and consolidating functions (the “T15 restructuring”). During the years ended December 31, 2015 and 2014, as part of this process, the Company formally communicated the termination of employment to approximately 325 and 75 employees, respectively. During 2015, the Company terminated approximately 315 of the affected employees. The costs associated with this initiative primarily represent severance, outplacement services and other costs associated with employee terminations, the majority of which have been or are expected to be settled in cash. The Company does not anticipate any further restructuring expense related to this phase of the initiative.

In 2012, the Company initiated a strategic restructuring initiative to better position its truck rental operations in the United States, in which it closed certain rental locations and decreased the size of the rental fleet, with the intent to increase fleet utilization and reduce costs (the “Truck Rental restructuring”). This initiative is complete.

In 2011, subsequent to the acquisition of Avis Europe plc, the Company initiated restructuring initiatives, identifying synergies across the Company, enhancing organizational efficiencies and consolidating and rationalizing processes (the “Avis Europe restructuring”). During the years ended December 31, 2014 and 2013, as part of this process, the Company formally communicated the termination of employment to approximately 230 and 580 employees, respectively. The costs associated with severance, outplacement services and other costs associated with employee terminations were settled in cash. This initiative is substantially complete.

The following tables summarize the change to our restructuring-related liabilities and identify the amounts recorded within the Company’s reporting segments for restructuring charges and corresponding payments and utilizations:



		Personnel Related			Facility Related			Other ^(a)			Total
Balance as of January 1, 2013		$	12		$	1		$	—		$	13
	Avis Europe restructuring expense	34			6			—			40
	Truck Rental restructuring expense	—			—			21			21
	Avis Europe restructuring payment	(29		)	(2		)	—			(31		)
	Truck Rental payment/utilization	—			—			(21		)	(21		)
Balance as of December 31, 2013		17			5			—			22
	Avis Europe restructuring expense	20			1			—			21
	T15 restructuring expense	5			—			—			5
	Avis Europe restructuring payment	(27		)	(3		)	—			(30		)
	T15 restructuring payment	(1		)	—			—			(1		)
Balance as of December 31, 2014		14			3			—			17
	T15 restructuring expense	9			—			—			9
	Acquisition integration expense	9			—			—			9
	Avis Europe restructuring payment	(7		)	(2		)	—			(9		)
	T15 restructuring payment	(12		)	—			—			(12		)
	Acquisition integration payment	(3		)	—			—			(3		)
Balance as of December 31, 2015		$	10		$	1		$	—		$	11

__________


^(a)	Includes expenses related to the disposition of vehicles.



		Americas			International			Total
Balance as of January 1, 2013		$	1		$	12		$	13
	Avis Europe restructuring expense	7			33			40
	Truck Rental restructuring expense	21			—			21
	Avis Europe restructuring payment	(7		)	(24		)	(31		)
	Truck Rental payment/utilization	(21		)	—			(21		)
Balance as of December 31, 2013		1			21			22
	Avis Europe restructuring expense	4			17			21
	T15 restructuring expense	4			1			5
	Avis Europe restructuring payment	(4		)	(26		)	(30		)
	T15 restructuring payment	(1		)	—			(1		)
Balance as of December 31, 2014		4			13			17
	T15 restructuring expense	6			3			9
	Acquisition integration expense	1			8			9
	Avis Europe restructuring payment	(1		)	(8		)	(9		)
	T15 restructuring payment	(8		)	(4		)	(12		)
	Acquisition integration payment	(1		)	(2		)	(3		)
Balance as of December 31, 2015		$	1		$	10		$	11

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions 2015 Maggiore Group In April 2015, the Company completed the acquisition of Maggiore Group (“Maggiore”) for approximately $160 million, net of acquired cash and short-term investments. The investment enables the Company to expand its footprint with a leading provider of vehicle rental services in Italy. The excess of the purchase price over preliminary fair value of net assets acquired was allocated to goodwill, which was assigned to the Company’s International reportable segment. In connection with this acquisition, approximately $88 million was recorded in goodwill, $50 million was recorded in customer relationships, $34 million related to trademarks were recorded in other intangibles and $11 million was recorded in license agreements. The customer relationships, trademarks and license agreements will be amortized over a weighted average useful life of approximately ten years. The goodwill is not 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. Brazil In August 2013, the Company made an initial equity investment of $53 million in its Brazilian licensee (“Brazil”) for a 50% ownership stake. Approximately $47 million of this consideration was paid in 2013 and the remaining consideration of $6 million was paid in 2014. In April 2015, the Company acquired the remaining 50% equity interest in Brazil, which is now a wholly-owned subsidiary, for cash consideration of $8 million plus $46 million principally to acquire debt interests and settle certain debt and accrued interest obligations. The acquisition enables the Company to significantly increase its presence in the Brazilian car rental market. The Company’s initial investment in Brazil was recorded as an equity investment within other non-current assets, and the Company’s share of Brazil’s operating results was reported within operating expenses. At December 31, 2014, the Company’s investment, which was recorded in its Americas reportable segment, totaled approximately $12 million, net of an impairment charge of $33 million ($33 million, net of tax). The impairment charge was recorded at the time of the initial investment based on a combination of observable and unobservable fair value inputs (Level 3), specifically a combination of the Income approach-discounted cash flow method and the Market approach-public company market multiple method. Since the Company previously accounted for its 50% interest in Brazil as an equity-method investment, in order to recognize Brazil as a wholly-owned subsidiary in April 2015, the Company remeasured its previously held equity method investment to fair value using the Income approach-discounted cash flow method (Level 3), resulting in a loss of $8 million during 2015 as part of transaction-related costs. The results of the operations of Brazil and the fair value of its assets and liabilities have been included in the Company’s Consolidated Financial Statements from the date of the acquisition. As the fair value of the licensee’s liabilities exceeded its assets, $77 million was allocated to goodwill for the excess of the purchase price over preliminary fair value of net assets acquired, which was assigned to the Company’s Americas reportable segment and is not 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. Avis and Budget Licensees In November and April 2015, the Company completed the acquisitions of its Avis licensee in Poland and its Avis and Budget licensees in Norway, Sweden and Denmark, respectively, for approximately $62 million, net of acquired cash. Additionally, the Company settled debt obligations of approximately $23 million in Poland. These investments will enable the Company to expand its footprint of Company-operated locations in Europe. The excess of the purchase price over preliminary fair value of net assets acquired was allocated to goodwill, which was assigned to the Company’s International reportable segment. In connection with these acquisitions, approximately $36 million was recorded in license agreements, $29 million was recorded in goodwill and $12 million was recorded in customer relationships. The license agreements and customer relationships will be amortized over a weighted average useful life of approximately eight years. In addition, at the time of acquisition, the Company recorded a $25 million non-cash charge within transaction-related costs, net in connection with license rights reacquired by the Company. The goodwill is not 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. 2014 Budget Licensees During 2014, the Company completed the acquisition of its Budget licensees for Edmonton, Canada; Southern California and Las Vegas, and reacquired the right to operate the Budget brand in Portugal, for approximately $263 million, plus $132 million for acquired fleet. These investments enabled the Company to expand its footprint of Company-operated locations. The acquired fleet was financed under the Company’s existing vehicle financing arrangements. The excess of the purchase price over preliminary fair value of net assets acquired was allocated to goodwill, which was assigned to the Company’s Americas reportable segment for Edmonton, Southern California and Las Vegas and to the Company’s International reportable segment for Portugal. In connection with these acquisitions, approximately $58 million was recorded in identifiable intangible assets (consisting of $10 million related to customer relationships and $48 million related to the license agreements) and $192 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 a weighted average useful life of approximately three years. In addition, the Company recorded a non-cash gain of approximately $20 million within transaction-related costs, net in connection with license rights reacquired by the Company. The goodwill is deductible for tax purposes. Differences between the preliminary allocation of purchase price and the final allocation were not material for Edmonton, Southern California and Las Vegas and Portugal. 2013 Payless Car Rental In July 2013, the Company completed the acquisition of Payless for $46 million, net of acquired cash. The acquisition provided the Company with a position in the deep-value segment of the car rental industry. The excess of the purchase price over preliminary fair value of net assets acquired was allocated to goodwill, which was assigned to the Company’s Americas reportable segment. The goodwill is not deductible for tax purposes. In connection with this acquisition, $23 million was recorded in identifiable intangible assets (consisting of $16 million related to trademarks and $7 million related to license agreements) and $27 million was recorded in goodwill. The trademark assets are indefinite-lived and the license agreements will be amortized over an estimated life of 15 years. Zipcar In March 2013, the Company completed the acquisition of the entire issued share capital of Zipcar, a leading car sharing company, for $473 million, net of acquired cash. The acquisition increased the Company’s growth potential and its ability to better serve a greater variety of customer transportation needs. The excess of the purchase price over fair value of net assets acquired was allocated to goodwill, which was assigned to the Company’s Americas reportable segment and is not deductible for tax purposes. In connection with this acquisition, $188 million was recorded in identifiable intangible assets (consisting of $112 million related to trademarks and $76 million related to customer relationships) and $269 million was recorded in goodwill. The trademark assets are indefinite-lived and the customer relationship intangibles will be amortized over an estimated life of eight years.

- 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).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 805
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472

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-Name Accounting Standards Codification
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+ Details

Intangible Assets

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of:



	As of December 31, 2015						As of December 31, 2014
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements ^(a)	$	263	$	81	$	182	$	259	$	59	$	200
Customer relationships ^(b)	222		68		154		167		50		117
Other ^(b)	41		8		33		8		3		5
	$	526	$	157	$	369	$	434	$	112	$	322

Unamortized Intangible Assets
Goodwill	$	973					$	842
Trademarks	$	548					$	564

_________


^(a)	Primarily amortized over a period ranging from 1 to 40 years with a weighted average life of 19 years.


^(b)	Primarily amortized over a period ranging from 2 to 27 years with a weighted average life of 11 years.

Amortization expense relating to all intangible assets was as follows:



	Year Ended December 31,
	2015		2014		2013
License agreements	$	31	$	16	$	12
Customer relationships	21		18		15
Other	7		2		—
Total	$	59	$	36	$	27

Based on the Company’s amortizable intangible assets at December 31, 2015, the Company expects related amortization expense of approximately $61 million for 2016, $54 million for 2017, $40 million for 2018, $38 million for 2019 and $38 million for 2020, excluding effects of currency exchange rates.

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



		Americas			International			Total Company
Gross goodwill as of January 1, 2014		$	1,904		$	905		$	2,809
	Accumulated impairment losses as of January 1, 2014	(1,587		)	(531		)	(2,118		)
Goodwill as of January 1, 2014		317			374			691
	Acquisitions	190			13			203
	Currency translation adjustments and other	(28		)	(24		)	(52		)
Goodwill as of December 31, 2014		479			363			842
	Acquisitions	77			117			194
	Currency translation adjustments and other	(19		)	(44		)	(63		)
Goodwill as of December 31, 2015		$	537		$	436		$	973

- 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

12 Months Ended

Dec. 31, 2015

Disclosure Components Of Companys Vehicles [Abstract]

Vehicle Rental Activities

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



	As of December 31,
	2015			2014
Rental vehicles	$	11,195		$	11,006
Less: Accumulated depreciation	(1,500		)	(1,465		)
	9,695			9,541
Vehicles held for sale	963			674
Vehicles, net	$	10,658		$	10,215

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



	Year Ended December 31,
	2015			2014			2013
Depreciation expense	$	1,837		$	1,840		$	1,678
Lease charges	156			163			139
Gain on sale of vehicles, net	(60		)	(7		)	(6		)
Vehicle depreciation and lease charges, net	$	1,933		$	1,996		$	1,811

At December 31, 2015, 2014 and 2013, the Company had payables related to vehicle purchases included in liabilities under vehicle programs - other of $269 million, $222 million and $260 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $433 million, $352 million and $378 million, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

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



		Year Ended December 31,
		2015			2014			2013
Current
	Federal	$	(32	)	$	(1	)	$	(4	)
	State	3			4			12
	Foreign	40			79			36
	Current income tax provision	11			82			44

Deferred
	Federal	45			89			28
	State	(1		)	2			8
	Foreign	14			(26		)	1
	Deferred income tax provision	58			65			37
Provision for income taxes		$	69		$	147		$	81

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



	Year Ended December 31,
	2015		2014		2013
United States ^(a)	$	258	$	248	$	4
Foreign	124		144		93
Pretax income	$	382	$	392	$	97

__________


^(a)	For the years ended December 31, 2015, 2014 and 2013, includes corporate debt extinguishment costs of $23 million, $56 million and $147 million, respectively.

Deferred income tax assets and liabilities are comprised of the following:



		As of December 31,
		2015			2014
Deferred income tax assets:
	Net tax loss carryforwards	$	1,567		$	1,483
	Accrued liabilities and deferred revenue	276			297
	Tax credits	76			75
	Depreciation and amortization	13			23
	Acquisition and integration-related liabilities	13			8
	Provision for doubtful accounts	7			7
	Unrealized hedge loss	—			1
	Other	46			57
	Valuation allowance ^(a)	(351		)	(319		)
Deferred income tax assets		1,647			1,632

Deferred income tax liabilities:
	Depreciation and amortization	123			96
	Prepaid expenses	29			21
	Other	7			4
Deferred income tax liabilities		159			121
Deferred income tax assets, net		$	1,488		$	1,511

__________

^(a)

The valuation allowance of $351 million at December 31, 2015 relates to tax loss carryforwards, foreign tax credits and certain deferred tax assets of $267 million, $53 million and $31 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. The valuation allowance of $319 million at December 31, 2014 relates to tax loss carryforwards, foreign tax credits and certain deferred tax assets of $249 million, $46 million and $24 million, respectively.

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



	As of December 31,
	2015		2014
Deferred income tax assets:
Depreciation and amortization	$	53	$	54

Deferred income tax liabilities:
Depreciation and amortization	2,420		2,321
Deferred income tax liabilities under vehicle programs, net	$	2,367	$	2,267

At December 31, 2015, the Company had U.S. federal net operating loss carryforwards of approximately $3.6 billion, most of which expire in 2031. Such net operating loss carryforwards are primarily related to accelerated depreciation of the Company’s U.S. vehicles. Currently, the Company does not record valuation allowances on the majority of its U.S. federal tax loss carryforwards as there are adequate deferred tax liabilities that could be realized within the carryforward period. At December 31, 2015, the Company had foreign net operating loss carryforwards of approximately $583 million with an indefinite utilization period. No provision has been made for U.S. federal deferred income taxes on approximately $941 million of accumulated and undistributed earnings of foreign subsidiaries at December 31, 2015, since it is the present intention of management to reinvest the undistributed earnings indefinitely in those foreign operations. Due to the variability associated with the various methods in which such earnings could be repatriated, it is not practicable to estimate the actual amount of such deferred tax liabilities. If such earnings were repatriated and subject to taxation at the current U.S. federal tax rate, the Company would consider and pursue alternatives to reduce the tax liability.

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



		Year Ended December 31,
		2015		2014		2013
U.S. federal statutory rate		35.0	%	35.0	%	35.0	%
Adjustments to reconcile to the effective rate:
	State and local income taxes, net of federal tax benefits	2.8		3.3		4.1
	Changes in valuation allowances ^(a)	(0.6	)	(3.0	)	15.5
	Taxes on foreign operations at rates different than statutory U.S. federal rates	3.7		1.4		5.9
	Resolution of a prior-year tax matter ^(b)	(25.6	)	—		—
	Non-deductible debt extinguishment costs	—		—		18.8
	Non-deductible transaction-related costs	0.9		—		3.2
	Other non-deductible expenses	1.8		0.9		2.3
	Other	0.1		(0.1	)	(1.3	)
		18.1	%	37.5	%	83.5	%

__________


^(a)	For the year ended December 31, 2013, includes 13.1% related to our impairment expense.


^(b)	For the year ended December 31, 2015, the Company recognized a $98 million income tax benefit from the resolution of a prior-year income tax matter.

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



		2015			2014			2013
Balance at January 1		$	63		$	63		$	54
	Additions for tax positions related to current year	6			5			4
	Additions for tax positions for prior years	3			5			9
	Reductions for tax positions for prior years	(14		)	(8		)	—
	Settlements	(1		)	(2		)	—
	Statute of limitations	(1		)	—			(4		)
Balance at December 31		$	56		$	63		$	63

The Company does not anticipate that total unrecognized tax benefits will change significantly in 2016.

The Company is subject to taxation in the United States and various foreign jurisdictions. As of December 31, 2015, the 2012 through 2014 tax years generally remain subject to examination by the federal tax authorities. The 2010 through 2014 tax years generally remain subject to examination by various state tax authorities. In significant foreign jurisdictions, the 2009 through 2014 tax years generally remain subject to examination by their respective tax authorities.

Substantially all of the gross amount of the unrecognized tax benefits at December 31, 2015, 2014 and 2013, if recognized, would affect the Company’s provision for, or benefit from, income taxes. As of December 31, 2015, the Company’s unrecognized tax benefits were offset by tax loss carryforwards in the amount of $20 million.

The following table presents unrecognized tax benefits:



	As of December 31,
	2015		2014
Unrecognized tax benefit in non-current income taxes payable ^(a)	$	37	$	45
Accrued interest payable on potential tax liabilities ^(b)	28		30

__________


^(a)	Pursuant to the agreements governing the disposition of certain subsidiaries in 2006, the Company is entitled to indemnification for certain pre-disposition tax contingencies. As of December 31, 2015 and 2014, $15 million and $16 million, respectively, of unrecognized tax benefits are related to tax contingencies for which the Company believes it is entitled to indemnification.


^(b)	The Company recognizes potential interest related to unrecognized tax benefits within interest expense related to corporate debt, net on the accompanying Consolidated Statements of Operations. Penalties incurred during the years ended December 31, 2015, 2014 and 2013, were not significant and were recognized as a component of the provision for income taxes.

Other Current Assets

12 Months Ended

Dec. 31, 2015

Disclosure Schedule Of Other Current Assets [Abstract]

Other Current Assets


9.	Other Current Assets

Other current assets consisted of:



	As of December 31,
	2015		2014
Prepaid expenses	$	192	$	192
Sales and use taxes	159		125
Other	156		139
Other current assets	$	507	$	456

Property and Equipment, net

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment, net


10.	Property and Equipment, net

Property and equipment, net consisted of:



	As of December 31,
	2015			2014
Land	$	50		$	51
Buildings and leasehold improvements	567			565
Capitalized software	460			485
Furniture, fixtures and equipment	332			392
Projects in process	89			82
Buses and support vehicles	93			78
	1,591			1,653
Less: Accumulated depreciation and amortization	(910		)	(1,015		)
Property and equipment, net	$	681		$	638

Depreciation and amortization expense relating to property and equipment during 2015, 2014 and 2013 was $159 million, $144 million and $124 million, respectively (including $61 million, $46 million and $36 million, respectively, of amortization expense relating to capitalized software).

Accounts Payable and Other Current Liabilities

12 Months Ended

Dec. 31, 2015

Payables and Accruals [Abstract]

Accounts Payable and Other Current Liabilities


11.	Accounts Payable and Other Current Liabilities

Accounts payable and other current liabilities consisted of:



	As of December 31,
	2015		2014
Accounts payable	$	352	$	328
Accrued sales and use taxes	220		194
Accrued payroll and related	199		229
Public liability and property damage insurance liabilities – current	131		121
Deferred revenue – current	103		89
Other	480		530
Accounts payable and other current liabilities	$	1,485	$	1,491

Long-term Debt and Borrowing Arrangements

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Long-term Debt and Borrowing Arrangements

Long-term debt and other borrowing arrangements consisted of:



	Maturity Date	As of December 31,
	Maturity Date	2015			2014
4⅞% Senior Notes	November 2017	$	300		$	300
Floating Rate Senior Notes	December 2017	249			248
Floating Rate Term Loan ^(a)	March 2019	970			980
9¾% Senior Notes	March 2020	—			223
6% Euro-denominated Senior Notes	March 2021	502			561
5⅛% Senior Notes	June 2022	400			400
5½% Senior Notes	April 2023	674			674
5¼% Senior Notes	March 2025	375			—
Other ^(b)		46			34
Deferred financing fees		(55		)	(67		)
Total		3,461			3,353
Less: Short-term debt and current portion of long-term debt		26			28
Long-term debt		$	3,435		$	3,325

__________


^(a)	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.


^(b)	Primarily includes capital leases which are secured by liens on the related assets.

Term Loan

Floating Rate Term Loan due 2019. The Company issued $500 million and $200 million of Floating Rate Term Loan due 2019 in March and October 2012, respectively, under the Company’s senior credit facility. The Company used the proceeds of the loan to repay approximately $420 million of term loan borrowings due 2014 and 2018 and $75 million of its senior notes due 2014.

During 2013, the Company amended its senior credit facility to issue, in aggregate, an additional $300 million of Floating Rate Term Loan due 2019. A portion of the proceeds was used to partially fund the acquisition of Zipcar. The term loan bears interest at the greater of three-month LIBOR or 0.75% plus 225 basis points, for an aggregate rate of 3.00% at December 31, 2015; however, the Company has entered into an interest rate swap to hedge $600 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.96%.

Senior Notes

4⅞% Senior Notes due 2017. In November 2012, the Company issued its 4⅞% Senior Notes at par, for aggregate proceeds of $300 million with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part at any time on or after May 15, 2015, at specified prices, plus accrued interest through the redemption date.

Floating Rate Senior Notes due 2017. In November 2013, the Company issued its Floating Rate Senior Notes at 98.75% of their face value for aggregate proceeds of $247 million. The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 3.16% at December 31, 2015; however, 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%.

9¾% Senior Notes due 2020. In October 2011, the Company issued 9¾% Senior Notes at par, for aggregate proceeds of $250 million with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part at any time on or after September 15, 2015, at specified prices, plus accrued interest through the redemption date. In April 2013, the Company purchased approximately $27 million of the aggregate principal amount, and in April 2015, the Company redeemed the remaining $223 million principal amount for $243 million plus accrued interest.

6% Euro-denominated Senior Notes. In March 2013, the Company issued €250 million (approximately $325 million, at issuance) of 6% Euro-denominated Senior Notes due March 2021, at par, with interest payable semi-annually. The notes are unsecured obligations of the Company’s Avis Budget Finance plc subsidiary, are guaranteed on a senior basis by the Company and certain of its domestic subsidiaries and rank equally with all of the Company’s existing senior unsecured debt. The Company has the right to redeem these notes in whole or in part on or after April 1, 2016 at specified redemption prices plus accrued interest. The Company used the proceeds from the issuance to partially fund the acquisition of Zipcar.

In March 2014, the Company issued €200 million (approximately $275 million, at issuance) of additional 6% Euro-denominated Senior Notes due 2021. These notes were sold at 106.75% of their face value with interest payable semi-annually, 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.

5⅛% Senior Notes due 2022. 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. The notes were issued at par, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part at any time on or after June 1, 2017 at specified redemption prices plus accrued interest.

5½% Senior Notes due 2023. In April 2013, the Company completed an offering of $500 million of 5½% Senior Notes due April 2023. The notes were issued at par, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part on or after April 1, 2018 at specified redemption prices plus accrued interest. The Company used the proceeds to retire higher-cost debt.

In November 2014, the Company issued $175 million of additional 5½% Senior Notes due 2023 at 99.625% of their face value, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part on or after April 1, 2018 at specified redemption prices plus accrued interest. The Company used the proceeds from the issuance to partially fund the acquisition of its Budget licensee for Southern California and Las Vegas.

5¼% Senior Notes due 2025. In March 2015, the Company issued $375 million of 5¼% Senior Notes due 2025 at par. In April 2015, the Company used net proceeds from the offering to redeem the remaining $223 million principal amount of its 9¾% Senior Notes and to partially fund the acquisition of Maggiore.

The Floating Rate Senior Notes, the 4⅞% Senior Notes, the 9¾% Senior Notes, the 5⅛% Senior Notes, the 5½% Senior Notes and the 5¼% Senior Notes are senior unsecured obligations of the Company’s Avis Budget Car Rental, LLC (“ABCR”) subsidiary, are guaranteed by the Company and certain of its domestic subsidiaries and rank equally in right of payment with all of the Company’s existing and future senior unsecured indebtedness.

In connection with the debt amendments and repayments for the years ended December 31, 2015, 2014 and 2013, the Company recorded $23 million, $56 million and $147 million in early extinguishment of debt costs, respectively.

DEBT MATURITIES

The following table provides contractual maturities of the Company’s corporate debt at December 31, 2015:



Year	Amount
2016	$	26
2017	564
2018	14
2019	948
2020	2
Thereafter	1,962
	$	3,516

COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS

At December 31, 2015, 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)	$	1,800	$	—	$	687	$	1,113
Other facilities ^(b)	3		3		—		—

__________


^(a)	The senior revolving credit facility bears interest at one-month LIBOR plus 200 basis points and is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.


^(b)	These facilities encompass bank overdraft lines of credit, bearing interest of 1.50% to 3.48% as of December 31, 2015.

At December 31, 2015 and 2014, the Company had various uncommitted credit facilities available, which bear interest at rates of 0.21% to 2.50%, under which it had drawn approximately $3 million and $9 million, respectively.

DEBT COVENANTS

The agreements governing the Company’s indebtedness contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries, the incurrence of additional indebtedness by the Company and certain of its subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. The Company’s senior credit facility also contains a maximum leverage ratio requirement. As of December 31, 2015, the Company was in compliance with the financial covenants governing its indebtedness.

Debt Under Vehicle Programs and Borrowing Arrangements

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Debt Under Vehicle Programs and Borrowing Arrangements


	Debt under Vehicle Programs and Borrowing Arrangements

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



	As of December 31,
	2015			2014
Americas – Debt due to Avis Budget Rental Car Funding ^(a)	$	6,837		$	6,340
Americas – Debt borrowings	643			746
International – Debt borrowings ^(a)(b)	1,187			685
International – Capital leases	238			314
Other	8			31
Deferred financing fees ^(c)	(53		)	(60		)
Total	$	8,860		$	8,056

__________


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


^(b)	The increase includes additional borrowing related to the acquisition of Maggiore.


^(c)	Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2015 and 2014 were $41 million and $44 million, respectively.

Americas

Debt due to Avis Budget Rental Car Funding. Avis Budget Rental Car Funding, an unconsolidated bankruptcy remote qualifying special purpose limited liability company, issues privately placed notes to investors as well as to banks and bank-sponsored conduit entities. Avis Budget Rental Car Funding uses the proceeds from its note issuances to make loans to a wholly-owned subsidiary of the Company, AESOP Leasing LP (“AESOP Leasing”), on a continuing basis. AESOP Leasing is required to use the proceeds of such loans to acquire or finance the acquisition of vehicles used in the Company’s rental car operations. By issuing debt through the Avis Budget Rental Car Funding program, the Company pays a lower rate of interest than if it had issued debt directly to third parties. Avis Budget Rental Car Funding is not consolidated, as the Company is not the “primary beneficiary” of Avis Budget Rental Car Funding. The Company determined that it is not the primary beneficiary because the Company does not have the obligation to absorb the potential losses or receive the benefits of Avis Budget Rental Car Funding’s activities since the Company’s only significant source of variability in the earnings, losses or cash flows of Avis Budget Rental Car Funding is exposure to its own creditworthiness, due to its loan from Avis Budget Rental Car Funding. Because Avis Budget Rental Car Funding is not consolidated, AESOP Leasing’s loan obligations to Avis Budget Rental Car Funding are reflected as related party debt on the Company’s Consolidated Balance Sheets. The Company also has an asset within Assets under vehicle programs on its Consolidated Balance Sheets which represents securities issued to the Company by Avis Budget Rental Car Funding. AESOP Leasing is consolidated, as the Company is the “primary beneficiary” of AESOP Leasing; as a result, the vehicles purchased by AESOP Leasing remain on the Company’s Consolidated Balance Sheets. The Company determined it is the primary beneficiary of AESOP Leasing, as it has the ability to direct its activities, an obligation to absorb a majority of its expected losses and the right to receive the benefits of AESOP Leasing’s activities. AESOP Leasing’s vehicles and related assets, which as of December 31, 2015, approximate $8.6 billion and many of which are subject to manufacturer repurchase and guaranteed depreciation agreements, collateralize the debt issued by Avis Budget Rental Car Funding. The assets and liabilities of AESOP Leasing are presented on the Company’s Consolidated Balance Sheets within Assets under vehicle programs and Liabilities under vehicle programs, respectively. The assets of AESOP Leasing, included within assets under vehicle programs (excluding the investment in Avis Budget Rental Car Funding (AESOP) LLC—related party) are restricted. Such assets may be used only to repay the respective AESOP Leasing liabilities, included within Liabilities under vehicle programs, and to purchase new vehicles, although if certain collateral coverage requirements are met, AESOP Leasing may pay dividends from excess cash. The creditors of AESOP Leasing and Avis Budget Rental Car Funding have no recourse to the general credit of the Company. The Company periodically provides Avis Budget Rental Car Funding with non-contractually required support, in the form of equity and loans, to serve as additional collateral for the debt issued by Avis Budget Rental Car Funding.

The business activities of Avis Budget Rental Car Funding are limited primarily to issuing indebtedness and using the proceeds thereof to make loans to AESOP Leasing for the purpose of acquiring or financing the acquisition of vehicles to be leased to the Company’s rental car subsidiaries and pledging its assets to secure the indebtedness. Because Avis Budget Rental Car Funding is not consolidated by the Company, its results of operations and cash flows are not reflected within the Company’s financial statements.

During February 2014 and July 2014, Avis Budget Rental Car Funding issued approximately $675 million in asset-backed notes with an expected final payment date of July 2019 and $500 million in asset-backed notes with an expected final payment date of February 2020, respectively. During January 2015 and May 2015, Avis Budget Rental Car Funding issued approximately $650 million in asset-backed notes with an expected final payment date of July 2020 and approximately $550 million in asset-backed notes with an expected final payment date of December 2020, respectively. The Company used the proceeds from these borrowings to fund the repayment of maturing vehicle-backed debt and the acquisition of rental cars in the United States. Borrowings under the Avis Budget Rental Car Funding program primarily represent fixed rate notes and had a weighted average interest rate of 3% as of December 31, 2015 and 2014.

Debt borrowings. The Company finances the acquisition of vehicles used in its Canadian rental operations through a consolidated, bankruptcy remote special-purpose entity, which issues privately placed notes to investors and bank-sponsored conduits. The Company finances the acquisition of fleet for its truck rental operations in the United States through a combination of debt facilities and leases. These debt borrowings represent a mix of fixed and floating rate debt and had a weighted average interest rate of 3% as of December 31, 2015 and 2014.

International

Debt borrowings. In 2013, the Company entered into a three-year, €500 million (approximately $687 million) European rental fleet securitization program, which is used to finance fleet purchases for certain of the Company’s European operations. During 2015 and 2014, the Company increased its capacity under this program by €210 million (approximately $235 million) and €290 million (approximately $370 million), respectively, and extended the securitization’s maturity to 2017. The Company finances the acquisition of vehicles used in its International rental car operations through this and other consolidated, bankruptcy remote special-purpose entities, which issue privately placed notes to banks and bank-sponsored conduits. The International borrowings primarily represent floating rate notes and had a weighted average interest rate of 3% as of December 31, 2015 and 2014.

Capital leases. The Company obtained a portion of its International vehicles under capital lease arrangements. For the year ended December 31, 2015 and 2014, the weighted average interest rate on these borrowings was 2%. All capital leases are on a fixed repayment basis and interest rates are fixed at the contract date.

DEBT MATURITIES

The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2015:



	Debt under Vehicle Programs
2016^(a)	$	1,501
2017	2,884
2018	1,626
2019	1,389
2020	1,513
	$	8,913

__________


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

COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS

The following table presents available funding under the Company’s debt arrangements related to its vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2015:



	Total Capacity ^(a)		Outstanding Borrowings		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding^(b)	$	8,892	$	6,837	$	2,055
Americas – Debt borrowings^(c)	983		643		340
International – Debt borrowings^(d)	2,109		1,187		922
International – Capital leases ^(e)	259		238		21
Other	8		8		—
Total	$	12,251	$	8,913	$	3,338

__________


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


^(b)	The outstanding debt is collateralized by $8.4 billion of underlying vehicles and related assets.


^(c)	The outstanding debt is collateralized by $0.9 billion of underlying vehicles and related assets.


^(d)	The outstanding debt is collateralized by $1.5 billion of underlying vehicles and related assets.


^(e)	The outstanding debt is collateralized by $0.2 billion 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 December 31, 2015, 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

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


	Commitments and Contingencies

Lease Commitments

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

Future minimum lease payments required under noncancelable operating leases, including minimum concession fees charged by airport authorities, which in many locations are recoverable from vehicle rental customers, as of December 31, 2015, are as follows:



	Amount
2016	$	570
2017	426
2018	316
2019	225
2020	149
Thereafter	577
	$	2,263

The future minimum lease payments in the above table have been reduced by minimum future sublease rental inflows in the aggregate of $4 million for all periods shown in the table.

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



	2015			2014			2013
Rent expense (including minimum concession fees)	$	679		$	639		$	622
Contingent concession expense	195			193			173
	874			832			795
Less: sublease rental income	(5		)	(6		)	(5		)
Total	$	869		$	826		$	790

Commitments under capital leases, other than those within the Company’s vehicle rental programs, for which the future minimum lease payments have been reflected in Note 13-Debt Under Vehicle Programs and Borrowing Arrangements, are not significant.

The Company leases a portion of its vehicles under operating leases, which extend through 2020. As of December 31, 2015, the Company has guaranteed up to $202 million of residual values for these vehicles at the end of their respective lease terms. The Company believes that, based on current market conditions, the net proceeds from the sale of these vehicles at the end of their lease terms will equal or exceed their net book values and therefore has not recorded a liability related to guaranteed residual values.

Contingencies

In 2006, the Company completed the spin-offs of its Realogy and Wyndham subsidiaries. The Company does not believe that the impact of any resolution of pre-existing contingent liabilities in connection with the spin-offs should result in a material liability to the Company in relation to its consolidated financial position or liquidity, as Realogy and Wyndham each have agreed to assume responsibility for these liabilities. The Company is also named in litigation that is primarily related to the businesses of its former subsidiaries, including Realogy and Wyndham. The Company is entitled to indemnification from such entities for any liability resulting from such litigation.

In February 2015, the French Competition Authority issued a statement of objections alleging that several car rental companies, including the Company and two of its European subsidiaries, engaged with (i) twelve French airports, the majority of which are controlled by public administrative bodies or the French state, violated competition law through the distribution of company-specific statistics by airports to car rental companies operating at those airports; and (ii) two other international car rental companies in a concerted practice relating to train station surcharges. The Company believes that it has valid defenses and intends to vigorously defend against the allegations, but it is currently unable to predict the outcome of the proceedings or range of reasonably possible losses, which may be material.

Additionally, in March 2015, the Canadian Competition Bureau filed an application with the Competition Tribunal alleging that the Company and two of its Canadian subsidiaries engaged in deceptive marketing practices with regard to certain charges that consumers are invoiced related to renting a vehicle and associated products in Canada. The application seeks penalties against the Company and its subsidiaries totaling approximately $25 million as well as reimbursements to current and former customers of amounts collected and retained by the Company related to the alleged deceptive marketing practices. The Company believes that it has valid defenses and intends to vigorously defend against the allegations, but it is currently unable to predict the outcome of the proceedings or range of reasonably possible losses, which may be material.

The Company is involved in claims, legal proceedings and governmental inquiries related, among other things, to its vehicle rental operations, including contract and licensee disputes, competition matters, employment matters, insurance claims, intellectual property claims, business practice disputes and other regulatory, environmental, commercial and tax matters. Litigation is inherently unpredictable and, although the Company believes that its accruals are adequate and/or that it has valid defenses in these matters, unfavorable resolutions could occur. Excluding the French and Canadian competition matters discussed above, the Company estimates that the potential exposure resulting from adverse outcomes of legal proceedings in which it is reasonably possible that a loss may be incurred could, in the aggregate, be up to approximately $25 million in excess of amounts accrued as of December 31, 2015; however, the Company does not believe that the impact should result in a material liability to the Company in relation to its consolidated financial condition or results of operations.

Commitments to Purchase Vehicles

The Company maintains agreements with vehicle manufacturers under which the Company has agreed to purchase approximately $7.2 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, computer services and capital expenditures. As of December 31, 2015, the Company had approximately $160 million of purchase obligations, which extend through 2020.

Concentrations

Concentrations of credit risk at December 31, 2015, 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, Fiat, Kia, Toyota, Mercedes, Renault and Hyundai, 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 $54 million and $33 million, respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition.

Asset Retirement Obligations

The Company maintains a liability for asset retirement obligations. An asset retirement obligation is a legal obligation to perform certain activities in connection with the retirement, disposal or abandonment of assets. The Company’s asset retirement obligations, which are measured at discounted fair values, are primarily related to the removal of underground gasoline storage tanks at its rental facilities. Liabilities accrued for asset retirement obligations were $24 million and $25 million at December 31, 2015 and 2014, respectively.

Standard Guarantees/Indemnifications

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

Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Cash Dividend Payments

During 2015, 2014 and 2013, the Company did not declare or pay any cash dividends. The Company’s ability to pay dividends to holders of its common stock is limited by the Company’s senior credit facility, the indentures governing its senior notes and its vehicle financing programs.

Share Repurchases

The Company’s Board of Directors has authorized the repurchase of up to $885 million of its common stock under a plan originally approved in 2013 and subsequently expanded in 2014 and 2015. During 2015, 2014 and 2013, the Company repurchased approximately 16.1 million shares of common stock at a cost of $745 million under the program. As of December 31, 2015, approximately $140 million of authorization remained available to repurchase common stock under this plan. In January 2016, the Board of Directors authorized a $300 million increase in the Company’s share repurchase program.

Convertible Note Hedge and Warrants

In October 2009, the Company issued 3½% Convertible Senior Notes due October 2014. Concurrent with the issuance of the Convertible Notes, the Company purchased a convertible note hedge for approximately $95 million, to potentially reduce the net number of shares required to be issued upon conversion of the Convertible Notes, and issued warrants for approximately $62 million to offset the cost of the convertible note hedge.

The convertible note hedge and warrants, which were to be net-share settled, initially covered the purchase and issuance, respectively, of approximately 21.2 million shares of common stock, subject to customary anti-dilution provisions. The initial strike price per share of the convertible note hedge and warrants was $16.25 and $22.50, respectively. The convertible note hedge was exercisable before expiration only to the extent that corresponding amounts of the Convertible Notes were exercised. The convertible note hedge and warrant transactions were accounted for as capital transactions and included as a component of stockholders’ equity.

In October 2014, the $66 million of outstanding Convertible Notes converted into approximately 4.0 million shares of the Company’s common stock at the initial conversion rate of 61.5385 shares of common stock per $1,000 principal amount.

During 2013, along with the Company’s repurchase of a portion of its Convertible Notes, the Company repurchased warrants for the purchase of the Company’s common stock for $37 million and sold an equal portion of its convertible note hedge for $50 million, reducing the number of shares related to each of the hedge and warrant by approximately 13 million. In addition, the Company unwound the remaining outstanding convertible note hedge and warrants, repurchasing warrants for the purchase of the Company’s common stock for $41 million, and settling its convertible note hedge for proceeds of $54 million and 179,000 shares of the Company’s common stock valued at $7 million.

Accumulated Other Comprehensive Income (Loss)

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



	Currency Translation Adjustments			Net Unrealized Gains (Losses) on Cash Flow Hedges ^(a)			Net Unrealized Gains (Losses) on Available-For-Sale Securities			Minimum Pension Liability Adjustment ^(b)			Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2013	$	193		$	—		$	2		$	(85	)	$	110
Other comprehensive income (loss) before reclassifications	(27		)	1			—			24			(2		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			—			—			9			9
Net current-period other comprehensive income (loss)	(27		)	1			—			33			7
Balance, December 31, 2013	166			1			2			(52		)	117
Other comprehensive income (loss) before reclassifications	(115		)	(7		)	—			(24		)	(146		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			5			—			2			7
Net current-period other comprehensive income (loss)	(115		)	(2		)	—			(22		)	(139		)
Balance, December 31, 2014	51			(1		)	2			(74		)	(22		)
Other comprehensive income (loss) before reclassifications	(131		)	(6		)	(2		)	6			(133		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			5			—			3			8
Net current-period other comprehensive income (loss)	(131		)	(1		)	(2		)	9			(125		)
Balance, December 31, 2015	$	(80	)	$	(2	)	$	—		$	(65	)	$	(147	)

__________

All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include a $69 million gain, net of tax, related to the Company’s hedge of its investment in Euro-denominated foreign operations (See Note 18-Financial Instruments).

^(a)

For the years ended December 31, 2015 and 2014, amounts reclassified from accumulated other comprehensive income (loss) into interest expense were $7 million ($4 million, net of tax) and $8 million ($5 million, net of tax), respectively. For the year ended December 31, 2015, the amount reclassified from accumulated comprehensive income (loss) into vehicle interest expense was $1 million ($1 million, net of tax).


^(b)	For the years ended December 31, 2015, 2014 and 2013, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses and operating expenses were $5 million ($3 million, net of tax), $3 million ($2 million, net of tax) and $15 million ($9 million, net of tax), respectively.

Agreement with Shareholder

In January 2016, the Company entered into an agreement with SRS Investment Management LLC and certain of its affiliates pursuant to which the Company increased the size of its Board to twelve directors and appointed an SRS investment professional to the Board. The Company has also agreed to increase the size of its Board by one additional director and to appoint a reasonably acceptable independent director recommended by SRS. The Company will include the SRS investment professional and the additional director recommended by SRS in its slate of nominees for election as directors at the Company’s 2016 annual meeting of stockholders. The SRS investment professional will be appointed to the Compensation Committee of the Board.

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

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

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

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

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2015

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

Stock-Based Compensation


	Stock-Based Compensation

The Company’s Amended and Restated Equity and Incentive Plan provides for the grant of options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”) and other stock- or cash-based awards to employees, directors and other individuals who perform services for the Company and its subsidiaries. The maximum number of shares reserved for grant of awards under the plan is 18.5 million, with approximately 4.9 million shares available as of December 31, 2015. The Company typically settles stock-based awards with treasury shares.

Time-based awards generally vest ratably over a three-year period following the date of grant, and performance- or market-based awards generally vest three years following the date of grant based on the attainment of performance- or market-based goals, all of which are subject to a service condition.

Cash Unit Awards

The fair value of time-based restricted cash units is based on the Company’s stock price on the grant date. Market-vesting restricted cash units generally vest depending on the level of relative total shareholder return achieved by the Company during the period prior to scheduled vesting. Settlement of restricted cash units is based on the Company’s average closing stock price over a specified number of trading days and the value of these awards varies based on changes in the Company’s stock price.

Stock Unit Awards

Stock unit awards entitle the holder to receive shares of common stock upon vesting on a one-to-one basis. Performance-based RSUs principally vest based upon the level of performance attained, but vesting can increase by up to 20% if certain relative total shareholder return goals are achieved. Market-based RSUs generally vest based on the level of total shareholder return or absolute stock price attainment.

The grant date fair value of the performance-based RSUs incorporates the total shareholder return metric, which is estimated using a Monte Carlo simulation model to estimate the Company’s ranking relative to an applicable stock index. The weighted average assumptions used in the Monte Carlo simulation model to calculate the fair value of the Company’s stock unit awards are outlined in the table below.



	2015	2014	2013
Expected volatility of stock price	37%	40%	43%
Risk-free interest rate	0.74%	0.83%	0.39%
Valuation period	3 years	3 years	3 years
Dividend yield	0%	0%	0%

Annual activity related to stock units 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, 2015		998		$	27.26	1,884		$	19.17	267		$	14.90
	Granted ^(a)	426		54.70		230		55.51		—		—
	Vested ^(b)	(563	)	23.61		(982	)	12.05		(156	)	12.65
	Forfeited/expired	(42	)	41.07		(191	)	20.57		—		—
Outstanding at December 31, 2015 ^(c)		819		$	43.34	941		$	35.18	111		$	18.04

__________

^(a)

Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors, which are discussed separately below. The weighted-average fair value of time-based RSUs and performance-based and market-based RSUs granted in 2014 was $42.05 and $42.03, respectively, and the weighted-average fair value of time-based RSUs, performance-based and market-based RSUs, and cash units granted in 2013 was $21.77, $20.04 and $18.04, respectively.


^(b)	The total fair value of RSUs vested during 2015, 2014 and 2013 was $25 million, $15 million and $13 million, respectively. The total grant date fair value of cash units vested during the year ended December 31, 2015 was $2 million.

^(c)

The Company’s outstanding time-based RSUs, performance-based and market-based RSUs, and cash units had aggregate intrinsic value of $30 million, $34 million and $4 million, respectively. Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $32 million and will be recognized over a weighted average vesting period of 0.8 years. The Company assumes that substantially all outstanding awards will vest over time.

Stock Options

The annual 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, 2015		848		$	2.92	$	54	4.3
	Granted ^(a)	—		—
	Exercised ^(b)	(20	)	5.28		1
	Forfeited/expired	(1	)	0.79
Outstanding and exercisable at December 31, 2015 ^(c)		827		$	2.87	$	28	3.3

__________


^(a)	No stock options were granted during 2014 or 2013.


^(b)	Stock options exercised during 2014 and 2013 had intrinsic values of $6 million and $23 million, respectively, and the cash received from the exercise of options was insignificant in 2015 and 2014 and $3 million in 2013.


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

Non-employee Directors Deferred Compensation Plan

The Company grants stock awards on a quarterly basis to non-employee directors representing between 50% and 100% of a director’s annual compensation and such awards can be deferred under the Non-employee Directors Deferred Compensation Plan. During 2015, 2014 and 2013, the Company granted 22,000, 20,000 and 33,000 awards, respectively, to non-employee directors.

Employee Stock Purchase Plan

The Company is authorized to sell shares of its common stock to eligible employees at 95% of fair market value. This plan has been deemed to be non-compensatory and therefore, no compensation expense has been recognized.

Stock-Compensation Expense

During 2015, 2014 and 2013, the Company recorded stock-based compensation expense of $26 million ($17 million, net of tax), $34 million ($21 million, net of tax) and $24 million ($14 million, net of tax), respectively. In jurisdictions with net operating loss carryforwards, exercises and/or vestings of stock-based awards have generated $140 million of total tax deductions at December 31, 2015. Approximately $55 million of tax benefits will be recorded in additional paid-in capital when these tax deductions are realized in these jurisdictions.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans


	Employee Benefit Plans

Defined Contribution Savings Plans

The Company sponsors several defined contribution savings plans in the United States and certain foreign subsidiaries that provide certain eligible employees of the Company an opportunity to accumulate funds for retirement. The Company matches portions of the contributions of participating employees on the basis specified by the plans. The Company’s contributions to these plans were $32 million, $34 million and $39 million during 2015, 2014 and 2013, respectively.

Defined Benefit Pension Plans

The Company sponsors defined benefit pension plans in the United States and in certain foreign subsidiaries with some plans offering participation in the plans at the employees’ option. Under these plans, benefits are based on an employee’s years of credited service and a percentage of final average compensation. However, the majority of the plans are closed to new employees and participants are no longer accruing benefits.

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

The components of net periodic benefit cost consisted of the following:



	Year Ended December 31,
	2015			2014			2013
Service cost	$	5		$	5		$	5
Interest cost	22			29			26
Expected return on plan assets	(31		)	(32		)	(28		)
Amortization of unrecognized amounts	5			3			15
Net periodic benefit cost	$	1		$	5		$	18

The estimated amount that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2016 is $6 million, which consists of $5 million for net actuarial loss and $1 million for prior service cost.

The Company uses a measurement date of December 31 for its pension plans. The funded status of the pension plans were as follows:



	As of December 31,
Change in Benefit Obligation	2015			2014
Benefit obligation at end of prior year	$	716		$	670
Service cost	5			5
Interest cost	22			29
Plan amendments	—			(1		)
Actuarial (gain) loss	(32		)	72
Currency translation adjustment	(30		)	(34		)
Net benefits paid	(25		)	(25		)
Benefit obligation at end of current year	$	656		$	716

Change in Plan Assets
Fair value of assets at end of prior year	$	553		$	517
Actual return on plan assets	5			56
Employer contributions	14			26
Currency translation adjustment	(20		)	(21		)
Net benefits paid	(25		)	(25		)
Fair value of assets at end of current year	$	527		$	553



	As of December 31,
Funded Status	2015			2014
Classification of net balance sheet assets (liabilities):
Non-current assets	$	30		$	15
Current liabilities	(1		)	(1		)
Non-current liabilities	(158		)	(177		)
Net funded status	$	(129	)	$	(163	)

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



		For the Year Ended December 31,
U.S. Pension Benefit Plans		2015		2014		2013
Discount rate:
	Net periodic benefit cost	4.00	%	4.75	%	3.75	%
	Benefit obligation	4.40	%	4.00	%	4.75	%
Long-term rate of return on plan assets		7.25	%	7.50	%	7.50	%

Non-U.S. Pension Benefit Plans
Discount rate:
	Net periodic benefit cost	3.30	%	4.50	%	4.50	%
	Benefit obligation	3.45	%	3.30	%	4.50	%
Long-term rate of return on plan assets		4.65	%	5.30	%	5.25	%

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

The Company’s expected rate of return on plan assets of 7.25% and 4.65% for the U.S. plans and non-U.S. plans, respectively, used to determine pension obligations and pension costs, is a long-term rate based on historic plan asset returns in individual jurisdictions, over varying long-term periods combined with current market expectations and broad asset mix considerations.

As of December 31, 2015, plans with benefit obligations in excess of plan assets had accumulated benefit obligations of $386 million and plan assets of $228 million. As of December 31, 2014, plans with benefit obligations in excess of plan assets had accumulated benefit obligations of $421 million and plan assets of $243 million. The accumulated benefit obligation for all plans was $646 million and $703 million as of December 31, 2015 and 2014, respectively. The Company expects to contribute approximately $2 million to the U.S. plans and $8 million to the non-U.S. plans in 2016.

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

The defined benefit pension plans’ investment goals and objectives are managed by the Company or Company-appointed trustees with consultation from independent investment advisors. While the objectives may vary slightly by country and jurisdiction, collectively the Company seeks to produce returns on pension plan investments, which are based on levels of liquidity and investment risk that the Company believes are prudent and reasonable, given prevailing capital market conditions. The pension plans’ assets are managed in the long-term interests of the participants and the beneficiaries of the plans. A suitable strategic asset allocation benchmark is determined for each plan to maintain a diversified portfolio, taking into account government requirements, if any, regarding unnecessary investment risk and protection of pension plans’ assets. The Company believes that diversification of the pension plans’ assets is an important investment strategy to provide reasonable assurance that no single security or class of securities will have a disproportionate impact on the pension plans. As such, the Company allocates assets among traditional equity, fixed income (government issued securities, corporate bonds and short-term cash investments) and other investment strategies.

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

The purpose of the fixed income component is to provide a deflation hedge, to reduce the overall volatility of the pension plans assets in relation to the liability and to produce current income. The pension plans hold mutual funds that invest in securities issued by governments, government agencies and corporations. The fixed income component is expected to approximate 35%-55% of the plans’ assets.

The Company used significant observable inputs (Level 2) to determine the fair value of the defined benefit pension plans’ assets. See Note 2-Summary of Significant Accounting Policies for the Company’s methodology used to measure fair value.

The following table presents the defined benefit pension plans’ assets measured at fair value, as of December 31:



Asset Class		2015		2014
Cash equivalents and short term investments		$	12	$	6
U.S. equities		126		113
Foreign equities		129		163
Government bonds		103		91
Corporate bonds		133		167
Other assets		24		13
	Total assets	$	527	$	553

The Company estimates that future benefit payments from plan assets will be $23 million, $23 million, $25 million, $28 million, $28 million and $156 million for 2016, 2017, 2018, 2019, 2020 and 2021 to 2025, respectively.

Multiemployer Plans

The Company contributes to a number of multiemployer plans under the terms of collective-bargaining agreements that cover a portion of its employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: (i) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (ii) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; (iii) if the Company elects to stop participating in a multiemployer plan it may be required to contribute to such plan an amount based on the under-funded status of the plan; and (iv) the Company has no involvement in the management of the multiemployer plans’ investments. For the years ended December 31, 2015, 2014 and 2013, the Company contributed a total of $9 million, $9 million and $8 million, respectively, to multiemployer plans.

Financial Instruments

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments


	Financial Instruments

Risk Management

Currency Risk. The Company uses currency exchange contracts to manage its exposure to changes in currency exchange rates associated with its non-U.S.-dollar denominated receivables and forecasted royalties, forecasted earnings of non-U.S. subsidiaries and forecasted non-U.S.-dollar denominated acquisitions. The Company primarily hedges a portion of its current-year currency exposure to the Australian, Canadian and New Zealand dollars, the Euro and the British pound sterling. The majority of forward contracts do not qualify for hedge accounting treatment. The fluctuations in the value of these forward contracts do, however, largely offset the impact of changes in the value of the underlying risk they economically hedge. Forward contracts used to hedge forecasted third-party receipts and disbursements up to 12 months are designated and do qualify as cash flow hedges. The Company has designated its 6% Euro-denominated notes as a hedge of its investment in Euro-denominated foreign operations.

The amount of gains or losses reclassified from other comprehensive income (loss) to earnings resulting from ineffectiveness or from excluding a component of the hedges’ gain or loss from the effectiveness calculation for cash flow and net investment hedges during 2015, 2014 and 2013 was not material, nor is the amount of gains or losses the Company expects to reclassify from accumulated other comprehensive income (loss) to earnings over the next 12 months.

Interest Rate Risk. The Company uses various hedging strategies including interest rate swaps and interest rate caps to create an appropriate mix of fixed and floating rate assets and liabilities. The after-tax amount of gains or losses reclassified from accumulated other comprehensive income (loss) to earnings resulting from ineffectiveness for 2015, 2014 and 2013 was not material to the Company’s results of operations. The Company expects $5 million of losses currently deferred in accumulated other comprehensive income (loss) to be recognized in earnings during 2016.

Commodity Risk. The Company periodically enters into derivative commodity contracts to manage its exposure to changes in the price of gasoline. These instruments were designated as freestanding derivatives and the changes in fair value are recorded in the Company’s consolidated results of operations.

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

There were no significant concentrations of credit risk with any individual counterparty or groups of counterparties at December 31, 2015 or 2014, other than (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, Fiat, Kia, Toyota, Mercedes, Renault and Hyundai, and primarily with respect to receivables for program cars that were disposed but for which the Company has not yet received payment from the manufacturers (see Note 2-Summary of Significant Accounting Policies), (ii) receivables from Realogy and Wyndham related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition and (iii) risks related to leases which have been assumed by Realogy, Wyndham or Travelport but of which the Company is a guarantor. Concentrations of credit risk associated with trade receivables are considered minimal due to the Company’s diverse customer base. The Company does not normally require collateral or other security to support credit sales.

Fair Value

Derivative instruments and hedging activities

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

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



	As of December 31,
	2015		2014
Interest rate caps ^(a)	$	10,179	$	8,333
Interest rate swaps	900		1,592
Foreign exchange contracts	811		493

__________

^(a)

Represents $8.2 billion of interest rate caps sold, partially offset by approximately $2.0 billion of interest rate caps purchased at December 31, 2015 and $6.2 billion of interest rate caps sold, partially offset by approximately $2.1 billion of interest rate caps purchased at December 31, 2014. These amounts exclude $6.2 billion and $4.2 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary at December 31, 2015 and 2014, respectively.

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



		As of December 31, 2015				As of December 31, 2014
		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	$	5	$	1	$	3
Derivatives not designated as hedging instruments
	Interest rate caps ^(b)	1		5		—		10
	Foreign exchange contracts ^(c)	16		2		5		2
	Commodity contracts ^(c)	—		1		—		1
	Total	$	18	$	13	$	6	$	16

__________

Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by the Company; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 15-Stockholders’ Equity.


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


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


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

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



		Year Ended December 31,
		2015			2014			2013
Financial instruments designated as hedging instruments ^(a)
	Interest rate swaps	$	(1	)	$	(2	)	$	1
	Euro-denominated notes	34			46			(11		)
Financial instruments not designated as hedging instruments ^(b)
	Foreign exchange contracts ^(c)	48			8			27
	Interest rate caps ^(d)	(2		)	(3		)	4
	Commodity contracts ^(e)	—			(3		)	1
Total		$	79		$	46		$	22

__________


^(a)	Recognized, net of tax, as a component of accumulated 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)

For the year ended December 31, 2015, included a $32 million gain included in interest expense and a $16 million gain included in operating expenses. For the year ended December 31, 2014, included a $10 million gain in interest expense and a $2 million loss included in operating expenses. For the year ended December 31, 2013, included a $20 million gain in interest expense and a $7 million gain included in operating expenses.


^(d)	For the years ended December 31, 2015 and 2014, amounts are included in vehicle interest, net. For the year ended December 31, 2013, $1 million of expense is included in vehicle interest, net and a $5 million gain is included in interest expense.


^(e)	Included in operating expenses.

Debt Instruments

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



		As of December 31, 2015				As of December 31, 2014
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
	Short-term debt and current portion of long-term debt	$	26	$	26	$	28	$	28
	Long-term debt	3,435		3,478		3,325		3,439

Debt under vehicle programs
	Vehicle-backed debt due to Avis Budget Rental Car Funding	$	6,796	$	6,836	$	6,296	$	6,407
	Vehicle-backed debt	2,060		2,071		1,750		1,771
	Interest rate swaps and interest rate caps ^(a)	4		4		10		10

___________

The carrying values of long-term debt, vehicle-backed debt due to Avis Budget Rental Car Funding and vehicle-backed debt as of December 31, 2014 have been retrospectively adjusted by $67 million, $44 million and $16 million, respectively, to include debt issuance costs, which are presented as a reduction of the corresponding liability.


^(a)	Derivatives in liability position.

Segment Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Information


	Segment Information

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

Management evaluates the operating results of each of its reportable segments based upon 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.

Year Ended December 31, 2015



	Americas		International		Corporate and Other ^(a)			Total
Net revenues	$	6,069	$	2,433	$	—		$	8,502
Vehicle depreciation and lease charges, net	1,478		455		—			1,933
Vehicle interest, net	234		55		—			289
Adjusted EBITDA	682		277		(56		)	903
Non-vehicle depreciation and amortization	143		75		—			218
Assets exclusive of assets under vehicle programs	3,940		1,901		77			5,918
Assets under vehicle programs	9,440		2,276		—			11,716
Capital expenditures (excluding vehicles)	131		68		—			199

__________


^(a)	Primarily represents unallocated corporate overhead and receivables from our former subsidiaries.

Year Ended December 31, 2014



	Americas		International		Corporate and Other ^(a)			Total
Net revenues	$	5,961	$	2,524	$	—		$	8,485
Vehicle depreciation and lease charges, net	1,492		504		—			1,996
Vehicle interest, net	234		48		—			282
Adjusted EBITDA	656		280		(60		)	876
Non-vehicle depreciation and amortization	122		58		—			180
Assets exclusive of assets under vehicle programs	3,946		1,730		108			5,784
Assets under vehicle programs	9,162		1,896		—			11,058
Capital expenditures (excluding vehicles)	113		69		—			182

__________


^(a)	Primarily represents unallocated corporate overhead and receivables from our former subsidiaries.

Year Ended December 31, 2013



	Americas		International		Corporate and Other ^(a)			Total
Net revenues	$	5,480	$	2,457	$	—		$	7,937
Vehicle depreciation and lease charges, net	1,315		496		—			1,811
Vehicle interest, net	216		48		—			264
Adjusted EBITDA	560		256		(47		)	769
Non-vehicle depreciation and amortization	103		49		—			152
Assets exclusive of assets under vehicle programs	3,797		1,749		152			5,698
Assets under vehicle programs	8,357		2,095		—			10,452
Capital expenditures (excluding vehicles)	99		53		—			152

__________


^(a)	Primarily represents unallocated corporate overhead and receivables from our former subsidiaries.

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



		For the Year Ended December 31,
		2015		2014		2013
Adjusted EBITDA		$	903	$	876	$	769
Less: Non-vehicle related depreciation and amortization		218		180		152
	Interest expense related to corporate debt, net	194		209		228
	Early extinguishment of corporate debt	23		56		147
	Transaction-related costs, net	68		13		51
	Restructuring expense	18		26		61
	Impairment	—		—		33
Income before income taxes		$	382	$	392	$	97

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



	United States		All Other Countries		Total
2015
Net revenues	$	5,635	$	2,867	$	8,502
Assets exclusive of assets under vehicle programs	3,677		2,241		5,918
Assets under vehicle programs	8,786		2,930		11,716
Net long-lived assets	1,502		1,069		2,571

2014
Net revenues	$	5,471	$	3,014	$	8,485
Assets exclusive of assets under vehicle programs	3,745		2,039		5,784
Assets under vehicle programs	8,428		2,630		11,058
Net long-lived assets	1,481		885		2,366

2013
Net revenues	$	5,030	$	2,907	$	7,937
Assets exclusive of assets under vehicle programs	3,608		2,090		5,698
Assets under vehicle programs	7,791		2,661		10,452
Net long-lived assets	1,281		947		2,228

The financial data presented has been retrospectively adjusted to reflect the impact of a change in accounting principle related to the presentation of debt issuance costs described in Note 2-Summary of Significant Accounting Policies, as follows.



	United States	All Other Countries	Total
For the Year Ended December 31, 2014
Assets exclusive of assets under vehicle programs decreased	$114	$13	$127
For the Year Ended December 31, 2013
Assets exclusive of assets under vehicle programs decreased	121	13	134

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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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+ Details

Guarantor and Non-Guarantor Consolidating Financial Statements

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Guarantor and Non-guarantor Consolidating Financial Statements

Guarantor and Non-Guarantor Consolidating Financial Statements

The following consolidating financial information presents Consolidating Condensed Statements of Operations for the years ended December 31, 2015, 2014 and 2013, Consolidating Condensed Balance Sheets as of December 31, 2015 and December 31, 2014 and Consolidating Condensed Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013 for: (i) Avis Budget Group, Inc. (the “Parent”); (ii) ABCR and Avis Budget Finance, Inc. (the “Subsidiary Issuers”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries; (v) elimination entries necessary to consolidate the Parent with the Subsidiary Issuers, the guarantor and non-guarantor subsidiaries; and (vi) the Company on a consolidated basis. The Subsidiary Issuers and the guarantor and non-guarantor subsidiaries are 100% owned by the Parent, either directly or indirectly. All guarantees are full and unconditional and joint and several. This financial information is being presented in relation to the Company’s guarantee of the payment of principal, premium (if any) and interest on the notes issued by the Subsidiary Issuers. See Note 12-Long-term Debt and Borrowing Arrangements for additional description of these guaranteed notes. The Senior Notes have separate investors than the equity investors of the Company and are guaranteed by the Parent and certain subsidiaries.

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

For the Year Ended December 31, 2015



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	4,124		$	1,902	$	—		$	6,026
	Other		—			—			1,181			3,335		(2,040		)	2,476
Net revenues			—			—			5,305			5,237		(2,040		)	8,502

Expenses
	Operating		2			17			2,587			1,678		—			4,284
	Vehicle depreciation and lease charges, net		—			1			1,819			1,936		(1,823		)	1,933
	Selling, general and administrative		32			15			619			427		—			1,093
	Vehicle interest, net		—			—			204			302		(217		)	289
	Non-vehicle related depreciation and amortization		—			1			133			84		—			218
	Interest expense related to corporate debt, net:
		Interest expense	—			159			(5		)	40		—			194
		Intercompany interest expense (income)	(12		)	(11		)	16			7		—			—
		Early extinguishment of debt	—			23			—			—		—			23
	Transaction-related costs, net		—			22			6			40		—			68
	Restructuring expense		—			—			6			12		—			18
Total expenses			22			227			5,385			4,526		(2,040		)	8,120

Income (loss) before income taxes and equity in earnings of subsidiaries			(22		)	(227		)	(80		)	711		—			382
Provision for (benefit from) income taxes			(9		)	(178		)	170			86		—			69
Equity in earnings of subsidiaries			326			375			625			—		(1,326		)	—
Net income			$	313		$	326		$	375		$	625	$	(1,326	)	$	313

Comprehensive income			$	188		$	203		$	253		$	504	$	(960	)	$	188

For the Year Ended December 31, 2014



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	4,038		$	1,988	$	—		$	6,026
	Other		—			—			1,167			3,426		(2,134		)	2,459
Net revenues			—			—			5,205			5,414		(2,134		)	8,485

Expenses
	Operating		10			13			2,525			1,703		—			4,251
	Vehicle depreciation and lease charges, net		—			1			1,920			1,996		(1,921		)	1,996
	Selling, general and administrative		27			23			602			428		—			1,080
	Vehicle interest, net		—			—			200			295		(213		)	282
	Non-vehicle related depreciation and amortization		—			2			111			67		—			180
	Interest expense related to corporate debt, net:
		Interest expense	2			163			2			42		—			209
		Intercompany interest expense (income)	(13		)	(11		)	1			23		—			—
		Early extinguishment of debt	—			56			—			—		—			56
	Restructuring expense		—			—			7			19		—			26
	Transaction-related costs, net		1			8			(20		)	24		—			13
Total expenses			27			255			5,348			4,597		(2,134		)	8,093

Income (loss) before income taxes and equity in earnings of subsidiaries			(27		)	(255		)	(143		)	817		—			392
Provision for (benefit from) income taxes			(10		)	(108		)	186			79		—			147
Equity in earnings of subsidiaries			262			409			738			—		(1,409		)	—
Net income			$	245		$	262		$	409		$	738	$	(1,409	)	$	245

Comprehensive income			$	106		$	123		$	273		$	624	$	(1,020	)	$	106

For the Year Ended December 31, 2013



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	3,786		$	1,921	$	—		$	5,707
	Other		—			—			1,098			3,086		(1,954		)	2,230
Net revenues			—			—			4,884			5,007		(1,954		)	7,937

Expenses
	Operating		7			15			2,425			1,627		—			4,074
	Vehicle depreciation and lease charges, net		—			—			1,776			1,806		(1,771		)	1,811
	Selling, general and administrative		35			6			591			387		—			1,019
	Vehicle interest, net		—			—			182			265		(183		)	264
	Non-vehicle related depreciation and amortization		—			2			97			53		—			152
	Interest expense related to corporate debt, net:
		Interest expense	3			196			—			29		—			228
		Intercompany interest expense (income)	(12		)	(30		)	6			36		—			—
		Early extinguishment of debt	53			94			—			—		—			147
	Restructuring expense		—			—			25			36		—			61
	Transaction-related costs, net		1			24			3			23		—			51
	Impairment		—			33			—			—		—			33
Total expenses			87			340			5,105			4,262		(1,954		)	7,840

Income (loss) before income taxes and equity in earnings of subsidiaries			(87		)	(340		)	(221		)	745		—			97
Provision for (benefit from) income taxes			(14		)	(124		)	156			63		—			81
Equity in earnings of subsidiaries			89			305			682			—		(1,076		)	—
Net income			$	16		$	89		$	305		$	682	$	(1,076	)	$	16

Comprehensive income			$	23		$	96		$	310		$	657	$	(1,063	)	$	23

As of December 31, 2015



		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	4	$	70	$	—	$	378	$	—		$	452
	Receivables, net	—		—		212		456		—			668
	Other current assets	2		78		83		344		—			507
Total current assets		6		148		295		1,178		—			1,627

Property and equipment, net		—		134		345		202		—			681
Deferred income taxes		20		1,246		253		—		(31		)	1,488
Goodwill		—		—		487		486		—			973
Other intangibles, net		—		30		525		362		—			917
Other non-current assets		93		15		17		107		—			232
Intercompany receivables		160		367		1,070		696		(2,293		)	—
Investment in subsidiaries		272		3,426		3,680		—		(7,378		)	—
Total assets exclusive of assets under vehicle programs		551		5,366		6,672		3,031		(9,702		)	5,918

Assets under vehicle programs:
	Program cash	—		—		—		258		—			258
	Vehicles, net	—		18		78		10,562		—			10,658
	Receivables from vehicle manufacturers and other	—		—		—		438		—			438
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362		—			362
		—		18		78		11,620		—			11,716
Total assets		$	551	$	5,384	$	6,750	$	14,651	$	(9,702	)	$	17,634

Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	24	$	180	$	471	$	810	$	—		$	1,485
	Short-term debt and current portion of long-term debt	—		14		5		7		—			26
Total current liabilities		24		194		476		817		—			1,511

Long-term debt		—		2,932		2		501		—			3,435
Other non-current liabilities		88		85		237		355		(31		)	734
Intercompany payables		—		1,897		336		60		(2,293		)	—
Total liabilities exclusive of liabilities under vehicle programs		112		5,108		1,051		1,733		(2,324		)	5,680
Liabilities under vehicle programs:
	Debt	—		4		74		1,986		—			2,064
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		6,796		—			6,796
	Deferred income taxes	—		—		2,199		168		—			2,367
	Other	—		—		—		288		—			288
		—		4		2,273		9,238		—			11,515
Total stockholders’ equity		439		272		3,426		3,680		(7,378		)	439
Total liabilities and stockholders’ equity		$	551	$	5,384	$	6,750	$	14,651	$	(9,702	)	$	17,634

As of December 31, 2014



		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	2	$	210	$	—	$	412	$	—		$	624
	Receivables, net	—		—		177		422		—			599
	Other current assets	3		86		78		289		—			456
Total current assets		5		296		255		1,123		—			1,679

Property and equipment, net		—		112		325		201		—			638
Deferred income taxes		19		1,222		240		34		(4		)	1,511
Goodwill		—		—		487		355		—			842
Other intangibles, net		—		38		545		303		—			886
Other non-current assets		104		25		21		78		—			228
Intercompany receivables		205		344		978		672		(2,199		)	—
Investment in subsidiaries		468		3,072		3,316		—		(6,856		)	—
Total assets exclusive of assets under vehicle programs		801		5,109		6,167		2,766		(9,059		)	5,784

Assets under vehicle programs:
	Program cash	—		—		—		119		—			119
	Vehicles, net	—		7		87		10,121		—			10,215
	Receivables from vehicle manufacturers and other	—		1		—		361		—			362
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362		—			362
		—		8		87		10,963		—			11,058
Total assets		$	801	$	5,117	$	6,254	$	13,729	$	(9,059	)	$	16,842

Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	39	$	200	$	462	$	790	$	—		$	1,491
	Short-term debt and current portion of long-term debt	—		13		4		11		—			28
Total current liabilities		39		213		466		801		—			1,519

Long-term debt		—		2,769		6		550		—			3,325
Other non-current liabilities		97		100		232		341		(4		)	766
Intercompany payables		—		1,558		313		328		(2,199		)	—
Total liabilities exclusive of liabilities under vehicle programs		136		4,640		1,017		2,020		(2,203		)	5,610
Liabilities under vehicle programs:
	Debt	—		9		83		1,668		—			1,760
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		6,296		—			6,296
	Deferred income taxes	—		—		2,082		185		—			2,267
	Other	—		—		—		244		—			244
		—		9		2,165		8,393		—			10,567
Total stockholders’ equity		665		468		3,072		3,316		(6,856		)	665
Total liabilities and stockholders’ equity		$	801	$	5,117	$	6,254	$	13,729	$	(9,059	)	$	16,842

For the Year Ended December 31, 2015



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	60		$	249		$	146		$	2,204		$	(75	)	$	2,584

Investing activities
Property and equipment additions	—			(26		)	(98		)	(75		)	—			(199		)
Proceeds received on asset sales	—			7			1			7			—			15
Net assets acquired (net of cash acquired)	—			(8		)	(9		)	(239		)	—			(256		)
Intercompany loan receipts (advances)	—			(30		)	(96		)	—			126			—
Other, net	334			(127		)	1			8			(210		)	6
Net cash provided by (used in) investing activities exclusive of vehicle programs	334			(184		)	(201		)	(299		)	(84		)	(434		)

Vehicle programs:
Increase in program cash	—			—			—			(148		)	—			(148		)
Investment in vehicles	—			(1		)	(2		)	(11,925		)	—			(11,928		)
Proceeds received on disposition of vehicles	—			19			—			9,661			—			9,680
	—			18			(2		)	(2,412		)	—			(2,396		)
Net cash provided by (used in) investing activities	334			(166		)	(203		)	(2,711		)	(84		)	(2,830		)

Financing activities
Proceeds from long-term borrowings	—			375			—			2			—			377
Payments on long-term borrowings	—			(256		)	(4		)	(41		)	—			(301		)
Net change in short-term borrowings	—			—			—			(22		)	—			(22		)
Debt financing fees	—			(7		)	—									(7		)
Repurchases of common stock	(393		)	—			—			—			—			(393		)
Intercompany loan borrowings (payments)	—			—			—			126			(126		)	—
Other, net	1			(335		)	70			(28		)	285			(7		)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(392		)	(223		)	66			37			159			(353		)

Vehicle programs:
Proceeds from borrowings	—			—			—			14,138			—			14,138
Payments on borrowings	—			—			(9		)	(13,639		)	—			(13,648		)
Debt financing fees	—			—			—			(22		)	—			(22		)
	—			—			(9		)	477			—			468
Net cash provided by (used in) financing activities	(392		)	(223		)	57			514			159			115
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(41		)	—			(41		)
Net increase (decrease) in cash and cash equivalents	2			(140		)	—			(34		)	—			(172		)
Cash and cash equivalents, beginning of period	2			210			—			412			—			624
Cash and cash equivalents, end of period	$	4		$	70		$	—		$	378		$	—		$	452

For the Year Ended December 31, 2014



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	—		$	469		$	340		$	1,840		$	(70	)	$	2,579

Investing activities
Property and equipment additions	—			(20		)	(84		)	(78		)	—			(182		)
Proceeds received on asset sales	—			7			8			6			—			21
Net assets acquired (net of cash acquired)	—			—			(263		)	(153		)	—			(416		)
Other, net	285			(9		)	(2		)	—			(285		)	(11		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	285			(22		)	(341		)	(225		)	(285		)	(588		)

Vehicle programs:
Increase in program cash	—			—			—			(10		)	—			(10		)
Investment in vehicles	—			(9		)	(90		)	(11,776		)	—			(11,875		)
Proceeds received on disposition of vehicles	—			8			—			9,658			—			9,666
	—			(1		)	(90		)	(2,128		)	—			(2,219		)
Net cash provided by (used in) investing activities	285			(23		)	(431		)	(2,353		)	(285		)	(2,807		)

Financing activities
Proceeds from long-term borrowings	—			575			—			296			—			871
Payments on long-term borrowings	—			(756		)	(5		)	(1		)	—			(762		)
Net change in short-term borrowings	—			—			—			5			—			5
Debt financing fees	—			(12		)	—			(5		)	—			(17		)
Repurchases of common stock	(297		)	—			—			—			—			(297		)
Other, net	—			(285		)	—			(70		)	355			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(297		)	(478		)	(5		)	225			355			(200		)

Vehicle programs:
Proceeds from borrowings	—			—			88			14,285			—			14,373
Payments on borrowings	—			—			(3		)	(13,960		)	—			(13,963		)
Debt financing fees	—			—			(1		)	(27		)	—			(28		)
	—			—			84			298			—			382
Net cash provided by (used in) financing activities	(297		)	(478		)	79			523			355			182
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(23		)	—			(23		)
Net decrease in cash and cash equivalents	(12		)	(32		)	(12		)	(13		)	—			(69		)
Cash and cash equivalents, beginning of period	14			242			12			425			—			693
Cash and cash equivalents, end of period	$	2		$	210		$	—		$	412		$	—		$	624

For the Year Ended December 31, 2013



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	(3	)	$	562		$	26		$	1,736		$	(68	)	$	2,253

Investing activities
Property and equipment additions	—			(26		)	(69		)	(57		)	—			(152		)
Proceeds received on asset sales	—			7			4			11			—			22
Net assets acquired (net of cash acquired)	—			(564		)	8			19			—			(537		)
Intercompany loan receipts (advances)	—			233			60			—			(293		)	—
Other, net	146			(50		)	48			4			(146		)	2
Net cash provided by (used in) investing activities exclusive of vehicle programs	146			(400		)	51			(23		)	(439		)	(665		)

Vehicle programs:
Increase in program cash	—			—			—			(79		)	—			(79		)
Investment in vehicles	—			(44		)	(2		)	(10,853		)	—			(10,899		)
Proceeds received on disposition of vehicles	—			40			—			9,369			—			9,409
	—			(4		)	(2		)	(1,563		)	—			(1,569		)
Net cash provided by (used in) investing activities	146			(404		)	49			(1,586		)	(439		)	(2,234		)

Financing activities
Proceeds from long-term borrowings	—			2,647			—			325			—			2,972
Payments on long-term borrowings	(115		)	(2,489		)	(3		)	(1		)	—			(2,608		)
Net change in short-term borrowings	—			—			—			(36		)	—			(36		)
Debt financing fees	—			(30		)	—			(7		)	—			(37		)
Purchases of warrants	(78		)	—			—			—			—			(78		)
Proceeds from sale of call options	104			—			—			—			—			104
Repurchases of common stock	(48		)	—			—			—			—			(48		)
Intercompany loan borrowings (payments)	—			—			(60		)	(233		)	293			—
Other, net	3			(146		)	—			(68		)	214			3
Net cash provided by (used in) financing activities exclusive of vehicle programs	(134		)	(18		)	(63		)	(20		)	507			272

Vehicle programs:
Proceeds from borrowings	—			—			—			12,953			—			12,953
Payments on borrowings	—			—			—			(13,115		)	—			(13,115		)
Debt financing fees	—			—			—			(34		)	—			(34		)
	—			—			—			(196		)	—			(196		)
Net cash provided by (used in) financing activities	(134		)	(18		)	(63		)	(216		)	507			76
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(8		)	—			(8		)
Net increase (decrease) in cash and cash equivalents	9			140			12			(74		)	—			87
Cash and cash equivalents, beginning of period	5			102			—			499			—			606
Cash and cash equivalents, end of period	$	14		$	242		$	12		$	425		$	—		$	693

Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data

Selected Quarterly Financial Data—(unaudited)

Provided below are selected unaudited quarterly financial data for 2015 and 2014.

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



			2015
			First			Second		Third		Fourth
Net revenues			$	1,850		$	2,173	$	2,577	$	1,902
Net income (loss)			(9		)	143		184		(5		)

Per share information:
	Basic
		Net income (loss)	$	(0.09	)	$	1.36	$	1.80	$	(0.06	)
		Weighted average shares	106.1			105.5		102.7		99.5

	Diluted
		Net income (loss)	$	(0.09	)	$	1.34	$	1.77	$	(0.06	)
		Weighted average shares	106.1			106.7		104.0		99.5



			2014
			First		Second		Third		Fourth
Net revenues			$	1,862	$	2,194	$	2,542	$	1,887
Net income			4		26		192		23

Per share information:
	Basic
		Net income	$	0.03	$	0.25	$	1.84	$	0.22
		Weighted average shares	106.6		105.1		103.9		106.2

	Diluted
		Net income	$	0.03	$	0.24	$	1.74	$	0.21
		Weighted average shares	108.6		111.0		109.9		108.3

Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Subsequent Events


22.	Subsequent Event

In January 2016, the Board of Directors increased the Company’s share repurchase program authorization by $300 million.

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2015

Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

Schedule II – Valuation and Qualifying Accounts

(in millions)



Description	Balance at Beginning of Period		Expensed			Other Adjustments			Deductions			Balance at End of Period
Allowance for Doubtful Accounts:
Year Ended December 31,
2015 ^(a)	$	34	$	24		$	(3	)	$	(21	)	$	34
2014 ^(a)	50		17			(3		)	(30		)	34
2013	40		15			10			(15		)	50

Tax Valuation Allowance:
Year Ended December 31,
2015 ^(a)(b)	$	319	$	20		$	12		$	—		$	351
2014 ^(a)	347		(9		)	(13		)	(6		)	319
2013 ^(c)	298		27			22			—			347

__________


^(a)	Other adjustments relate to currency translation adjustments.


^(b)	Other adjustments relate to the acquisition of Brazil.


^(c)	Other adjustments relate to the acquisition of Zipcar.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Accounting Principles

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

Principles of Consolidation

Reclassifications [Text Block]

Reclassifications

Use of Estimates and Assumptions

Revenue Recognition

Currency Translation

Cash and Cash Equivalents

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

Property and Equipment



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

Goodwill and Other Intangible Assets

Impairment of Long-Lived Assets

Program Cash

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

Vehicles

Advertising Expenses

Taxes

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

Fair Value Measurements

Derivative Instruments

Investments

Self-Insurance Reserves

Share-based Compensation

Stock-Based Compensation

Business Combinations

Transaction-related Costs

Transaction-related Costs, net

Currency Transactions

New and Recently Issued Accounting Standards

Adoption of New Accounting Standards During 2015

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives

Useful lives are as follows:



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

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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



		Year Ended December 31,
		2015		2014		2013
Net income for basic EPS		$	313	$	245	$	16
Convertible debt interest, net of tax		—		1		—
Net income for diluted EPS		$	313	$	246	$	16

Basic weighted average shares outstanding		103.4		105.4		107.6
Options, warrants and non-vested stock		1.6		2.1		3.8
Convertible debt		—		3.1		—
Diluted weighted average shares outstanding		105.0		110.6		111.4

Earnings per share:
	Basic	$	3.02	$	2.32	$	0.15
	Diluted	$	2.98	$	2.22	$	0.15

Outstanding Common Stock Equivalents That Were Anti-Dilutive

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



	As of December 31,
	2015	2014	2013
Non-vested stock ^(a)	0.1	—	—
Shares underlying convertible debt	—	—	4.0

__________


^(a)	The weighted average grant date fair value for anti-dilutive non-vested stock for 2015 was $61.15.

Restructuring (Tables)

12 Months Ended

Dec. 31, 2015

Restructuring and Related Activities [Abstract]

Summary of Changes to Restructuring-Related Liabilities



		Personnel Related			Facility Related			Other ^(a)			Total
Balance as of January 1, 2013		$	12		$	1		$	—		$	13
	Avis Europe restructuring expense	34			6			—			40
	Truck Rental restructuring expense	—			—			21			21
	Avis Europe restructuring payment	(29		)	(2		)	—			(31		)
	Truck Rental payment/utilization	—			—			(21		)	(21		)
Balance as of December 31, 2013		17			5			—			22
	Avis Europe restructuring expense	20			1			—			21
	T15 restructuring expense	5			—			—			5
	Avis Europe restructuring payment	(27		)	(3		)	—			(30		)
	T15 restructuring payment	(1		)	—			—			(1		)
Balance as of December 31, 2014		14			3			—			17
	T15 restructuring expense	9			—			—			9
	Acquisition integration expense	9			—			—			9
	Avis Europe restructuring payment	(7		)	(2		)	—			(9		)
	T15 restructuring payment	(12		)	—			—			(12		)
	Acquisition integration payment	(3		)	—			—			(3		)
Balance as of December 31, 2015		$	10		$	1		$	—		$	11

__________


^(a)	Includes expenses related to the disposition of vehicles.



		Americas			International			Total
Balance as of January 1, 2013		$	1		$	12		$	13
	Avis Europe restructuring expense	7			33			40
	Truck Rental restructuring expense	21			—			21
	Avis Europe restructuring payment	(7		)	(24		)	(31		)
	Truck Rental payment/utilization	(21		)	—			(21		)
Balance as of December 31, 2013		1			21			22
	Avis Europe restructuring expense	4			17			21
	T15 restructuring expense	4			1			5
	Avis Europe restructuring payment	(4		)	(26		)	(30		)
	T15 restructuring payment	(1		)	—			(1		)
Balance as of December 31, 2014		4			13			17
	T15 restructuring expense	6			3			9
	Acquisition integration expense	1			8			9
	Avis Europe restructuring payment	(1		)	(8		)	(9		)
	T15 restructuring payment	(8		)	(4		)	(12		)
	Acquisition integration payment	(1		)	(2		)	(3		)
Balance as of December 31, 2015		$	1		$	10		$	11

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of:



	As of December 31, 2015						As of December 31, 2014
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements ^(a)	$	263	$	81	$	182	$	259	$	59	$	200
Customer relationships ^(b)	222		68		154		167		50		117
Other ^(b)	41		8		33		8		3		5
	$	526	$	157	$	369	$	434	$	112	$	322

Unamortized Intangible Assets
Goodwill	$	973					$	842
Trademarks	$	548					$	564

_________


^(a)	Primarily amortized over a period ranging from 1 to 40 years with a weighted average life of 19 years.


^(b)	Primarily amortized over a period ranging from 2 to 27 years with a weighted average life of 11 years.

Schedule of Intangible Assets Amortization Expense

Amortization expense relating to all intangible assets was as follows:



	Year Ended December 31,
	2015		2014		2013
License agreements	$	31	$	16	$	12
Customer relationships	21		18		15
Other	7		2		—
Total	$	59	$	36	$	27

Schedule of Goodwill

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



		Americas			International			Total Company
Gross goodwill as of January 1, 2014		$	1,904		$	905		$	2,809
	Accumulated impairment losses as of January 1, 2014	(1,587		)	(531		)	(2,118		)
Goodwill as of January 1, 2014		317			374			691
	Acquisitions	190			13			203
	Currency translation adjustments and other	(28		)	(24		)	(52		)
Goodwill as of December 31, 2014		479			363			842
	Acquisitions	77			117			194
	Currency translation adjustments and other	(19		)	(44		)	(63		)
Goodwill as of December 31, 2015		$	537		$	436		$	973

Vehicle Rental Activities (Tables)

12 Months Ended

Dec. 31, 2015

Disclosure Components Of Companys Vehicles [Abstract]

Components of the Company's Vehicles

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

Components of Vehicle Depreciation and Lease Charges

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



	Year Ended December 31,
	2015			2014			2013
Depreciation expense	$	1,837		$	1,840		$	1,678
Lease charges	156			163			139
Gain on sale of vehicles, net	(60		)	(7		)	(6		)
Vehicle depreciation and lease charges, net	$	1,933		$	1,996		$	1,811

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes [Line Items]

Provision for (Benefit From) Income Taxes

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



		Year Ended December 31,
		2015			2014			2013
Current
	Federal	$	(32	)	$	(1	)	$	(4	)
	State	3			4			12
	Foreign	40			79			36
	Current income tax provision	11			82			44

Deferred
	Federal	45			89			28
	State	(1		)	2			8
	Foreign	14			(26		)	1
	Deferred income tax provision	58			65			37
Provision for income taxes		$	69		$	147		$	81

Pretax Income (Loss) for Domestic and Foreign Operations

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



	Year Ended December 31,
	2015		2014		2013
United States ^(a)	$	258	$	248	$	4
Foreign	124		144		93
Pretax income	$	382	$	392	$	97

__________


^(a)	For the years ended December 31, 2015, 2014 and 2013, includes corporate debt extinguishment costs of $23 million, $56 million and $147 million, respectively.

Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities are comprised of the following:



		As of December 31,
		2015			2014
Deferred income tax assets:
	Net tax loss carryforwards	$	1,567		$	1,483
	Accrued liabilities and deferred revenue	276			297
	Tax credits	76			75
	Depreciation and amortization	13			23
	Acquisition and integration-related liabilities	13			8
	Provision for doubtful accounts	7			7
	Unrealized hedge loss	—			1
	Other	46			57
	Valuation allowance ^(a)	(351		)	(319		)
Deferred income tax assets		1,647			1,632

Deferred income tax liabilities:
	Depreciation and amortization	123			96
	Prepaid expenses	29			21
	Other	7			4
Deferred income tax liabilities		159			121
Deferred income tax assets, net		$	1,488		$	1,511

__________

^(a)

Reconciliation of U.S Federal Income Tax Statutory Rate and Effective Income Tax Rate

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



		Year Ended December 31,
		2015		2014		2013
U.S. federal statutory rate		35.0	%	35.0	%	35.0	%
Adjustments to reconcile to the effective rate:
	State and local income taxes, net of federal tax benefits	2.8		3.3		4.1
	Changes in valuation allowances ^(a)	(0.6	)	(3.0	)	15.5
	Taxes on foreign operations at rates different than statutory U.S. federal rates	3.7		1.4		5.9
	Resolution of a prior-year tax matter ^(b)	(25.6	)	—		—
	Non-deductible debt extinguishment costs	—		—		18.8
	Non-deductible transaction-related costs	0.9		—		3.2
	Other non-deductible expenses	1.8		0.9		2.3
	Other	0.1		(0.1	)	(1.3	)
		18.1	%	37.5	%	83.5	%

__________


^(a)	For the year ended December 31, 2013, includes 13.1% related to our impairment expense.


^(b)	For the year ended December 31, 2015, the Company recognized a $98 million income tax benefit from the resolution of a prior-year income tax matter.

Changes in Gross Unrecognized Tax Benefits

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



		2015			2014			2013
Balance at January 1		$	63		$	63		$	54
	Additions for tax positions related to current year	6			5			4
	Additions for tax positions for prior years	3			5			9
	Reductions for tax positions for prior years	(14		)	(8		)	—
	Settlements	(1		)	(2		)	—
	Statute of limitations	(1		)	—			(4		)
Balance at December 31		$	56		$	63		$	63

Unrecognized Tax Benefits

The following table presents unrecognized tax benefits:



	As of December 31,
	2015		2014
Unrecognized tax benefit in non-current income taxes payable ^(a)	$	37	$	45
Accrued interest payable on potential tax liabilities ^(b)	28		30

__________


^(a)	Pursuant to the agreements governing the disposition of certain subsidiaries in 2006, the Company is entitled to indemnification for certain pre-disposition tax contingencies. As of December 31, 2015 and 2014, $15 million and $16 million, respectively, of unrecognized tax benefits are related to tax contingencies for which the Company believes it is entitled to indemnification.


^(b)	The Company recognizes potential interest related to unrecognized tax benefits within interest expense related to corporate debt, net on the accompanying Consolidated Statements of Operations. Penalties incurred during the years ended December 31, 2015, 2014 and 2013, were not significant and were recognized as a component of the provision for income taxes.

Vehicle Programs

Income Taxes [Line Items]

Deferred Income Tax Assets and Liabilities

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



	As of December 31,
	2015		2014
Deferred income tax assets:
Depreciation and amortization	$	53	$	54

Deferred income tax liabilities:
Depreciation and amortization	2,420		2,321
Deferred income tax liabilities under vehicle programs, net	$	2,367	$	2,267

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2015

Disclosure Schedule Of Other Current Assets [Abstract]

Schedule of Other Current Assets

Other current assets consisted of:



	As of December 31,
	2015		2014
Prepaid expenses	$	192	$	192
Sales and use taxes	159		125
Other	156		139
Other current assets	$	507	$	456

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of:



	As of December 31,
	2015			2014
Land	$	50		$	51
Buildings and leasehold improvements	567			565
Capitalized software	460			485
Furniture, fixtures and equipment	332			392
Projects in process	89			82
Buses and support vehicles	93			78
	1,591			1,653
Less: Accumulated depreciation and amortization	(910		)	(1,015		)
Property and equipment, net	$	681		$	638

Accounts Payable and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2015

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Other Current Liabilities

Accounts payable and other current liabilities consisted of:



	As of December 31,
	2015		2014
Accounts payable	$	352	$	328
Accrued sales and use taxes	220		194
Accrued payroll and related	199		229
Public liability and property damage insurance liabilities – current	131		121
Deferred revenue – current	103		89
Other	480		530
Accounts payable and other current liabilities	$	1,485	$	1,491

Long-term Debt and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt and other borrowing arrangements consisted of:



	Maturity Date	As of December 31,
	Maturity Date	2015			2014
4⅞% Senior Notes	November 2017	$	300		$	300
Floating Rate Senior Notes	December 2017	249			248
Floating Rate Term Loan ^(a)	March 2019	970			980
9¾% Senior Notes	March 2020	—			223
6% Euro-denominated Senior Notes	March 2021	502			561
5⅛% Senior Notes	June 2022	400			400
5½% Senior Notes	April 2023	674			674
5¼% Senior Notes	March 2025	375			—
Other ^(b)		46			34
Deferred financing fees		(55		)	(67		)
Total		3,461			3,353
Less: Short-term debt and current portion of long-term debt		26			28
Long-term debt		$	3,435		$	3,325

__________


^(a)	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.


^(b)	Primarily includes capital leases which are secured by liens on the related assets.

Contractual Maturities of Company's Corporate Debt

The following table provides contractual maturities of the Company’s corporate debt at December 31, 2015:



Year	Amount
2016	$	26
2017	564
2018	14
2019	948
2020	2
Thereafter	1,962
	$	3,516

Schedule of Committed Credit Facilities

At December 31, 2015, 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)	$	1,800	$	—	$	687	$	1,113
Other facilities ^(b)	3		3		—		—

__________


^(a)	The senior revolving credit facility bears interest at one-month LIBOR plus 200 basis points and is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.


^(b)	These facilities encompass bank overdraft lines of credit, bearing interest of 1.50% to 3.48% as of December 31, 2015.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

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

+ Details

Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Debt Under Vehicle Programs

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



	As of December 31,
	2015			2014
Americas – Debt due to Avis Budget Rental Car Funding ^(a)	$	6,837		$	6,340
Americas – Debt borrowings	643			746
International – Debt borrowings ^(a)(b)	1,187			685
International – Capital leases	238			314
Other	8			31
Deferred financing fees ^(c)	(53		)	(60		)
Total	$	8,860		$	8,056

__________


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


^(b)	The increase includes additional borrowing related to the acquisition of Maggiore.


^(c)	Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2015 and 2014 were $41 million and $44 million, respectively.

Schedule of Contractual Maturities

The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2015:



	Debt under Vehicle Programs
2016^(a)	$	1,501
2017	2,884
2018	1,626
2019	1,389
2020	1,513
	$	8,913

__________


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

Schedule Of Available Funding Under Vehicle Program



	Total Capacity ^(a)		Outstanding Borrowings		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding^(b)	$	8,892	$	6,837	$	2,055
Americas – Debt borrowings^(c)	983		643		340
International – Debt borrowings^(d)	2,109		1,187		922
International – Capital leases ^(e)	259		238		21
Other	8		8		—
Total	$	12,251	$	8,913	$	3,338

__________


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


^(b)	The outstanding debt is collateralized by $8.4 billion of underlying vehicles and related assets.


^(c)	The outstanding debt is collateralized by $0.9 billion of underlying vehicles and related assets.


^(d)	The outstanding debt is collateralized by $1.5 billion of underlying vehicles and related assets.


^(e)	The outstanding debt is collateralized by $0.2 billion of underlying vehicles and related assets.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Lease Payments



	Amount
2016	$	570
2017	426
2018	316
2019	225
2020	149
Thereafter	577
	$	2,263

Schedule of Rent Expense

These concession fees, which are included in the Company’s total rent expense, were as follows for the years ended December 31:



	2015			2014			2013
Rent expense (including minimum concession fees)	$	679		$	639		$	622
Contingent concession expense	195			193			173
	874			832			795
Less: sublease rental income	(5		)	(6		)	(5		)
Total	$	869		$	826		$	790

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Accumulated Other Comprehensive Income

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



	Currency Translation Adjustments			Net Unrealized Gains (Losses) on Cash Flow Hedges ^(a)			Net Unrealized Gains (Losses) on Available-For-Sale Securities			Minimum Pension Liability Adjustment ^(b)			Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2013	$	193		$	—		$	2		$	(85	)	$	110
Other comprehensive income (loss) before reclassifications	(27		)	1			—			24			(2		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			—			—			9			9
Net current-period other comprehensive income (loss)	(27		)	1			—			33			7
Balance, December 31, 2013	166			1			2			(52		)	117
Other comprehensive income (loss) before reclassifications	(115		)	(7		)	—			(24		)	(146		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			5			—			2			7
Net current-period other comprehensive income (loss)	(115		)	(2		)	—			(22		)	(139		)
Balance, December 31, 2014	51			(1		)	2			(74		)	(22		)
Other comprehensive income (loss) before reclassifications	(131		)	(6		)	(2		)	6			(133		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			5			—			3			8
Net current-period other comprehensive income (loss)	(131		)	(1		)	(2		)	9			(125		)
Balance, December 31, 2015	$	(80	)	$	(2	)	$	—		$	(65	)	$	(147	)

__________

^(a)


^(b)	For the years ended December 31, 2015, 2014 and 2013, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses and operating expenses were $5 million ($3 million, net of tax), $3 million ($2 million, net of tax) and $15 million ($9 million, net of tax), respectively.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

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

Summary of Share-Based Payment Award Stock Options Valuation Assumptions

The weighted average assumptions used in the Monte Carlo simulation model to calculate the fair value of the Company’s stock unit awards are outlined in the table below.



	2015	2014	2013
Expected volatility of stock price	37%	40%	43%
Risk-free interest rate	0.74%	0.83%	0.39%
Valuation period	3 years	3 years	3 years
Dividend yield	0%	0%	0%

Annual Activity of RSUs

Annual activity related to stock units 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, 2015		998		$	27.26	1,884		$	19.17	267		$	14.90
	Granted ^(a)	426		54.70		230		55.51		—		—
	Vested ^(b)	(563	)	23.61		(982	)	12.05		(156	)	12.65
	Forfeited/expired	(42	)	41.07		(191	)	20.57		—		—
Outstanding at December 31, 2015 ^(c)		819		$	43.34	941		$	35.18	111		$	18.04

__________

^(a)


^(b)	The total fair value of RSUs vested during 2015, 2014 and 2013 was $25 million, $15 million and $13 million, respectively. The total grant date fair value of cash units vested during the year ended December 31, 2015 was $2 million.

^(c)

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

The annual 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, 2015		848		$	2.92	$	54	4.3
	Granted ^(a)	—		—
	Exercised ^(b)	(20	)	5.28		1
	Forfeited/expired	(1	)	0.79
Outstanding and exercisable at December 31, 2015 ^(c)		827		$	2.87	$	28	3.3

__________


^(a)	No stock options were granted during 2014 or 2013.


^(b)	Stock options exercised during 2014 and 2013 had intrinsic values of $6 million and $23 million, respectively, and the cash received from the exercise of options was insignificant in 2015 and 2014 and $3 million in 2013.


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

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Summary of Net Periodic Benefit Cost

The components of net periodic benefit cost consisted of the following:



	Year Ended December 31,
	2015			2014			2013
Service cost	$	5		$	5		$	5
Interest cost	22			29			26
Expected return on plan assets	(31		)	(32		)	(28		)
Amortization of unrecognized amounts	5			3			15
Net periodic benefit cost	$	1		$	5		$	18

Summary of Funded Status of Pension Plans

The Company uses a measurement date of December 31 for its pension plans. The funded status of the pension plans were as follows:



	As of December 31,
Change in Benefit Obligation	2015			2014
Benefit obligation at end of prior year	$	716		$	670
Service cost	5			5
Interest cost	22			29
Plan amendments	—			(1		)
Actuarial (gain) loss	(32		)	72
Currency translation adjustment	(30		)	(34		)
Net benefits paid	(25		)	(25		)
Benefit obligation at end of current year	$	656		$	716

Change in Plan Assets
Fair value of assets at end of prior year	$	553		$	517
Actual return on plan assets	5			56
Employer contributions	14			26
Currency translation adjustment	(20		)	(21		)
Net benefits paid	(25		)	(25		)
Fair value of assets at end of current year	$	527		$	553

Schedule of Net Funded Status [Table Text Block]



	As of December 31,
Funded Status	2015			2014
Classification of net balance sheet assets (liabilities):
Non-current assets	$	30		$	15
Current liabilities	(1		)	(1		)
Non-current liabilities	(158		)	(177		)
Net funded status	$	(129	)	$	(163	)

Summary of Assumptions Used to Determine Pension Obligations and Pension Costs

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



		For the Year Ended December 31,
U.S. Pension Benefit Plans		2015		2014		2013
Discount rate:
	Net periodic benefit cost	4.00	%	4.75	%	3.75	%
	Benefit obligation	4.40	%	4.00	%	4.75	%
Long-term rate of return on plan assets		7.25	%	7.50	%	7.50	%

Non-U.S. Pension Benefit Plans
Discount rate:
	Net periodic benefit cost	3.30	%	4.50	%	4.50	%
	Benefit obligation	3.45	%	3.30	%	4.50	%
Long-term rate of return on plan assets		4.65	%	5.30	%	5.25	%

Summary of Defined Benefit Pension Plans' Assets Fair Value

The following table presents the defined benefit pension plans’ assets measured at fair value, as of December 31:



Asset Class		2015		2014
Cash equivalents and short term investments		$	12	$	6
U.S. equities		126		113
Foreign equities		129		163
Government bonds		103		91
Corporate bonds		133		167
Other assets		24		13
	Total assets	$	527	$	553

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

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



	As of December 31,
	2015		2014
Interest rate caps ^(a)	$	10,179	$	8,333
Interest rate swaps	900		1,592
Foreign exchange contracts	811		493

__________

^(a)

Fair Value of Derivative Instruments

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



		As of December 31, 2015				As of December 31, 2014
		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	$	5	$	1	$	3
Derivatives not designated as hedging instruments
	Interest rate caps ^(b)	1		5		—		10
	Foreign exchange contracts ^(c)	16		2		5		2
	Commodity contracts ^(c)	—		1		—		1
	Total	$	18	$	13	$	6	$	16

__________


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


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


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

Schedule of Effect of Derivatives Recognized

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



		Year Ended December 31,
		2015			2014			2013
Financial instruments designated as hedging instruments ^(a)
	Interest rate swaps	$	(1	)	$	(2	)	$	1
	Euro-denominated notes	34			46			(11		)
Financial instruments not designated as hedging instruments ^(b)
	Foreign exchange contracts ^(c)	48			8			27
	Interest rate caps ^(d)	(2		)	(3		)	4
	Commodity contracts ^(e)	—			(3		)	1
Total		$	79		$	46		$	22

__________


^(a)	Recognized, net of tax, as a component of accumulated 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)


^(d)	For the years ended December 31, 2015 and 2014, amounts are included in vehicle interest, net. For the year ended December 31, 2013, $1 million of expense is included in vehicle interest, net and a $5 million gain is included in interest expense.


^(e)	Included in operating expenses.

Schedule of Carrying Amounts and Estimated Fair Values

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



		As of December 31, 2015				As of December 31, 2014
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
	Short-term debt and current portion of long-term debt	$	26	$	26	$	28	$	28
	Long-term debt	3,435		3,478		3,325		3,439

Debt under vehicle programs
	Vehicle-backed debt due to Avis Budget Rental Car Funding	$	6,796	$	6,836	$	6,296	$	6,407
	Vehicle-backed debt	2,060		2,071		1,750		1,771
	Interest rate swaps and interest rate caps ^(a)	4		4		10		10

___________


^(a)	Derivatives in liability position.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Summary of Operating Segments

Year Ended December 31, 2015



	Americas		International		Corporate and Other ^(a)			Total
Net revenues	$	6,069	$	2,433	$	—		$	8,502
Vehicle depreciation and lease charges, net	1,478		455		—			1,933
Vehicle interest, net	234		55		—			289
Adjusted EBITDA	682		277		(56		)	903
Non-vehicle depreciation and amortization	143		75		—			218
Assets exclusive of assets under vehicle programs	3,940		1,901		77			5,918
Assets under vehicle programs	9,440		2,276		—			11,716
Capital expenditures (excluding vehicles)	131		68		—			199

__________


^(a)	Primarily represents unallocated corporate overhead and receivables from our former subsidiaries.

Year Ended December 31, 2014



	Americas		International		Corporate and Other ^(a)			Total
Net revenues	$	5,961	$	2,524	$	—		$	8,485
Vehicle depreciation and lease charges, net	1,492		504		—			1,996
Vehicle interest, net	234		48		—			282
Adjusted EBITDA	656		280		(60		)	876
Non-vehicle depreciation and amortization	122		58		—			180
Assets exclusive of assets under vehicle programs	3,946		1,730		108			5,784
Assets under vehicle programs	9,162		1,896		—			11,058
Capital expenditures (excluding vehicles)	113		69		—			182

__________


^(a)	Primarily represents unallocated corporate overhead and receivables from our former subsidiaries.

Year Ended December 31, 2013



	Americas		International		Corporate and Other ^(a)			Total
Net revenues	$	5,480	$	2,457	$	—		$	7,937
Vehicle depreciation and lease charges, net	1,315		496		—			1,811
Vehicle interest, net	216		48		—			264
Adjusted EBITDA	560		256		(47		)	769
Non-vehicle depreciation and amortization	103		49		—			152
Assets exclusive of assets under vehicle programs	3,797		1,749		152			5,698
Assets under vehicle programs	8,357		2,095		—			10,452
Capital expenditures (excluding vehicles)	99		53		—			152

__________


^(a)	Primarily represents unallocated corporate overhead and receivables from our former subsidiaries.

Reconciliation of Adjusted EBITDA to Income (Loss)

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



		For the Year Ended December 31,
		2015		2014		2013
Adjusted EBITDA		$	903	$	876	$	769
Less: Non-vehicle related depreciation and amortization		218		180		152
	Interest expense related to corporate debt, net	194		209		228
	Early extinguishment of corporate debt	23		56		147
	Transaction-related costs, net	68		13		51
	Restructuring expense	18		26		61
	Impairment	—		—		33
Income before income taxes		$	382	$	392	$	97

Summary of Geographic Segment Information

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



	United States		All Other Countries		Total
2015
Net revenues	$	5,635	$	2,867	$	8,502
Assets exclusive of assets under vehicle programs	3,677		2,241		5,918
Assets under vehicle programs	8,786		2,930		11,716
Net long-lived assets	1,502		1,069		2,571

2014
Net revenues	$	5,471	$	3,014	$	8,485
Assets exclusive of assets under vehicle programs	3,745		2,039		5,784
Assets under vehicle programs	8,428		2,630		11,058
Net long-lived assets	1,481		885		2,366

2013
Net revenues	$	5,030	$	2,907	$	7,937
Assets exclusive of assets under vehicle programs	3,608		2,090		5,698
Assets under vehicle programs	7,791		2,661		10,452
Net long-lived assets	1,281		947		2,228



	United States	All Other Countries	Total
For the Year Ended December 31, 2014
Assets exclusive of assets under vehicle programs decreased	$114	$13	$127
For the Year Ended December 31, 2013
Assets exclusive of assets under vehicle programs decreased	121	13	134

Guarantor and Non-Guarantor Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Income Statement

Consolidating Condensed Statements of Operations

For the Year Ended December 31, 2015



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	4,124		$	1,902	$	—		$	6,026
	Other		—			—			1,181			3,335		(2,040		)	2,476
Net revenues			—			—			5,305			5,237		(2,040		)	8,502

Expenses
	Operating		2			17			2,587			1,678		—			4,284
	Vehicle depreciation and lease charges, net		—			1			1,819			1,936		(1,823		)	1,933
	Selling, general and administrative		32			15			619			427		—			1,093
	Vehicle interest, net		—			—			204			302		(217		)	289
	Non-vehicle related depreciation and amortization		—			1			133			84		—			218
	Interest expense related to corporate debt, net:
		Interest expense	—			159			(5		)	40		—			194
		Intercompany interest expense (income)	(12		)	(11		)	16			7		—			—
		Early extinguishment of debt	—			23			—			—		—			23
	Transaction-related costs, net		—			22			6			40		—			68
	Restructuring expense		—			—			6			12		—			18
Total expenses			22			227			5,385			4,526		(2,040		)	8,120

Income (loss) before income taxes and equity in earnings of subsidiaries			(22		)	(227		)	(80		)	711		—			382
Provision for (benefit from) income taxes			(9		)	(178		)	170			86		—			69
Equity in earnings of subsidiaries			326			375			625			—		(1,326		)	—
Net income			$	313		$	326		$	375		$	625	$	(1,326	)	$	313

Comprehensive income			$	188		$	203		$	253		$	504	$	(960	)	$	188



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	4,038		$	1,988	$	—		$	6,026
	Other		—			—			1,167			3,426		(2,134		)	2,459
Net revenues			—			—			5,205			5,414		(2,134		)	8,485

Expenses
	Operating		10			13			2,525			1,703		—			4,251
	Vehicle depreciation and lease charges, net		—			1			1,920			1,996		(1,921		)	1,996
	Selling, general and administrative		27			23			602			428		—			1,080
	Vehicle interest, net		—			—			200			295		(213		)	282
	Non-vehicle related depreciation and amortization		—			2			111			67		—			180
	Interest expense related to corporate debt, net:
		Interest expense	2			163			2			42		—			209
		Intercompany interest expense (income)	(13		)	(11		)	1			23		—			—
		Early extinguishment of debt	—			56			—			—		—			56
	Restructuring expense		—			—			7			19		—			26
	Transaction-related costs, net		1			8			(20		)	24		—			13
Total expenses			27			255			5,348			4,597		(2,134		)	8,093

Income (loss) before income taxes and equity in earnings of subsidiaries			(27		)	(255		)	(143		)	817		—			392
Provision for (benefit from) income taxes			(10		)	(108		)	186			79		—			147
Equity in earnings of subsidiaries			262			409			738			—		(1,409		)	—
Net income			$	245		$	262		$	409		$	738	$	(1,409	)	$	245

Comprehensive income			$	106		$	123		$	273		$	624	$	(1,020	)	$	106

For the Year Ended December 31, 2013



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	3,786		$	1,921	$	—		$	5,707
	Other		—			—			1,098			3,086		(1,954		)	2,230
Net revenues			—			—			4,884			5,007		(1,954		)	7,937

Expenses
	Operating		7			15			2,425			1,627		—			4,074
	Vehicle depreciation and lease charges, net		—			—			1,776			1,806		(1,771		)	1,811
	Selling, general and administrative		35			6			591			387		—			1,019
	Vehicle interest, net		—			—			182			265		(183		)	264
	Non-vehicle related depreciation and amortization		—			2			97			53		—			152
	Interest expense related to corporate debt, net:
		Interest expense	3			196			—			29		—			228
		Intercompany interest expense (income)	(12		)	(30		)	6			36		—			—
		Early extinguishment of debt	53			94			—			—		—			147
	Restructuring expense		—			—			25			36		—			61
	Transaction-related costs, net		1			24			3			23		—			51
	Impairment		—			33			—			—		—			33
Total expenses			87			340			5,105			4,262		(1,954		)	7,840

Income (loss) before income taxes and equity in earnings of subsidiaries			(87		)	(340		)	(221		)	745		—			97
Provision for (benefit from) income taxes			(14		)	(124		)	156			63		—			81
Equity in earnings of subsidiaries			89			305			682			—		(1,076		)	—
Net income			$	16		$	89		$	305		$	682	$	(1,076	)	$	16

Comprehensive income			$	23		$	96		$	310		$	657	$	(1,063	)	$	23

Consolidating Condensed Balance Sheet

As of December 31, 2014



		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	2	$	210	$	—	$	412	$	—		$	624
	Receivables, net	—		—		177		422		—			599
	Other current assets	3		86		78		289		—			456
Total current assets		5		296		255		1,123		—			1,679

Property and equipment, net		—		112		325		201		—			638
Deferred income taxes		19		1,222		240		34		(4		)	1,511
Goodwill		—		—		487		355		—			842
Other intangibles, net		—		38		545		303		—			886
Other non-current assets		104		25		21		78		—			228
Intercompany receivables		205		344		978		672		(2,199		)	—
Investment in subsidiaries		468		3,072		3,316		—		(6,856		)	—
Total assets exclusive of assets under vehicle programs		801		5,109		6,167		2,766		(9,059		)	5,784

Assets under vehicle programs:
	Program cash	—		—		—		119		—			119
	Vehicles, net	—		7		87		10,121		—			10,215
	Receivables from vehicle manufacturers and other	—		1		—		361		—			362
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362		—			362
		—		8		87		10,963		—			11,058
Total assets		$	801	$	5,117	$	6,254	$	13,729	$	(9,059	)	$	16,842

Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	39	$	200	$	462	$	790	$	—		$	1,491
	Short-term debt and current portion of long-term debt	—		13		4		11		—			28
Total current liabilities		39		213		466		801		—			1,519

Long-term debt		—		2,769		6		550		—			3,325
Other non-current liabilities		97		100		232		341		(4		)	766
Intercompany payables		—		1,558		313		328		(2,199		)	—
Total liabilities exclusive of liabilities under vehicle programs		136		4,640		1,017		2,020		(2,203		)	5,610
Liabilities under vehicle programs:
	Debt	—		9		83		1,668		—			1,760
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		6,296		—			6,296
	Deferred income taxes	—		—		2,082		185		—			2,267
	Other	—		—		—		244		—			244
		—		9		2,165		8,393		—			10,567
Total stockholders’ equity		665		468		3,072		3,316		(6,856		)	665
Total liabilities and stockholders’ equity		$	801	$	5,117	$	6,254	$	13,729	$	(9,059	)	$	16,842

onsolidating Condensed Balance Sheets

As of December 31, 2015



		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	4	$	70	$	—	$	378	$	—		$	452
	Receivables, net	—		—		212		456		—			668
	Other current assets	2		78		83		344		—			507
Total current assets		6		148		295		1,178		—			1,627

Property and equipment, net		—		134		345		202		—			681
Deferred income taxes		20		1,246		253		—		(31		)	1,488
Goodwill		—		—		487		486		—			973
Other intangibles, net		—		30		525		362		—			917
Other non-current assets		93		15		17		107		—			232
Intercompany receivables		160		367		1,070		696		(2,293		)	—
Investment in subsidiaries		272		3,426		3,680		—		(7,378		)	—
Total assets exclusive of assets under vehicle programs		551		5,366		6,672		3,031		(9,702		)	5,918

Assets under vehicle programs:
	Program cash	—		—		—		258		—			258
	Vehicles, net	—		18		78		10,562		—			10,658
	Receivables from vehicle manufacturers and other	—		—		—		438		—			438
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362		—			362
		—		18		78		11,620		—			11,716
Total assets		$	551	$	5,384	$	6,750	$	14,651	$	(9,702	)	$	17,634

Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	24	$	180	$	471	$	810	$	—		$	1,485
	Short-term debt and current portion of long-term debt	—		14		5		7		—			26
Total current liabilities		24		194		476		817		—			1,511

Long-term debt		—		2,932		2		501		—			3,435
Other non-current liabilities		88		85		237		355		(31		)	734
Intercompany payables		—		1,897		336		60		(2,293		)	—
Total liabilities exclusive of liabilities under vehicle programs		112		5,108		1,051		1,733		(2,324		)	5,680
Liabilities under vehicle programs:
	Debt	—		4		74		1,986		—			2,064
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		6,796		—			6,796
	Deferred income taxes	—		—		2,199		168		—			2,367
	Other	—		—		—		288		—			288
		—		4		2,273		9,238		—			11,515
Total stockholders’ equity		439		272		3,426		3,680		(7,378		)	439
Total liabilities and stockholders’ equity		$	551	$	5,384	$	6,750	$	14,651	$	(9,702	)	$	17,634

Consolidating Condensed Cash Flow Statement

For the Year Ended December 31, 2014



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	—		$	469		$	340		$	1,840		$	(70	)	$	2,579

Investing activities
Property and equipment additions	—			(20		)	(84		)	(78		)	—			(182		)
Proceeds received on asset sales	—			7			8			6			—			21
Net assets acquired (net of cash acquired)	—			—			(263		)	(153		)	—			(416		)
Other, net	285			(9		)	(2		)	—			(285		)	(11		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	285			(22		)	(341		)	(225		)	(285		)	(588		)

Vehicle programs:
Increase in program cash	—			—			—			(10		)	—			(10		)
Investment in vehicles	—			(9		)	(90		)	(11,776		)	—			(11,875		)
Proceeds received on disposition of vehicles	—			8			—			9,658			—			9,666
	—			(1		)	(90		)	(2,128		)	—			(2,219		)
Net cash provided by (used in) investing activities	285			(23		)	(431		)	(2,353		)	(285		)	(2,807		)

Financing activities
Proceeds from long-term borrowings	—			575			—			296			—			871
Payments on long-term borrowings	—			(756		)	(5		)	(1		)	—			(762		)
Net change in short-term borrowings	—			—			—			5			—			5
Debt financing fees	—			(12		)	—			(5		)	—			(17		)
Repurchases of common stock	(297		)	—			—			—			—			(297		)
Other, net	—			(285		)	—			(70		)	355			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(297		)	(478		)	(5		)	225			355			(200		)

Vehicle programs:
Proceeds from borrowings	—			—			88			14,285			—			14,373
Payments on borrowings	—			—			(3		)	(13,960		)	—			(13,963		)
Debt financing fees	—			—			(1		)	(27		)	—			(28		)
	—			—			84			298			—			382
Net cash provided by (used in) financing activities	(297		)	(478		)	79			523			355			182
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(23		)	—			(23		)
Net decrease in cash and cash equivalents	(12		)	(32		)	(12		)	(13		)	—			(69		)
Cash and cash equivalents, beginning of period	14			242			12			425			—			693
Cash and cash equivalents, end of period	$	2		$	210		$	—		$	412		$	—		$	624

Consolidating Condensed Statements of Cash Flows

For the Year Ended December 31, 2015



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	60		$	249		$	146		$	2,204		$	(75	)	$	2,584

Investing activities
Property and equipment additions	—			(26		)	(98		)	(75		)	—			(199		)
Proceeds received on asset sales	—			7			1			7			—			15
Net assets acquired (net of cash acquired)	—			(8		)	(9		)	(239		)	—			(256		)
Intercompany loan receipts (advances)	—			(30		)	(96		)	—			126			—
Other, net	334			(127		)	1			8			(210		)	6
Net cash provided by (used in) investing activities exclusive of vehicle programs	334			(184		)	(201		)	(299		)	(84		)	(434		)

Vehicle programs:
Increase in program cash	—			—			—			(148		)	—			(148		)
Investment in vehicles	—			(1		)	(2		)	(11,925		)	—			(11,928		)
Proceeds received on disposition of vehicles	—			19			—			9,661			—			9,680
	—			18			(2		)	(2,412		)	—			(2,396		)
Net cash provided by (used in) investing activities	334			(166		)	(203		)	(2,711		)	(84		)	(2,830		)

Financing activities
Proceeds from long-term borrowings	—			375			—			2			—			377
Payments on long-term borrowings	—			(256		)	(4		)	(41		)	—			(301		)
Net change in short-term borrowings	—			—			—			(22		)	—			(22		)
Debt financing fees	—			(7		)	—									(7		)
Repurchases of common stock	(393		)	—			—			—			—			(393		)
Intercompany loan borrowings (payments)	—			—			—			126			(126		)	—
Other, net	1			(335		)	70			(28		)	285			(7		)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(392		)	(223		)	66			37			159			(353		)

Vehicle programs:
Proceeds from borrowings	—			—			—			14,138			—			14,138
Payments on borrowings	—			—			(9		)	(13,639		)	—			(13,648		)
Debt financing fees	—			—			—			(22		)	—			(22		)
	—			—			(9		)	477			—			468
Net cash provided by (used in) financing activities	(392		)	(223		)	57			514			159			115
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(41		)	—			(41		)
Net increase (decrease) in cash and cash equivalents	2			(140		)	—			(34		)	—			(172		)
Cash and cash equivalents, beginning of period	2			210			—			412			—			624
Cash and cash equivalents, end of period	$	4		$	70		$	—		$	378		$	—		$	452

For the Year Ended December 31, 2013



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	(3	)	$	562		$	26		$	1,736		$	(68	)	$	2,253

Investing activities
Property and equipment additions	—			(26		)	(69		)	(57		)	—			(152		)
Proceeds received on asset sales	—			7			4			11			—			22
Net assets acquired (net of cash acquired)	—			(564		)	8			19			—			(537		)
Intercompany loan receipts (advances)	—			233			60			—			(293		)	—
Other, net	146			(50		)	48			4			(146		)	2
Net cash provided by (used in) investing activities exclusive of vehicle programs	146			(400		)	51			(23		)	(439		)	(665		)

Vehicle programs:
Increase in program cash	—			—			—			(79		)	—			(79		)
Investment in vehicles	—			(44		)	(2		)	(10,853		)	—			(10,899		)
Proceeds received on disposition of vehicles	—			40			—			9,369			—			9,409
	—			(4		)	(2		)	(1,563		)	—			(1,569		)
Net cash provided by (used in) investing activities	146			(404		)	49			(1,586		)	(439		)	(2,234		)

Financing activities
Proceeds from long-term borrowings	—			2,647			—			325			—			2,972
Payments on long-term borrowings	(115		)	(2,489		)	(3		)	(1		)	—			(2,608		)
Net change in short-term borrowings	—			—			—			(36		)	—			(36		)
Debt financing fees	—			(30		)	—			(7		)	—			(37		)
Purchases of warrants	(78		)	—			—			—			—			(78		)
Proceeds from sale of call options	104			—			—			—			—			104
Repurchases of common stock	(48		)	—			—			—			—			(48		)
Intercompany loan borrowings (payments)	—			—			(60		)	(233		)	293			—
Other, net	3			(146		)	—			(68		)	214			3
Net cash provided by (used in) financing activities exclusive of vehicle programs	(134		)	(18		)	(63		)	(20		)	507			272

Vehicle programs:
Proceeds from borrowings	—			—			—			12,953			—			12,953
Payments on borrowings	—			—			—			(13,115		)	—			(13,115		)
Debt financing fees	—			—			—			(34		)	—			(34		)
	—			—			—			(196		)	—			(196		)
Net cash provided by (used in) financing activities	(134		)	(18		)	(63		)	(216		)	507			76
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(8		)	—			(8		)
Net increase (decrease) in cash and cash equivalents	9			140			12			(74		)	—			87
Cash and cash equivalents, beginning of period	5			102			—			499			—			606
Cash and cash equivalents, end of period	$	14		$	242		$	12		$	425		$	—		$	693

Selected Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Financial Data

Provided below are selected unaudited quarterly financial data for 2015 and 2014.



			2015
			First			Second		Third		Fourth
Net revenues			$	1,850		$	2,173	$	2,577	$	1,902
Net income (loss)			(9		)	143		184		(5		)

Per share information:
	Basic
		Net income (loss)	$	(0.09	)	$	1.36	$	1.80	$	(0.06	)
		Weighted average shares	106.1			105.5		102.7		99.5

	Diluted
		Net income (loss)	$	(0.09	)	$	1.34	$	1.77	$	(0.06	)
		Weighted average shares	106.1			106.7		104.0		99.5



			2014
			First		Second		Third		Fourth
Net revenues			$	1,862	$	2,194	$	2,542	$	1,887
Net income			4		26		192		23

Per share information:
	Basic
		Net income	$	0.03	$	0.25	$	1.84	$	0.22
		Weighted average shares	106.6		105.1		103.9		106.2

	Diluted
		Net income	$	0.03	$	0.24	$	1.74	$	0.21
		Weighted average shares	108.6		111.0		109.9		108.3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary Of Significant Accounting Policies [Line Items]
Currency translation adjustment	$ (80)	$ 51	$ 166	$ 193
Net carrying value of software developed	185	140
Vehicle interest income	13	10	9
Advertising expense	123	112	116
Investments in joint ventures	36	46
Aggregate realized gain from the sale of investments		7
Retained risks of liability to third parties	413	397
Workers compensation liabilities	70	67
Business Acquisition, Transaction Costs	18
Business Combination, Contingent Consideration, Liability	9
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	13
Business Combination, Contingent Consideration, Liability, Favorable Currency Exchange Rate Movements	4
Gain or loss of currency transactions	$ 11	$ 9	$ 11

Schedule of Estimated Useful Lives (Detail)	12 Months Ended
Schedule of Estimated Useful Lives (Detail)	Dec. 31, 2015
Buildings
Property And Equipment, Net [Line Items]
Property, Plant and Equipment, Useful Life	30 years
Furniture, Fixtures & Equipment \| Minimum [Member]
Property And Equipment, Net [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture, Fixtures & Equipment \| Maximum
Property And Equipment, Net [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Capitalized Software \| Minimum [Member]
Property And Equipment, Net [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Capitalized Software \| Maximum
Property And Equipment, Net [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Buses And Support Vehicles \| Minimum [Member]
Property And Equipment, Net [Line Items]
Property, Plant and Equipment, Useful Life	4 years
Buses And Support Vehicles \| Maximum
Property And Equipment, Net [Line Items]
Property, Plant and Equipment, Useful Life	15 years

Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Net income (loss) for basic EPS									$ 313	$ 245	$ 16
Convertible debt interest, net of tax									0	1	0
Net income (loss) for diluted EPS									$ 313	$ 246	$ 16
Basic weighted average shares outstanding	99.5	102.7	105.5	106.1	106.2	103.9	105.1	106.6	103.4	105.4	107.6
Options, warrants and non-vested stock									1.6	2.1	3.8
Convertible debt									0.0	3.1	0.0
Diluted weighted average shares outstanding	99.5	104.0	106.7	106.1	108.3	109.9	111.0	108.6	105.0	110.6	111.4
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.06)	$ 1.80	$ 1.36	$ (0.09)	$ 0.22	$ 1.84	$ 0.25	$ 0.03	$ 3.02	$ 2.32	$ 0.15
Diluted (in dollars per share)	$ (0.06)	$ 1.77	$ 1.34	$ (0.09)	$ 0.21	$ 1.74	$ 0.24	$ 0.03	$ 2.98	$ 2.22	$ 0.15

Outstanding Common Stock Equivalents That Were Anti-Dilutive (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0.1	0.0	0.0
Shares Underlying Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0.0	0.0	4.0

Outstanding Common Stock Equivalents That Were Anti-Dilutive Tickmarks (Detail)	12 Months Ended
	Dec. 31, 2015 $ / shares
Earnings Per Share [Abstract]
Anti-dilutive Non-Vested Stock Weighted Average Grant Date Fair Value	$ 61.15

Restructuring - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015 Employee	Dec. 31, 2014 Employee	Dec. 31, 2013 Employee	Dec. 31, 2016 USD ($)
2015 Acquisition Integration [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Number of Positions Eliminated	180
Restructuring and Related Cost, Number of Positions Eliminated	140
Restructuring and Related Cost, Expected Cost \| $				$ 10
2014 T15 Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Number of Positions Eliminated	325	75
Restructuring and Related Cost, Number of Positions Eliminated	315
2011 Avis Europe Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Number of Positions Eliminated		230	580

Summary of Changes to Restructuring-Related Liabilities (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restructuring Cost and Reserve [Line Items]
Balance, beginning	$ 17	$ 22	$ 13
Restructuring expense	18	26	61
Balance, ending	11	17	22
Americas
Restructuring Cost and Reserve [Line Items]
Balance, beginning	4	1	1
Balance, ending	1	4	1
International
Restructuring Cost and Reserve [Line Items]
Balance, beginning	13	21	12
Balance, ending	10	13	21
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning	14	17	12
Balance, ending	10	14	17
Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning	3	5	1
Balance, ending	1	3	5
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning	0	0	0
Balance, ending	0	0	0
2011 Avis Europe Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense		21	40
Cash payment/utilization	(9)	(30)	(31)
2011 Avis Europe Restructuring [Member] \| Americas
Restructuring Cost and Reserve [Line Items]
Restructuring expense		4	7
Cash payment/utilization	(1)	(4)	(7)
2011 Avis Europe Restructuring [Member] \| International
Restructuring Cost and Reserve [Line Items]
Restructuring expense		17	33
Cash payment/utilization	(8)	(26)	(24)
2011 Avis Europe Restructuring [Member] \| Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense		20	34
Cash payment/utilization	(7)	(27)	(29)
2011 Avis Europe Restructuring [Member] \| Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense		1	6
Cash payment/utilization	(2)	(3)	(2)
2011 Avis Europe Restructuring [Member] \| Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense		0	0
Cash payment/utilization	0	0	0
2012 Truck Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense			21
Cash payment/utilization			(21)
2012 Truck Restructuring [Member] \| Americas
Restructuring Cost and Reserve [Line Items]
Restructuring expense			21
Cash payment/utilization			(21)
2012 Truck Restructuring [Member] \| International
Restructuring Cost and Reserve [Line Items]
Restructuring expense			0
Cash payment/utilization			0
2012 Truck Restructuring [Member] \| Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense			0
Cash payment/utilization			0
2012 Truck Restructuring [Member] \| Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense			0
Cash payment/utilization			0
2012 Truck Restructuring [Member] \| Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense			21
Cash payment/utilization			$ (21)
2014 T15 Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense	9	5
Cash payment/utilization	(12)	(1)
2014 T15 Restructuring [Member] \| Americas
Restructuring Cost and Reserve [Line Items]
Restructuring expense	6	4
Cash payment/utilization	(8)	(1)
2014 T15 Restructuring [Member] \| International
Restructuring Cost and Reserve [Line Items]
Restructuring expense	3	1
Cash payment/utilization	(4)	0
2014 T15 Restructuring [Member] \| Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense	9	5
Cash payment/utilization	(12)	(1)
2014 T15 Restructuring [Member] \| Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense	0	0
Cash payment/utilization	0	0
2014 T15 Restructuring [Member] \| Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense	0	0
Cash payment/utilization	0	$ 0
2015 Acquisition Integration [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense	9
Cash payment/utilization	(3)
2015 Acquisition Integration [Member] \| Americas
Restructuring Cost and Reserve [Line Items]
Restructuring expense	1
Cash payment/utilization	(1)
2015 Acquisition Integration [Member] \| International
Restructuring Cost and Reserve [Line Items]
Restructuring expense	8
Cash payment/utilization	(2)
2015 Acquisition Integration [Member] \| Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense	9
Cash payment/utilization	(3)
2015 Acquisition Integration [Member] \| Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense	0
Cash payment/utilization	0
2015 Acquisition Integration [Member] \| Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense	0
Cash payment/utilization	$ 0

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Goodwill		$ 973	$ 842	$ 691
Equity Method Investments		$ 0	0
Maggiore Group [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition		Apr. 01, 2015
Business Combination, Consideration Transferred		$ 160
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		10 years
Goodwill		$ 88
Maggiore Group [Member] \| Other Intangible Assets [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		34
Maggiore Group [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		50
Maggiore Group [Member] \| Licensing Agreements [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		11
Brazil [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition	Aug. 01, 2013
Business Combination, Consideration Transferred			6
Goodwill		77
Equity Method Investment, Ownership Percentage	50.00%
Payments to Acquire Equity Method Investments	$ 53	8		$ 47
Due to Related Parties		46
Equity Method Investments			12
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net			33
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss		8
Avis and Budget Licensees [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred		62
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		$ 23
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		8 years
Goodwill		$ 29
Non Cash Charge On Unfavorable License Rights Reacquired With Acquisition With Subsidiaries		25
Avis and Budget Licensees [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		12
Avis and Budget Licensees [Member] \| Licensing Agreements [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		$ 36
Budget Licensees [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred			263
Business Acquisition Purchase Price Allocation Vehicles Net			132
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			58
Goodwill			192
Non Cash Charge On Unfavorable License Rights Reacquired With Acquisition With Subsidiaries			20
Budget Licensees [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired			$ 10
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			12 years
Budget Licensees [Member] \| Licensing Agreements [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired			$ 48
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			3 years
Payless
Business Acquisition [Line Items]
Other intangibles, useful life, in years				15 years
Business Acquisition, Effective Date of Acquisition				Jul. 01, 2013
Business Combination, Consideration Transferred				$ 46
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				23
Indefinite-Lived Trademarks				16
Goodwill				27
Payless \| Licensing Agreements [Member]
Business Acquisition [Line Items]
Indefinite-Lived License Agreements				$ 7
Zipcar
Business Acquisition [Line Items]
Other intangibles, useful life, in years				8 years
Business Acquisition, Effective Date of Acquisition				Mar. 01, 2013
Business Combination, Consideration Transferred				$ 473
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				188
Indefinite-Lived Trademarks				112
Goodwill				269
Zipcar \| Customer Relationships [Member]
Business Acquisition [Line Items]
Finite-Lived Customer Relationships, Gross				$ 76

Schedule of Intangible Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 526	$ 434
Accumulated Amortization	157	112
Net Carrying Amount	369	322
Goodwill	973	842	$ 691
Licensing Agreements [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	263	259
Accumulated Amortization	81	59
Net Carrying Amount	182	200
Customer Relationships [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	222	167
Accumulated Amortization	68	50
Net Carrying Amount	154	117
Other Intangible Assets [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	41	8
Accumulated Amortization	8	3
Net Carrying Amount	33	5
Goodwill
Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	973	842
Trademarks
Finite And Indefinite Lived Intangible Assets [Line Items]
Trademarks	$ 548	$ 564
Minimum [Member] \| Licensing Agreements [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Minimum [Member] \| Customer Relationships and Other Intangible Assets [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	2 years
Maximum \| Licensing Agreements [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	40 years
Maximum \| Customer Relationships and Other Intangible Assets [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	27 years
Weighted Average [Member] \| Licensing Agreements [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	19 years
Weighted Average [Member] \| Customer Relationships and Other Intangible Assets [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	11 years

Schedule of Intangible Assets Amortization Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 59	$ 36	$ 27
Licensing Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense	31	16	12
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense	21	18	15
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 7	$ 2	$ 0

Intangible Assets - Additional Information (Detail) $ in Millions	Dec. 31, 2015 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Assets, Amortization Expense, Next Rolling Twelve Months	$ 61
Finite-Lived Intangible Assets, Amortization Expense, Year Two	54
Finite-Lived Intangible Assets, Amortization Expense, Year Three	40
Finite-Lived Intangible Assets, Amortization Expense, Year Four	38
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 38

Schedule of Goodwill (Detail) - USD ($) $ in Millions	12 Months Ended
Schedule of Goodwill (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill [Line Items]
Gross goodwill			$ 2,809
Goodwill [Roll Forward]
Goodwill	$ 842	$ 691
Goodwill, Impaired, Accumulated Impairment Loss			(2,118)
Acquisition	194	203
Adjustments to the allocation of purchase price	(63)	(52)
Goodwill	973	842
Americas
Goodwill [Line Items]
Gross goodwill			1,904
Goodwill [Roll Forward]
Goodwill	479	317
Goodwill, Impaired, Accumulated Impairment Loss			(1,587)
Acquisition	77	190
Adjustments to the allocation of purchase price	(19)	(28)
Goodwill	537	479
International
Goodwill [Line Items]
Gross goodwill			905
Goodwill [Roll Forward]
Goodwill	363	374
Goodwill, Impaired, Accumulated Impairment Loss			$ (531)
Acquisition	117	13
Adjustments to the allocation of purchase price	(44)	(24)
Goodwill	$ 436	$ 363

Components of Company's Vehicles (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Disclosure Components Of Companys Vehicles [Abstract]
Rental vehicles	$ 11,195	$ 11,006
Less: Accumulated depreciation	(1,500)	(1,465)
Rental Vehicles Net, Total	9,695	9,541
Vehicles held for sale	963	674
Vehicles, net	$ 10,658	$ 10,215

Components Of Vehicle Depreciation And Lease Charges (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Vehicle Depreciation and Lease Charges, Net [Line Items]
Depreciation expense	$ 1,837	$ 1,840	$ 1,678
Lease charges	156	163	139
Gain on sale of vehicles, net	(60)	(7)	(6)
Vehicle depreciation and lease charges, net	1,933	1,996	1,811
Accounts Payable, Other, Current	269	222	260
Receivables due from former subsidiaries	$ 433	$ 352	$ 378

Provision for (Benefit from) Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current
Federal	$ (32)	$ (1)	$ (4)
State	3	4	12
Foreign	40	79	36
Current income tax provision (benefit)	11	82	44
Deferred
Federal	45	89	28
State	(1)	2	8
Foreign	14	(26)	1
Deferred income tax provision	58	65	37
Provision for income taxes	$ 69	$ 147	$ 81

Pretax Income (Loss) for Domestic and Foreign Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
United States	$ 258	$ 248	$ 4
Foreign	124	144	93
Income before income taxes	$ 382	$ 392	$ 97

Income Taxes Pretax Income (Loss) for Domestic and Foreign Operations Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Gains (Losses) on Extinguishment of Debt	$ (23)	$ (56)	$ (147)

Deferred Income Tax Assets And Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Deferred Income Tax Assets And Liabilities [Line Items]
Net tax loss carryforwards	$ 1,567	$ 1,483
Accrued liabilities and deferred income	276	297
Tax credits	76	75
Depreciation and amortization	13	23
Acquisition and integration-related liabilities	13	8
Provision for doubtful accounts	7	7
Deferred Tax Assets, Hedging Transactions	0	1
Other	46	57
Valuation allowance	(351)	(319)
Deferred income tax assets	1,647	1,632
Depreciation and amortization	123	96
Deferred Tax Liabilities, Prepaid Expenses	29	21
Other	7	4
Non-current deferred income tax liabilities	159	121
Non-current net deferred income tax assets	1,488	1,511
Deferred Income Tax Assets and Liabilities Additional Information (Detail) [Abstract]
Deferred Tax Assets, Valuation Allowance	351	319
Deferred Tax Assets Operating Loss Carryforward With Valuation Against It	267	249
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	53	46
Deferred Tax Assets State And Local	31	24
Vehicle Programs
Deferred Income Tax Assets And Liabilities [Line Items]
Depreciation and amortization	53	54
Depreciation and amortization	2,420	2,321
Deferred Tax Liabilities, Net	$ 2,367	$ 2,267

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Line Items]
Federal net operating loss carryforwards net of valuation allowances	$ 20
Foreign net operating loss carryforwards	583
Accumulated and undistributed earnings of foreign subsidiaries	941
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	1	$ 2	$ 0
Internal Revenue Service (IRS)
Income Tax Disclosure [Line Items]
Federal net operating loss carryforwards net of valuation allowances	$ 3,600
Internal Revenue Service (IRS) \| Maximum
Income Tax Disclosure [Line Items]
Operating loss carryforwards expiration period	Jan. 01, 2031
Other Tax [Member]
Income Tax Disclosure [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	$ 98

Reconciliation of U.S Federal Income Tax Statutory Rate and Effective Income Tax Rate (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	$ 1	$ 2	$ 0
Changes in valuation allowances	(0.60%)	(3.00%)	15.50%
U.S. federal statutory rate	35.00%	35.00%	35.00%
State and local income taxes, net of federal tax benefits	2.80%	3.30%	4.10%
Taxes on foreign operations at rates different than statutory U.S. federal rates	3.70%	1.40%	5.90%
Resolution of prior years' examination issues	(25.60%)	0.00%	0.00%
Non-deductible debt extinguishment costs	0.00%	0.00%	18.80%
Non-deductible transaction-related costs	0.90%	0.00%	3.20%
Other non-deductible expenses	1.80%	0.90%	2.30%
Other	0.10%	(0.10%)	(1.30%)
Effective Income Tax Rate, Continuing Operations, Total	18.10%	37.50%	83.50%
Other Tax [Member]
Income Tax Disclosure [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	$ 98
Changes in valuation allowances			13.10%

Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Beginning Balance	$ 63	$ 63	$ 54
Additions based on tax positions related to the current year	6	5	4
Additions for tax positions for prior years	3	5	9
Reductions for tax positions for prior years	(14)	(8)	0
Settlements	(1)	(2)	0
Statute of limitations	(1)	0	(4)
Ending Balance	$ 56	$ 63	$ 63

Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, non-current income taxes payable	$ 37	$ 45
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 28	$ 30

Unrecognized Tax Benefits Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Line Items]
Unrecognized tax benefits, non-current income taxes payable	$ 37	$ 45
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	28	30
Unrecognized Tax Benefits	56	63	$ 63	$ 54
Non Avis Budget Car Rental Tax Contingencies
Income Taxes [Line Items]
Unrecognized Tax Benefits	$ 15	$ 16

Schedule of Other Current Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Disclosure Schedule Of Other Current Assets [Abstract]
Prepaid expenses	$ 192	$ 192
Sales and use tax	159	125
Other	156	139
Total other current assets	$ 507	$ 456

Schedule of Property and Equipment Net (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Land	$ 50	$ 51
Buildings and leasehold improvements	567	565
Capitalized software	460	485
Furniture, fixtures and equipment	332	392
Buses and support vehicles	93	78
Projects in process	89	82
Property and Equipment, gross	1,591	1,653
Less: Accumulated depreciation and amortization	(910)	(1,015)
Property, Plant and Equipment, Net, Total	$ 681	$ 638

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 159	$ 144	$ 124
Amortization expense relating to capitalized computer software	$ 61	$ 46	$ 36

Schedule of Accounts Payable and Other Current Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accounts payable	$ 352	$ 328
Accrued sales and use taxes	220	194
Accrued payroll and related	199	229
Public liability and property damage insurance liabilities - current	131	121
Income taxes payable - current	103	89
Other	480	530
Accounts payable and other current liabilities	$ 1,485	$ 1,491

Schedule of Long-Term Debt (Detail) € in Millions	1 Months Ended		12 Months Ended
Schedule of Long-Term Debt (Detail) € in Millions	Dec. 31, 2014 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2012 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2015 EUR (€)	Mar. 31, 2015 EUR (€)	Dec. 31, 2013 USD ($)
Debt Instrument [Line Items]
Uncommitted credit facilities	$ 9,000,000		$ 3,000,000	$ 9,000,000
Other	34,000,000		46,000,000	34,000,000
Deferred Finance Costs, Net	(127,000,000)			(127,000,000)					$ (134,000,000)
Total			3,516,000,000
Less: Short-term debt and current portion of long-term debt	28,000,000		26,000,000	28,000,000
Long-term debt	$ 3,325,000,000		$ 3,435,000,000	$ 3,325,000,000
Senior Notes \| 4 7/8% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	4.875%		4.875%	4.875%
Maturity Dates			November 2017
Long-term Debt, Gross	$ 300,000,000		$ 300,000,000	$ 300,000,000
Senior Notes \| Floating Rate Senior Notes Due December 2017
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.75%
Maturity Dates			December 2017
Long-term Debt, Gross	$ 248,000,000		$ 249,000,000	$ 248,000,000
Percentage Of Margin Aggregate Interest Rate			3.16%
Senior Notes \| 9 3/4% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	9.75%		0.00%	9.75%
Debt Instrument, Repurchased Face Amount			$ 223,000,000
Maturity Dates			March 2020
Long-term Debt, Gross	$ 223,000,000		$ 0	$ 223,000,000
Proceeds from Issuance of Debt					$ 250,000,000
Senior Notes \| 6% Euro-Denominated Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	6.00%		6.00%	6.00%
Debt Instrument, Face Amount \| €							€ 200	€ 250
Debt Instrument, Unamortized Premium			$ 1.0675
Maturity Dates			March 2021
Long-term Debt, Gross	$ 561,000,000		$ 502,000,000	$ 561,000,000
Proceeds from Issuance of Debt			$ 295,000,000
Percentage Of Margin Aggregate Interest Rate			4.85%
Senior Notes \| Five and One over Eight Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument interest percentage	5.125%		5.125%	5.125%
Debt Instrument, Face Amount						$ 400,000,000
Maturity Dates			June 2022
Long-term Debt, Gross	$ 400,000,000		$ 400,000,000	$ 400,000,000
Senior Notes \| 5 1/2% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	5.50%		5.50%	5.50%
Debt Instrument, Face Amount			$ 175,000,000
Maturity Dates			April 2023
Long-term Debt, Gross	$ 674,000,000		$ 674,000,000	$ 674,000,000
Debt Instrument, Unamortized Discount			$ 0.99625
Senior Notes \| Five And One Over Four Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument interest percentage	0.00%		5.25%	0.00%
Maturity Dates			March 2025
Long-term Debt, Gross	$ 0		$ 375,000,000	$ 0
Senior Notes \| Floating Rate Notes [Member]
Debt Instrument [Line Items]
Repayments of senior notes	$ 420,000,000	$ 75,000,000
Senior Notes \| Nine And Five Over Eight Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument interest percentage	5.625%		5.625%	5.625%
Loans \| Floating Rate Term Loan Due March 2019
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.25%
Maturity Dates			March 2019
Long-term Debt, Gross	$ 980,000,000		$ 970,000,000	$ 980,000,000
Proceeds from Issuance of Debt				300,000,000
Percentage Of Margin Aggregate Interest Rate			3.00%
Senior Notes and Loans Payable [Member]
Debt Instrument [Line Items]
Deferred Finance Costs, Net	(67,000,000)		$ (55,000,000)	(67,000,000)
Total	$ 3,353,000,000		$ 3,461,000,000	$ 3,353,000,000
Interest Rate Swap [Member] \| Senior Notes \| Floating Rate Senior Notes Due December 2017
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate			3.58%
Interest Rate Swap [Member] \| Loans \| Floating Rate Term Loan Due March 2019
Debt Instrument [Line Items]
Derivative, Amount of Hedged Item			$ 600,000,000
Derivative, Fixed Interest Rate			3.96%

Long-Term Debt And Borrowing Arrangements - Additional Information (Detail) € in Millions, $ in Millions	1 Months Ended							3 Months Ended	12 Months Ended
	Apr. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)	Jun. 30, 2014 USD ($)	Nov. 30, 2013 USD ($)	Apr. 30, 2013 USD ($)	Mar. 31, 2013 USD ($)	Nov. 30, 2012 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2015 EUR (€)	Mar. 31, 2015 EUR (€)
Debt Instrument [Line Items]
Uncommitted credit facilities		$ 9							$ 3	$ 9
Gains (Losses) on Extinguishment of Debt									$ (23)	$ (56)	$ (147)
Uncommitted Credit Facility \| Maximum
Debt Instrument [Line Items]
Credit facilities bearing interest									2.50%
Uncommitted Credit Facility \| Minimum [Member]
Debt Instrument [Line Items]
Credit facilities bearing interest									0.21%
6% Euro-Denominated Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage		6.00%							6.00%	6.00%
Long-term Debt, Gross		$ 561							$ 502	$ 561
Debt Instrument, Face Amount \| €														€ 200	€ 250
Proceeds from Issuance of Debt									$ 295
Aggregate rate of LIBOR rate									4.85%
5 1/2% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage		5.50%							5.50%	5.50%
Proceeds from issue of senior notes									$ 500
Long-term Debt, Gross		$ 674							674	$ 674
Debt Instrument, Face Amount									175
Floating Rate Term Loan Due March 2019 \| Loans
Debt Instrument [Line Items]
Proceeds from issue of senior notes						$ 500		$ 200
Long-term Debt, Gross		980							$ 970	980
Proceeds from Issuance of Debt										$ 300
Spread over LIBOR									2.25%
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate									0.75%
Aggregate rate of LIBOR rate									3.00%
Floating Rate Notes [Member] \| Senior Notes
Debt Instrument [Line Items]
Repayments of senior notes		$ 420	$ 75
8 1/4% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage		8.25%							8.25%	8.25%
Debt Instrument, Repurchased Face Amount													$ 292
Debt Instrument, Repurchase Amount									$ 395
9 3/4% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage		9.75%							0.00%	9.75%
Long-term Debt, Gross		$ 223							$ 0	$ 223
Debt Instrument, Repurchased Face Amount									$ 223
Proceeds from Issuance of Debt												$ 250
Repayment of term loan	$ 243				$ 27
4 7/8% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage		4.875%							4.875%	4.875%
Proceeds from issue of senior notes							$ 300
Long-term Debt, Gross		$ 300							$ 300	$ 300
Floating Rate Senior Notes Due December 2017 \| Senior Notes
Debt Instrument [Line Items]
Proceeds from issue of senior notes				$ 247
Long-term Debt, Gross		$ 248							$ 249	$ 248
Issuance price as percentage of face value				98.75%
Spread over LIBOR									2.75%
Aggregate rate of LIBOR rate									3.16%
Five And One Over Four Senior Notes [Member] \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage		0.00%							5.25%	0.00%
Proceeds from issue of senior notes									$ 375
Long-term Debt, Gross		$ 0							375	$ 0
Interest Rate Swap [Member] \| Floating Rate Term Loan Due March 2019 \| Loans
Debt Instrument [Line Items]
Derivative, Amount of Hedged Item									$ 600
Derivative, Fixed Interest Rate									3.96%
Interest Rate Swap [Member] \| Floating Rate Senior Notes Due December 2017 \| Senior Notes
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate									3.58%

Contractual Maturities of Company's Corporate Debt (Detail) $ in Millions	Dec. 31, 2015 USD ($)
Long-Term Debt And Borrowing Arrangements [Abstract]
2016	$ 26
2017	564
2018	14
2019	948
2020	2
Thereafter	1,962
Total	$ 3,516

Schedule of Committed Credit Facilities (Detail) $ in Millions	Dec. 31, 2015 USD ($)
Revolving Credit Facility [Member] \| Revolving Credit Facility Maturing 2018
Line of Credit Facility [Line Items]
Total Capacity	$ 1,800
Letters of Credit Issued	687
Available Capacity	1,113
Other Credit Facility \| Other Facilities
Line of Credit Facility [Line Items]
Total Capacity	3
Outstanding Borrowings	3
Available Capacity	$ 0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Schedule of Committed Credit Facilities Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015
Bank Overdrafts [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate During Period	1.50%
Bank Overdrafts [Member] \| Maximum
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate During Period	3.48%
Revolving Credit Facility Maturing 2018 \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.00%

Schedule Of Debt Under Vehicle Programs (Detail) - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2020	Jul. 31, 2020	Feb. 29, 2020	Jul. 31, 2019	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt under vehicle programs					$ 8,860	$ 8,056
Deferred Finance Costs, Net						(127)	$ (134)
Debt Due To Rental Car Funding [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt Instrument, Maturity Date	Dec. 01, 2020	Jul. 01, 2020	Feb. 01, 2020	Jul. 01, 2019
Debt under vehicle programs					6,837	6,340
Deferred Finance Costs, Net					$ (41)	(44)
Americas Debt Borrowings [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt, Weighted Average Interest Rate					3.00%
Debt under vehicle programs					$ 643	746
International Debt Borrowings
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt, Weighted Average Interest Rate					3.00%
Debt under vehicle programs					$ 1,187	685
International Capital Leases
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt under vehicle programs					238	314
Other
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt under vehicle programs					8	31
Debt Under Vehicle Programs [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt under vehicle programs					8,913
Deferred Finance Costs, Net					$ (53)	$ (60)

Debt Under Vehicle Programs And Borrowing Arrangements - Additional Information (Detail) € in Millions, $ in Millions	1 Months Ended							2 Months Ended	12 Months Ended
	Dec. 31, 2020	Jul. 31, 2020	Feb. 29, 2020	Jul. 31, 2019	May 31, 2015	Jan. 31, 2015	Jul. 31, 2014	Feb. 28, 2014	Dec. 31, 2015 EUR (€)	Dec. 31, 2014 EUR (€)	Dec. 31, 2013 EUR (€)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Sep. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt												$ 8,600
Interest rate on capital leases												2.00%
Avis Budget Rental Car Funding Program
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt, Weighted Average Interest Rate												3.00%
Americas Debt Borrowings [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt												$ 900
Debt, Weighted Average Interest Rate												3.00%
International Debt Borrowings
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt												$ 1,500
Debt, Weighted Average Interest Rate												3.00%
International Capital Leases
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt												$ 200
Debt Due To Rental Car Funding [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt												$ 8,400
Debt Instrument, Issuance Date					May 01, 2015	Jan. 01, 2015	Jul. 01, 2014	Feb. 01, 2014
Asset-Backed Securities, at Carrying Value													$ 550	$ 650	$ 500	$ 675
Debt Instrument, Maturity Date	Dec. 01, 2020	Jul. 01, 2020	Feb. 01, 2020	Jul. 01, 2019
European Rental Fleet Securitization [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Newly Issued European Credit Facility \| €									€ 210	€ 290	€ 500

Schedule Of Contractual Maturities (Detail) $ in Millions	Dec. 31, 2015 USD ($)
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
2016	$ 26
2017	564
2018	14
2019	948
2020	2
Vehicle Programs
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
2016	1,501
2017	2,884
2018	1,626
2019	1,389
2020	1,513
Total	$ 8,913

Schedule Of Available Funding Under Vehicle Programs (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	$ 8,600
Debt under vehicle programs	8,860	$ 8,056
Debt Due To Rental Car Funding [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	8,400
Total Capacity	8,892
Debt under vehicle programs	6,837	6,340
Available Capacity	2,055
Americas Debt Borrowings [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	900
Total Capacity	983
Debt under vehicle programs	643	746
Available Capacity	340
International Debt Borrowings
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	1,500
Total Capacity	2,109
Debt under vehicle programs	1,187	685
Available Capacity	922
International Capital Leases
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	200
Total Capacity	259
Debt under vehicle programs	238	314
Available Capacity	21
Other
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Total Capacity	8
Debt under vehicle programs	8	$ 31
Available Capacity	0
Debt Under Vehicle Programs [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Total Capacity	12,251
Debt under vehicle programs	8,913
Available Capacity	$ 3,338

Future Minimum Lease Payments (Detail) $ in Millions	Dec. 31, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2016	$ 570
2017	426
2018	316
2019	225
2020	149
Thereafter	577
Total	$ 2,263

Commitments And Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule Of Commitments And Contingencies [Line Items]
Future sublease rental inflows	$ 4
Operating leases, residual value of leased assets	202
Loss Contingency, Damages Sought, Value	25
Loss Contingency, Range of Possible Loss, Portion Not Accrued	25
Vehicle purchase commitments over the next 12 months	7,200
Aggregate purchase obligations	160
Receivables due from former subsidiaries	433	$ 352	$ 378
Liabilities accrued for asset retirement obligations	24	$ 25
Realogy
Schedule Of Commitments And Contingencies [Line Items]
Receivables due from former subsidiaries	54
Wyndham
Schedule Of Commitments And Contingencies [Line Items]
Receivables due from former subsidiaries	$ 33

Schedule Of Rent Expense (Detail) - USD ($) $ in Millions	12 Months Ended
Schedule Of Rent Expense (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
Rent and minimum concession fees	$ 679	$ 639	$ 622
Contingent concession expense	195	193	173
Rent and contingent concession expense	874	832	795
Less: sublease rental income	(5)	(6)	(5)
Total	$ 869	$ 826	$ 790

- Definition

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

+ References + Details

Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended				36 Months Ended
	Dec. 31, 2013 USD ($) shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($) shares	Dec. 31, 2013 USD ($) shares	Dec. 31, 2009 USD ($) $ / Right shares	Dec. 31, 2015 USD ($)	Jan. 31, 2016 USD ($)	Oct. 31, 2009 $ / shares shares
Stockholders Equity [Line Items]
Stock Repurchase Program, Authorized Amount		$ 885				$ 885
Stock Repurchased During Period, Shares \| shares		16,100,000
Stock Repurchased During Period, Value		$ 394	$ 300	$ 50		745
Stock Repurchase Program, Remaining Authorized Repurchase Amount		140				140
Convertible note hedge purchased, gross					$ 95
Proceeds from issuance of warrants					$ 62
Stock Issued During Period, Shares, Conversion of Convertible Securities \| shares			4,000,000
Common stock subject to anti-dilution provisions \| shares					21,200,000
Convertible note hedge strike price \| $ / Right					16.25
Repurchased warrants for the purchase of the Company's common stock	$ 41	0	$ 0	78
Proceeds from Derivative Instrument, Financing Activities				50
Proceeds from sale of convertible note hedge	$ 54	0	0	104
Adjustments to Treasury Stock, Other \| shares	(179,000)
Adjustment to Treasury Stock, Other	$ (7)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax			8
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax		5	5	0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax		5	3	15
Less: Pension and post-retirement benefits reclassified to earnings, net of tax of $(2), $(1) and $(6), respectively		(3)	(2)	$ (9)
Three And One Over Two Senior Notes [Member]
Stockholders Equity [Line Items]
Change in net purchase and issuance of shares \| shares				13,000,000
Common Stock
Stockholders Equity [Line Items]
Repurchased warrants for the purchase of the Company's common stock				$ 37
Convertible Notes Payable [Member] \| 3 1/2% Convertible Senior Notes
Stockholders Equity [Line Items]
Debt Instrument, Convertible, Conversion Price \| $ / shares								$ 22.50
Long-term Debt, Gross			66
Debt Instrument, Convertible, Conversion Price Per $1,000 Principal \| shares								61.5385
Subsequent Event
Stockholders Equity [Line Items]
Stock Repurchase Program, Authorized Amount							$ 300
Designated as Hedging Instrument \| Foreign Exchange Forward [Member]
Stockholders Equity [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net		$ 34	$ 46	$ (11)		$ 69

Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions	12 Months Ended			36 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	$ 5	$ 5	$ 0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax	5	3	15
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax		8
Currency Translation Adjustment, Beginning Balance	51	166	193	$ 193
Currency translation adjustments, net of tax of $(22), $(30) and $7, respectively	(131)	(115)	(27)
Currency Translation Adjustment, Ending Balance	(80)	51	166	(80)
Net Unrealized Gains (Losses) on Cash Flow Hedges, Beginning Balance	(1)	1	0	0
Net unrealized holding gains (losses), net of tax of $4, $4 and $1, respectively	(6)	(7)	1
Net Unrealized Gains (Losses) on Cash Flow Hedges, Period change	(1)	(2)	1
Net Unrealized Gains (Losses) on Cash Flow Hedges, Ending Balance	(2)	(1)	1	(2)
Net Unrealized Gains (Losses) on Available- For-Sale Securities, Beginning Balance	2	2	2	2
Net unrealized gains (losses) on available-for-sale securities, net of tax of $1, $0 and $0, respectively	(2)	0	0
Less: Realized losses on available-for-sale securities reclassified to earnings, net of tax of $0, $0 and $1, respectively	0	0	0
Net unrealized gains on available-for-sale securities, net of tax of $0, $0 and $0, respectively	(2)	0	0
Net Unrealized Gains (Losses) on Available- For-Sale Securities, Ending Balance	0	2	2	0
Minimum Pension Liability Adjustment, Beginning Balance	(74)	(52)	(85)	(85)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax	6	(24)	24
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax	3	2	9
Minimum Pension Liability Adjustment, Period change	9	(22)	33
Minimum Pension Liability Adjustment, Ending Balance	(65)	(74)	(52)	(65)
Accumulated Other Comprehensive Income (Loss), Beginning Balance	(22)	117	110	110
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent before reclassifications	(133)	(146)	(2)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	8	7	9
Accumulated Other Comprehensive Income (Loss), Period change	(125)	(139)	7
Accumulated Other Comprehensive Income (Loss), Ending Balance	(147)	(22)	117	(147)
Corporate Interest Expense [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	4
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	7
Interest Expense [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	1
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	1
Foreign Exchange Forward [Member] \| Designated as Hedging Instrument
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 34	$ 46	$ (11)	$ 69

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share Based Compensation Percentage In Annual Base Salary, Min	50.00%
Deferred Compensation Arrangement with Individual, Shares Issued	22,000	20,000	33,000
Maximum number of shares reserved for grant of awards	18,500,000
Shares available for grant under the plan	4,900,000
Aggregate Intrinsic Value - Exercised	$ 1	$ 6	$ 23
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date	95.00%
Allocated Share-based Compensation Expense	$ 26	34	24
Allocated Share-based Compensation Expense, Net of Tax	17	$ 21	$ 14
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation	140
Employee Service Share Based Compensation Incremental Tax Benefit To Be Realized From Exercise Of Stock Awards	$ 55

Stock-Based Compensation - Stock Unit Valuation Assumptions (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Percentage In Annual Base Salary, Min	50.00%
Share Based Compensation Percentage In Annual Base Salary, Max	100.00%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility of stock price	37.00%	40.00%	43.00%
Risk-free interest rate	0.74%	0.83%	0.39%
Valuation period	3 years	3 years	3 years
Dividend yield	0.00%	0.00%	0.00%

Stock-Based Compensation - Annual Activity Of Stock Units and Cash Units (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Settled Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of RSUs - Balance at beginning of year	267
Number of RSUs - Granted	0
Number of RSUs - Vested	(156)
Number of RSUs - Forfeited/expired	0
Number of RSUs - Balance at end of year	111	267
Weighted Average Grant Price, Balance at beginning of year	$ 14.90
Weighted Average Grant Price - Vested	12.65
Weighted Average Grant Price - Forfeited/expired	0.00
Weighted Average Grant Price - Granted	0.00		$ 18.04
Weighted Average Grant Price, Balance at end of year	$ 18.04	$ 14.90
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of RSUs - Balance at beginning of year	998
Number of RSUs - Granted	426
Number of RSUs - Vested	(563)
Number of RSUs - Forfeited/expired	(42)
Number of RSUs - Balance at end of year	819	998
Weighted Average Grant Price, Balance at beginning of year	$ 27.26
Weighted Average Grant Price - Vested	23.61
Weighted Average Grant Price - Forfeited/expired	41.07
Weighted Average Grant Price - Granted	54.70	$ 42.05	21.77
Weighted Average Grant Price, Balance at end of year	$ 43.34	$ 27.26
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of RSUs - Balance at beginning of year	1,884
Number of RSUs - Granted	230
Number of RSUs - Vested	(982)
Number of RSUs - Forfeited/expired	(191)
Number of RSUs - Balance at end of year	941	1,884
Weighted Average Grant Price, Balance at beginning of year	$ 19.17
Weighted Average Grant Price - Vested	12.05
Weighted Average Grant Price - Forfeited/expired	20.57
Weighted Average Grant Price - Granted	55.51	$ 42.03	$ 20.04
Weighted Average Grant Price, Balance at end of year	$ 35.18	$ 19.17

Stock-Based Compensation - Annual Activity Of Stock Units and Cash Units Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Value, Restricted Stock Award, Gross	$ 25	$ 15	$ 13
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	3 years 4 months	4 years 4 months
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	563
Number Of Restricted Stock Units Target Award Vested Range Maximum	20.00%
Weighted Average Grant Price - Granted	$ 54.70	$ 42.05	$ 21.77
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 30
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 32
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	982
Weighted Average Grant Price - Granted	$ 55.51	$ 42.03	20.04
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 34
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	9 months
Cash Settled Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	156
Weighted Average Grant Price - Granted	$ 0.00		$ 18.04
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 4

Stock-Based Compensation - Annual Activity Of Stock Options (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Options, Balance at beginning of year	848
Number of Options - Granted	0
Number of Options - Exercised	(20)
Number of Options - Forfeited/expired	(1)
Number of Options, Balance at end of year	827	848
Weighted Average Exercise Price, Balance at beginning of year	$ 2.92
Weighted Average Exercise Price - Granted	0.00
Weighted Average Exercise Price - Exercised	5.28
Weighted Average Exercise Price - Forfeited/expired	0.79
Weighted Average Exercise Price, Balance at end of year	$ 2.87	$ 2.92
Aggregate Intrinsic Value - Beginning of Year	$ 54
Aggregate Intrinsic Value - Granted
Aggregate Intrinsic Value - Exercised	$ 1	$ 6	$ 23
Aggregate Intrinsic Value - End of Year	$ 28	$ 54
Weighted Average Remaining Contractual Term	3 years 4 months	4 years 4 months

Stock-Based Compensation - Annual Activity Of Stock Options Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Aggregate Intrinsic Value - Exercised	$ 1	$ 6	$ 23
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options			$ 3

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Contributions	$ 32	$ 34	$ 39
Amortized from accumulated other comprehensive income into net periodic benefit cost	6
Net actuarial loss of accumulated other comprehensive income into net periodic benefit cost	5
Prior service cost of accumulated other comprehensive income into net periodic benefit cost	1
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation	386	421
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets	228	243
Defined Benefit Plan, Accumulated Benefit Obligation	646	703
Estimated future benefit payments, 2014	23
Estimated future benefit payments, 2015	23
Estimated future benefit payments, 2016	25
Estimated future benefit payments, 2017	28
Estimated future benefit payments, 2018	28
Estimated future benefit payments, 2019 to 2023	156
Contribution to multiemployer plans	$ 9	$ 9	$ 8
Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets allocation, minimum	45.00%
Percentage of plan assets allocation, maximum	65.00%
Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets allocation, minimum	35.00%
Percentage of plan assets allocation, maximum	55.00%
United States Pension Plan of US Entity [Member]
Defined Benefit Plan Disclosure [Line Items]
Long-term rate of return on plan assets	7.25%	7.50%	7.50%
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year	$ 2
Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Long-term rate of return on plan assets	4.65%	5.30%	5.25%
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year	$ 8

Summary Of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Employee Benefit Plans [Abstract]
Service cost	$ 5	$ 5	$ 5
Interest cost	22	29	26
Expected return on plan assets	(31)	(32)	(28)
Amortization of unrecognized amounts	5	3	15
Net periodic benefit cost	$ 1	$ 5	$ 18

Summary of Funded Status of Pension Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation	$ 386	$ 421
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent	(30)	(15)
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities	(1)	(1)
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent	(158)	(177)
Employee Benefit Plans [Abstract]
Benefit obligation at end of prior year	716	670
Service cost	5	5	$ 5
Interest cost	22	29	26
Plan amendments	0	(1)
Actuarial loss	(32)	72
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss)	(30)	(34)
Benefit obligation at end of current year	656	716	670
Fair value of assets at end of prior year	553	517
Actual return on plan assets	5	56
Employer contributions	14	26
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets	(20)	(21)
Net benefits paid	(25)	(25)
Fair value of assets at end of current year	527	553	$ 517
Total unfunded status at end of year (recognized in other non-current liabilities in the Consolidated Balance Sheets)	(129)	(163)
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets	$ 228	$ 243

Summary Of Assumptions Used To Determine Pension Obligations And Pension Costs (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
United States Pension Plan of US Entity [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost	4.00%	4.75%	3.75%
Benefit obligation	4.40%	4.00%	4.75%
Long-term rate of return on plan assets	7.25%	7.50%	7.50%
Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost	3.30%	4.50%	4.50%
Benefit obligation	3.45%	3.30%	4.50%
Long-term rate of return on plan assets	4.65%	5.30%	5.25%

Summary Of Defined Benefit Pension Plans' Assets Fair Value (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Total assets	$ 527	$ 553	$ 517
Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total assets	12	6
US Stock
Defined Benefit Plan Disclosure [Line Items]
Total assets	126	113
Non US Stock
Defined Benefit Plan Disclosure [Line Items]
Total assets	129	163
Non US Government Securities
Defined Benefit Plan Disclosure [Line Items]
Total assets	103	91
Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	133	167
Other Assets
Defined Benefit Plan Disclosure [Line Items]
Total assets	$ 24	$ 13

Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Cost-method Investments [Line Items]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ 5
Interest Rate Swap [Member]
Schedule of Cost-method Investments [Line Items]
Derivative, Notional Amount		$ 900	$ 0
Interest Rate Caps [Member]
Schedule of Cost-method Investments [Line Items]
Derivative, Notional Amount		10,179	0
Interest Rate Caps [Member] \| Interest Rate Caps Sold
Schedule of Cost-method Investments [Line Items]
Derivative, Notional Amount		8,200	6,200
Interest Rate Caps [Member] \| Interest Rate Caps Purchased
Schedule of Cost-method Investments [Line Items]
Derivative, Notional Amount		2,000	2,100
Interest Rate Caps [Member] \| Interest Rate Caps Purchased \| Subsidiary Issuers
Schedule of Cost-method Investments [Line Items]
Derivative, Notional Amount		6,200	4,200
Currency Swap [Member]
Schedule of Cost-method Investments [Line Items]
Derivative, Notional Amount		$ 811	$ 0

Fair Value of Derivative Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Schedule of Cost-method Investments [Line Items]
Fair Value, Asset Derivatives	$ 18	$ 6
Fair Value, Liability Derivatives	13	16
Interest Rate Caps [Member]
Schedule of Cost-method Investments [Line Items]
Derivative, Notional Amount	10,179	0
Currency Swap [Member]
Schedule of Cost-method Investments [Line Items]
Derivative, Notional Amount	811	0
Interest Rate Swap [Member]
Schedule of Cost-method Investments [Line Items]
Derivative, Notional Amount	900	0
Designated as Hedging Instrument \| Interest Rate Swap [Member]
Schedule of Cost-method Investments [Line Items]
Fair Value, Asset Derivatives	1	1
Fair Value, Liability Derivatives	5	3
Not Designated as Hedging Instrument \| Currency Swap [Member]
Schedule of Cost-method Investments [Line Items]
Fair Value, Asset Derivatives	16	5
Fair Value, Liability Derivatives	2	2
Not Designated as Hedging Instrument \| Interest Rate Contract
Schedule of Cost-method Investments [Line Items]
Fair Value, Asset Derivatives	1	0
Fair Value, Liability Derivatives	5	10
Not Designated as Hedging Instrument \| Commodity Contract
Schedule of Cost-method Investments [Line Items]
Fair Value, Asset Derivatives	0	0
Fair Value, Liability Derivatives	1	1
Interest Rate Caps Sold \| Interest Rate Caps [Member]
Schedule of Cost-method Investments [Line Items]
Derivative, Notional Amount	$ 8,200	$ 6,200

Schedule Of Effect Of Derivatives Recognized (Detail) - USD ($) $ in Millions	12 Months Ended			36 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
Schedule of Cost-method Investments [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 18	$ 6		$ 18
Derivatives not designated as hedging instruments	79	46	$ 22
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	13	16		13
Interest Expense [Member]
Schedule of Cost-method Investments [Line Items]
Derivatives not designated as hedging instruments	32	10	20
Operating Expense [Member]
Schedule of Cost-method Investments [Line Items]
Derivatives not designated as hedging instruments	16		7
Derivative Instruments Gain Loss Recognized In Operations		2
Vehicle Interest [Member]
Schedule of Cost-method Investments [Line Items]
Derivatives not designated as hedging instruments		1
Interest Rate Contract \| Interest Expense [Member]
Schedule of Cost-method Investments [Line Items]
Derivatives not designated as hedging instruments		5
Designated as Hedging Instrument \| Interest Rate Swap [Member]
Schedule of Cost-method Investments [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	1	1		1
Interest rate swaps	(1)	(2)	1
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	5	3		5
Designated as Hedging Instrument \| Foreign Exchange Forward [Member]
Schedule of Cost-method Investments [Line Items]
Interest rate swaps	34	46	(11)	69
Not Designated as Hedging Instrument \| Foreign Exchange Forward [Member]
Schedule of Cost-method Investments [Line Items]
Derivatives not designated as hedging instruments	48	8	27
Not Designated as Hedging Instrument \| Currency Swap [Member]
Schedule of Cost-method Investments [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	16	5		16
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	2	2		2
Not Designated as Hedging Instrument \| Interest Rate Contract
Schedule of Cost-method Investments [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	1	0		1
Derivatives not designated as hedging instruments	(2)	(3)	4
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	5	10		5
Not Designated as Hedging Instrument \| Commodity Contract
Schedule of Cost-method Investments [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	0	0		0
Derivatives not designated as hedging instruments	0	(3)	$ 1
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	$ 1	$ 1		$ 1

Schedule Of Carrying Amounts And Estimated Fair Values (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Deferred Finance Costs, Net		$ 127	$ 134
Short-term debt and current portion of long-term debt	$ 26	28
Estimate of Fair Value Measurement [Member]
Debt Instrument [Line Items]
Short-term debt and current portion of long-term debt	26	28
Long-term debt, excluding convertible debt	3,478	3,439
Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding	6,836	6,407
Vehicle-backed debt	2,071	1,771
Interest rate swaps and interest rate contracts	4	10
Reported Value Measurement [Member]
Debt Instrument [Line Items]
Short-term debt and current portion of long-term debt	26	28
Long-term debt, excluding convertible debt	3,435	3,325
Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding	6,796	6,296
Vehicle-backed debt	2,060	1,750
Interest rate swaps and interest rate contracts	4	10
Senior Notes and Loans Payable [Member]
Debt Instrument [Line Items]
Deferred Finance Costs, Net	$ 55	67
Debt Due For Rental Car Funding [Member]
Debt Instrument [Line Items]
Deferred Finance Costs, Net		44
Vehicle-Backed Debt [Member]
Debt Instrument [Line Items]
Deferred Finance Costs, Net		$ 16

Summary of Segments Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Net revenues	$ 8,502	$ 8,485	$ 7,937
Vehicle depreciation and lease charges, net	1,933	1,996	1,811
Vehicle interest, net	289	282	264
Adjusted EBITDA	903	876	769
Non-vehicle depreciation and amortization	218	180	152
Assets exclusive of assets under vehicle programs	5,918	5,784	5,698
Assets under vehicle programs	11,716	11,058	10,452
Capital expenditures (excluding vehicles)	199	182	152
Americas
Segment Reporting Information [Line Items]
Net revenues	6,069	5,961	5,480
Vehicle depreciation and lease charges, net	1,478	1,492	1,315
Vehicle interest, net	234	234	216
Adjusted EBITDA	682	656	560
Non-vehicle depreciation and amortization	143	122	103
Assets exclusive of assets under vehicle programs	3,940	3,946	3,797
Assets under vehicle programs	9,440	9,162	8,357
Capital expenditures (excluding vehicles)	131	113	99
International
Segment Reporting Information [Line Items]
Net revenues	2,433	2,524	2,457
Vehicle depreciation and lease charges, net	455	504	496
Vehicle interest, net	55	48	48
Adjusted EBITDA	277	280	256
Non-vehicle depreciation and amortization	75	58	49
Assets exclusive of assets under vehicle programs	1,901	1,730	1,749
Assets under vehicle programs	2,276	1,896	2,095
Capital expenditures (excluding vehicles)	68	69	53
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(56)	(60)	(47)
Assets exclusive of assets under vehicle programs	$ 77	$ 108	$ 152

Reconciliation of Adjusted EBITDA to Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting [Abstract]
Adjusted EBITDA	$ 903	$ 876	$ 769
Non-vehicle depreciation and amortization	218	180	152
Interest expense related to corporate debt, net	194	209	228
Early extinguishment of debt	23	56	147
Transaction-related costs, net	68	13	51
Restructuring Charges	18	26	61
Impairment	0	0	33
Income before income taxes	$ 382	$ 392	$ 97

Summary of Geographic Segment Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 8,502	$ 8,485	$ 7,937
Assets exclusive of assets under vehicle programs	5,918	5,784	5,698
Assets under vehicle programs	11,716	11,058	10,452
Long-Lived Assets	2,571	2,366	2,228
Deferred Finance Costs, Net		127	134
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	5,635	5,471	5,030
Assets exclusive of assets under vehicle programs	3,677	3,745	3,608
Assets under vehicle programs	8,786	8,428	7,791
Long-Lived Assets	1,502	1,481	1,281
Deferred Finance Costs, Net		114	121
All Other Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	2,867	3,014	2,907
Assets exclusive of assets under vehicle programs	2,241	2,039	2,090
Assets under vehicle programs	2,930	2,630	2,661
Long-Lived Assets	$ 1,069	885	947
Deferred Finance Costs, Net		$ 13	$ 13

Consolidating Condensed Statements of Operations (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
Vehicle rental	$ 6,026,000,000	$ 6,026,000,000	$ 5,707,000,000
Other	2,476,000,000	2,459,000,000	2,230,000,000
Net revenues	8,502,000,000	8,485,000,000	7,937,000,000
Operating	4,284,000,000	4,251,000,000	4,074,000,000
Vehicle depreciation and lease charges, net	1,933,000,000	1,996,000,000	1,811,000,000
Selling, general and administrative	1,093,000,000	1,080,000,000	1,019,000,000
Vehicle interest, net	289,000,000	282,000,000	264,000,000
Non-vehicle related depreciation and amortization	218,000,000	180,000,000	152,000,000
Interest expense	194,000,000	209,000,000	228,000,000
Intercompany interest expense (income)	0	0	0
Early extinguishment of debt	23,000,000	56,000,000	147,000,000
Restructuring expense	18,000,000	26,000,000	61,000,000
Transaction-related costs, net	68,000,000	13,000,000	51,000,000
Impairment	0	0	33,000,000
Total expenses	8,120,000,000	8,093,000,000	7,840,000,000
Income before income taxes	382,000,000	392,000,000	97,000,000
Provision for (benefit from) income taxes	69,000,000	147,000,000	81,000,000
Equity in earnings (loss) of subsidiaries	0	0	0
Net income	313,000,000	245,000,000	16,000,000
Total comprehensive income	188,000,000	106,000,000	23,000,000
Parent Company
Condensed Financial Statements, Captions [Line Items]
Vehicle rental	0	0	0
Other	0	0	0
Net revenues	0	0	0
Operating	2,000,000	10,000,000	7,000,000
Vehicle depreciation and lease charges, net	0	0	0
Selling, general and administrative	32,000,000	27,000,000	35,000,000
Vehicle interest, net	0	0	0
Non-vehicle related depreciation and amortization	0	0	0
Interest expense	0	2,000,000	3,000,000
Intercompany interest expense (income)	(12,000,000)	(13,000,000)	(12,000,000)
Early extinguishment of debt	0	0	53,000,000
Restructuring expense	0	0	0
Transaction-related costs, net	0	1,000,000	1,000,000
Impairment			0
Total expenses	22,000,000	27,000,000	87,000,000
Income before income taxes	(22,000,000)	(27,000,000)	(87,000,000)
Provision for (benefit from) income taxes	(9,000,000)	(10,000,000)	(14,000,000)
Equity in earnings (loss) of subsidiaries	326,000,000	262,000,000	89,000,000
Net income	313,000,000	245,000,000	16,000,000
Total comprehensive income	188,000,000	106,000,000	23,000,000
Subsidiary Issuers
Condensed Financial Statements, Captions [Line Items]
Vehicle rental	0	0	0
Other	0	0	0
Net revenues	0	0	0
Operating	17,000,000	13,000,000	15,000,000
Vehicle depreciation and lease charges, net	1,000,000	1,000,000	0
Selling, general and administrative	15,000,000	23,000,000	6,000,000
Vehicle interest, net	0	0	0
Non-vehicle related depreciation and amortization	1,000,000	2,000,000	2,000,000
Interest expense	159,000,000	163,000,000	196,000,000
Intercompany interest expense (income)	(11,000,000)	(11,000,000)	(30,000,000)
Early extinguishment of debt	23,000,000	56,000,000	94,000,000
Restructuring expense	0	0	0
Transaction-related costs, net	22,000,000	8,000,000	24,000,000
Impairment			33,000,000
Total expenses	227,000,000	255,000,000	340,000,000
Income before income taxes	(227,000,000)	(255,000,000)	(340,000,000)
Provision for (benefit from) income taxes	(178,000,000)	(108,000,000)	(124,000,000)
Equity in earnings (loss) of subsidiaries	375,000,000	409,000,000	305,000,000
Net income	326,000,000	262,000,000	89,000,000
Total comprehensive income	203,000,000	123,000,000	96,000,000
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Vehicle rental	4,124,000,000	4,038,000,000	3,786,000,000
Other	1,181,000,000	1,167,000,000	1,098,000,000
Net revenues	5,305,000,000	5,205,000,000	4,884,000,000
Operating	2,587,000,000	2,525,000,000	2,425,000,000
Vehicle depreciation and lease charges, net	1,819,000,000	1,920,000,000	1,776,000,000
Selling, general and administrative	619,000,000	602,000,000	591,000,000
Vehicle interest, net	204,000,000	200,000,000	182,000,000
Non-vehicle related depreciation and amortization	133,000,000	111,000,000	97,000,000
Interest expense	(5,000,000)	2,000,000	0
Intercompany interest expense (income)	16,000,000	1,000,000	6,000,000
Early extinguishment of debt	0	0	0
Restructuring expense	6,000,000	7,000,000	25,000,000
Transaction-related costs, net	6,000,000	(20,000,000)	3,000,000
Impairment			0
Total expenses	5,385,000,000	5,348,000,000	5,105,000,000
Income before income taxes	(80,000,000)	(143,000,000)	(221,000,000)
Provision for (benefit from) income taxes	170,000,000	186,000,000	156,000,000
Equity in earnings (loss) of subsidiaries	625,000,000	738,000,000	682,000,000
Net income	375,000,000	409,000,000	305,000,000
Total comprehensive income	253,000,000	273,000,000	310,000,000
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Vehicle rental	1,902,000,000	1,988,000,000	1,921,000,000
Other	3,335,000,000	3,426,000,000	3,086,000,000
Net revenues	5,237,000,000	5,414,000,000	5,007,000,000
Operating	1,678,000,000	1,703,000,000	1,627,000,000
Vehicle depreciation and lease charges, net	1,936,000,000	1,996,000,000	1,806,000,000
Selling, general and administrative	427,000,000	428,000,000	387,000,000
Vehicle interest, net	302,000,000	295,000,000	265,000,000
Non-vehicle related depreciation and amortization	84,000,000	67,000,000	53,000,000
Interest expense	40,000,000	42,000,000	29,000,000
Intercompany interest expense (income)	7,000,000	23,000,000	36,000,000
Early extinguishment of debt	0	0	0
Restructuring expense	12,000,000	19,000,000	36,000,000
Transaction-related costs, net	40,000,000	24,000,000	23,000,000
Impairment			0
Total expenses	4,526,000,000	4,597,000,000	4,262,000,000
Income before income taxes	711,000,000	817,000,000	745,000,000
Provision for (benefit from) income taxes	86,000,000	79,000,000	63,000,000
Equity in earnings (loss) of subsidiaries	0	0	0
Net income	625,000,000	738,000,000	682,000,000
Total comprehensive income	504,000,000	624,000,000	657,000,000
Eliminations
Condensed Financial Statements, Captions [Line Items]
Vehicle rental	0	0	0
Other	(2,040,000,000)	(2,134,000,000)	(1,954,000,000)
Net revenues	(2,040,000,000)	(2,134,000,000)	(1,954,000,000)
Operating	0	0	0
Vehicle depreciation and lease charges, net	(1,823,000,000)	(1,921,000,000)	(1,771,000,000)
Selling, general and administrative	0	0	0
Vehicle interest, net	(217,000,000)	(213,000,000)	(183,000,000)
Non-vehicle related depreciation and amortization	0	0	0
Interest expense	0	0	0
Intercompany interest expense (income)	0	0	0
Early extinguishment of debt	0	0	0
Restructuring expense	0	0	0
Transaction-related costs, net	0	0	0
Impairment			0
Total expenses	(2,040,000,000)	(2,134,000,000)	(1,954,000,000)
Income before income taxes	0	0	0
Provision for (benefit from) income taxes	0	0	0
Equity in earnings (loss) of subsidiaries	(1,326,000,000)	(1,409,000,000)	(1,076,000,000)
Net income	(1,326,000,000)	(1,409,000,000)	(1,076,000,000)
Total comprehensive income	$ (960,000,000)	$ (1,020,000,000)	$ (1,063,000,000)

Consolidating Condensed Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 452	$ 624	$ 693	$ 606
Receivables, net	668	599
Other current assets	507	456
Total current assets	1,627	1,679
Property and equipment, net	681	638
Deferred income taxes	1,488	1,511
Goodwill	973	842	691
Other intangibles, net	917	886
Other non-current assets	232	228
Intercompany receivables (payables)	0	0
Investment in subsidiaries	0	0
Total assets exclusive of assets under vehicle programs	5,918	5,784
Assets under vehicle programs:
Program cash	258	119
Vehicles, net	10,658	10,215
Receivables from vehicle manufacturers and other	438	362
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	362	362
Assets under vehicle programs	11,716	11,058	10,452
Total assets	17,634	16,842
Current liabilities:
Short-term debt and current portion of long-term debt	26	28
Accounts payable and other current liabilities	1,485	1,491
Total current liabilities	1,511	1,519
Long-term debt	3,435	3,325
Due to Related Parties, Noncurrent	0	0
Deferred Income Taxes	2,367	2,267
Other non-current liabilities	734	766
Total liabilities exclusive of liabilities under vehicle programs	5,680	5,610
Liabilities under vehicle programs:
Debt	2,064	1,760
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	6,796	6,296
Other	288	244
Total Liabilities under vehicle programs	11,515	10,567
Total stockholders’ equity	439	665	771	757
Total liabilities and stockholders’ equity	17,634	16,842
Parent Company
Current assets:
Cash and cash equivalents	4	2	14	5
Receivables, net	0	0
Other current assets	2	3
Total current assets	6	5
Property and equipment, net	0	0
Deferred income taxes	20	19
Goodwill	0	0
Other intangibles, net	0	0
Other non-current assets	93	104
Intercompany receivables (payables)	160	205
Investment in subsidiaries	272	468
Total assets exclusive of assets under vehicle programs	551	801
Assets under vehicle programs:
Program cash	0	0
Vehicles, net	0	0
Receivables from vehicle manufacturers and other	0	0
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	0	0
Assets under vehicle programs	0	0
Total assets	551	801
Current liabilities:
Short-term debt and current portion of long-term debt	0	0
Accounts payable and other current liabilities	24	39
Total current liabilities	24	39
Long-term debt	0	0
Due to Related Parties, Noncurrent	0	0
Deferred Income Taxes	0	0
Other non-current liabilities	88	97
Total liabilities exclusive of liabilities under vehicle programs	112	136
Liabilities under vehicle programs:
Debt	0	0
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	0	0
Other	0	0
Total Liabilities under vehicle programs	0	0
Total stockholders’ equity	439	665
Total liabilities and stockholders’ equity	551	801
Subsidiary Issuers
Current assets:
Cash and cash equivalents	70	210	242	102
Receivables, net	0	0
Other current assets	78	86
Total current assets	148	296
Property and equipment, net	134	112
Deferred income taxes	1,246	1,222
Goodwill	0	0
Other intangibles, net	30	38
Other non-current assets	15	25
Intercompany receivables (payables)	367	344
Investment in subsidiaries	3,426	3,072
Total assets exclusive of assets under vehicle programs	5,366	5,109
Assets under vehicle programs:
Program cash	0	0
Vehicles, net	18	7
Receivables from vehicle manufacturers and other	0	1
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	0	0
Assets under vehicle programs	18	8
Total assets	5,384	5,117
Current liabilities:
Short-term debt and current portion of long-term debt	14	13
Accounts payable and other current liabilities	180	200
Total current liabilities	194	213
Long-term debt	2,932	2,769
Due to Related Parties, Noncurrent	1,897	1,558
Deferred Income Taxes	0	0
Other non-current liabilities	85	100
Total liabilities exclusive of liabilities under vehicle programs	5,108	4,640
Liabilities under vehicle programs:
Debt	4	9
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	0	0
Other	0	0
Total Liabilities under vehicle programs	4	9
Total stockholders’ equity	272	468
Total liabilities and stockholders’ equity	5,384	5,117
Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	0	0	12	0
Receivables, net	212	177
Other current assets	83	78
Total current assets	295	255
Property and equipment, net	345	325
Deferred income taxes	253	240
Goodwill	487	487
Other intangibles, net	525	545
Other non-current assets	17	21
Intercompany receivables (payables)	1,070	978
Investment in subsidiaries	3,680	3,316
Total assets exclusive of assets under vehicle programs	6,672	6,167
Assets under vehicle programs:
Program cash	0	0
Vehicles, net	78	87
Receivables from vehicle manufacturers and other	0	0
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	0	0
Assets under vehicle programs	78	87
Total assets	6,750	6,254
Current liabilities:
Short-term debt and current portion of long-term debt	5	4
Accounts payable and other current liabilities	471	462
Total current liabilities	476	466
Long-term debt	2	6
Due to Related Parties, Noncurrent	336	313
Deferred Income Taxes	2,199	2,082
Other non-current liabilities	237	232
Total liabilities exclusive of liabilities under vehicle programs	1,051	1,017
Liabilities under vehicle programs:
Debt	74	83
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	0	0
Other	0	0
Total Liabilities under vehicle programs	2,273	2,165
Total stockholders’ equity	3,426	3,072
Total liabilities and stockholders’ equity	6,750	6,254
Non-Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	378	412	425	499
Receivables, net	456	422
Other current assets	344	289
Total current assets	1,178	1,123
Property and equipment, net	202	201
Deferred income taxes	0	34
Goodwill	486	355
Other intangibles, net	362	303
Other non-current assets	107	78
Intercompany receivables (payables)	696	672
Investment in subsidiaries	0	0
Total assets exclusive of assets under vehicle programs	3,031	2,766
Assets under vehicle programs:
Program cash	258	119
Vehicles, net	10,562	10,121
Receivables from vehicle manufacturers and other	438	361
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	362	362
Assets under vehicle programs	11,620	10,963
Total assets	14,651	13,729
Current liabilities:
Short-term debt and current portion of long-term debt	7	11
Accounts payable and other current liabilities	810	790
Total current liabilities	817	801
Long-term debt	501	550
Due to Related Parties, Noncurrent	60	328
Deferred Income Taxes	168	185
Other non-current liabilities	355	341
Total liabilities exclusive of liabilities under vehicle programs	1,733	2,020
Liabilities under vehicle programs:
Debt	1,986	1,668
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	6,796	6,296
Other	288	244
Total Liabilities under vehicle programs	9,238	8,393
Total stockholders’ equity	3,680	3,316
Total liabilities and stockholders’ equity	14,651	13,729
Eliminations
Current assets:
Cash and cash equivalents	0	0	$ 0	$ 0
Receivables, net	0	0
Other current assets	0	0
Total current assets	0	0
Property and equipment, net	0	0
Deferred income taxes	(31)	(4)
Goodwill	0	0
Other intangibles, net	0	0
Other non-current assets	0	0
Intercompany receivables (payables)	(2,293)	(2,199)
Investment in subsidiaries	(7,378)	(6,856)
Total assets exclusive of assets under vehicle programs	(9,702)	(9,059)
Assets under vehicle programs:
Program cash	0	0
Vehicles, net	0	0
Receivables from vehicle manufacturers and other	0	0
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	0	0
Assets under vehicle programs	0	0
Total assets	(9,702)	(9,059)
Current liabilities:
Short-term debt and current portion of long-term debt	0	0
Accounts payable and other current liabilities	0	0
Total current liabilities	0	0
Long-term debt	0	0
Due to Related Parties, Noncurrent	(2,293)	(2,199)
Deferred Income Taxes	0	0
Other non-current liabilities	(31)	(4)
Total liabilities exclusive of liabilities under vehicle programs	(2,324)	(2,203)
Liabilities under vehicle programs:
Debt	0	0
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	0	0
Other	0	0
Total Liabilities under vehicle programs	0	0
Total stockholders’ equity	(7,378)	(6,856)
Total liabilities and stockholders’ equity	$ (9,702)	$ (9,059)

Consolidating Condensed Statements of Cash Flows (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		$ 2,584	$ 2,579	$ 2,253
Investing activities
Property and equipment additions		(199)	(182)	(152)
Proceeds received on asset sales		15	21	22
Net assets acquired (net of cash acquired)		(256)	(416)	(537)
intercompany loan receipts		0		0
Other, net		6	(11)	2
Net cash used in investing activities exclusive of vehicle programs		(434)	(588)	(665)
Vehicle programs:
Decrease in program cash		(148)	(10)	(79)
Investment In Vehicles		(11,928)	(11,875)	(10,899)
Proceeds received on disposition of vehicles		9,680	9,666	9,409
Net Cash Used In Investing Activities Of Vehicle Programs		(2,396)	(2,219)	(1,569)
Net cash used in investing activities		(2,830)	(2,807)	(2,234)
Financing activities
Proceeds from borrowings		377	871	2,972
Principal payments on borrowings		(301)	(762)	(2,608)
Proceeds from (Repayments of) Short-term Debt		(22)	5	(36)
Debt financing fees		(7)	(17)	(37)
Purchase of warrants	$ (41)	0	0	(78)
Proceeds from sale of call options	54	0	0	104
Payments for Repurchase of Common Stock		(393)	(297)	(48)
Intercompany loan borrowings		0		0
Other, net		(7)	0	3
Net cash (used in) provided by financing activities exclusive of vehicle programs		(353)	(200)	272
Vehicle programs:
Proceeds from borrowings		14,138	14,373	12,953
Principal payments on borrowings		(13,648)	(13,963)	(13,115)
Debt financing fees		(22)	(28)	(34)
Net cash provided by financing activities of vehicle programs		468	382	(196)
Net cash provided by (used in) financing activities		115	182	76
Effect of changes in exchange rates on cash and cash equivalents		(41)	(23)	(8)
Net (decrease) increase in cash and cash equivalents		(172)	(69)	87
Cash and cash equivalents, beginning of period		624	693	606
Cash and cash equivalents, end of period	693	452	624	693
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		60	0	(3)
Investing activities
Property and equipment additions		0	0	0
Proceeds received on asset sales		0	0	0
Net assets acquired (net of cash acquired)		0	0	0
intercompany loan receipts		0		0
Other, net		334	285	146
Net cash used in investing activities exclusive of vehicle programs		334	285	146
Vehicle programs:
Decrease in program cash		0	0	0
Investment In Vehicles		0	0	0
Proceeds received on disposition of vehicles		0	0	0
Net Cash Used In Investing Activities Of Vehicle Programs		0	0	0
Net cash used in investing activities		334	285	146
Financing activities
Proceeds from borrowings		0	0	0
Principal payments on borrowings		0	0	(115)
Proceeds from (Repayments of) Short-term Debt		0	0	0
Debt financing fees		0	0	0
Purchase of warrants				(78)
Proceeds from sale of call options				104
Payments for Repurchase of Common Stock		(393)	(297)	(48)
Intercompany loan borrowings		0		0
Other, net		1	0	3
Net cash (used in) provided by financing activities exclusive of vehicle programs		(392)	(297)	(134)
Vehicle programs:
Proceeds from borrowings		0	0	0
Principal payments on borrowings		0	0	0
Debt financing fees		0	0	0
Net cash provided by financing activities of vehicle programs		0	0	0
Net cash provided by (used in) financing activities		(392)	(297)	(134)
Effect of changes in exchange rates on cash and cash equivalents		0	0	0
Net (decrease) increase in cash and cash equivalents		2	(12)	9
Cash and cash equivalents, beginning of period		2	14	5
Cash and cash equivalents, end of period	14	4	2	14
Subsidiary Issuers
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		249	469	562
Investing activities
Property and equipment additions		(26)	(20)	(26)
Proceeds received on asset sales		7	7	7
Net assets acquired (net of cash acquired)		(8)	0	(564)
intercompany loan receipts		(30)		233
Other, net		(127)	(9)	(50)
Net cash used in investing activities exclusive of vehicle programs		(184)	(22)	(400)
Vehicle programs:
Decrease in program cash		0	0	0
Investment In Vehicles		(1)	(9)	(44)
Proceeds received on disposition of vehicles		19	8	40
Net Cash Used In Investing Activities Of Vehicle Programs		18	(1)	(4)
Net cash used in investing activities		(166)	(23)	(404)
Financing activities
Proceeds from borrowings		375	575	2,647
Principal payments on borrowings		(256)	(756)	(2,489)
Proceeds from (Repayments of) Short-term Debt		0	0	0
Debt financing fees		(7)	(12)	(30)
Purchase of warrants				0
Proceeds from sale of call options				0
Payments for Repurchase of Common Stock		0	0	0
Intercompany loan borrowings		0		0
Other, net		(335)	(285)	(146)
Net cash (used in) provided by financing activities exclusive of vehicle programs		(223)	(478)	(18)
Vehicle programs:
Proceeds from borrowings		0	0	0
Principal payments on borrowings		0	0	0
Debt financing fees		0	0	0
Net cash provided by financing activities of vehicle programs		0	0	0
Net cash provided by (used in) financing activities		(223)	(478)	(18)
Effect of changes in exchange rates on cash and cash equivalents		0	0	0
Net (decrease) increase in cash and cash equivalents		(140)	(32)	140
Cash and cash equivalents, beginning of period		210	242	102
Cash and cash equivalents, end of period	242	70	210	242
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		146	340	26
Investing activities
Property and equipment additions		(98)	(84)	(69)
Proceeds received on asset sales		1	8	4
Net assets acquired (net of cash acquired)		(9)	(263)	8
intercompany loan receipts		(96)		60
Other, net		1	(2)	48
Net cash used in investing activities exclusive of vehicle programs		(201)	(341)	51
Vehicle programs:
Decrease in program cash		0	0	0
Investment In Vehicles		(2)	(90)	(2)
Proceeds received on disposition of vehicles		0	0	0
Net Cash Used In Investing Activities Of Vehicle Programs		(2)	(90)	(2)
Net cash used in investing activities		(203)	(431)	49
Financing activities
Proceeds from borrowings		0	0	0
Principal payments on borrowings		(4)	(5)	(3)
Proceeds from (Repayments of) Short-term Debt		0	0	0
Debt financing fees		0	0	0
Purchase of warrants				0
Proceeds from sale of call options				0
Payments for Repurchase of Common Stock		0	0	0
Intercompany loan borrowings		0		(60)
Other, net		70	0	0
Net cash (used in) provided by financing activities exclusive of vehicle programs		66	(5)	(63)
Vehicle programs:
Proceeds from borrowings		0	88	0
Principal payments on borrowings		(9)	(3)	0
Debt financing fees		0	(1)	0
Net cash provided by financing activities of vehicle programs		(9)	84	0
Net cash provided by (used in) financing activities		57	79	(63)
Effect of changes in exchange rates on cash and cash equivalents		0	0	0
Net (decrease) increase in cash and cash equivalents		0	(12)	12
Cash and cash equivalents, beginning of period		0	12	0
Cash and cash equivalents, end of period	12	0	0	12
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		2,204	1,840	1,736
Investing activities
Property and equipment additions		(75)	(78)	(57)
Proceeds received on asset sales		7	6	11
Net assets acquired (net of cash acquired)		(239)	(153)	19
intercompany loan receipts		0		0
Other, net		8	0	4
Net cash used in investing activities exclusive of vehicle programs		(299)	(225)	(23)
Vehicle programs:
Decrease in program cash		(148)	(10)	(79)
Investment In Vehicles		(11,925)	(11,776)	(10,853)
Proceeds received on disposition of vehicles		9,661	9,658	9,369
Net Cash Used In Investing Activities Of Vehicle Programs		(2,412)	(2,128)	(1,563)
Net cash used in investing activities		(2,711)	(2,353)	(1,586)
Financing activities
Proceeds from borrowings		2	296	325
Principal payments on borrowings		(41)	(1)	(1)
Proceeds from (Repayments of) Short-term Debt		(22)	5	(36)
Debt financing fees			(5)	(7)
Purchase of warrants				0
Proceeds from sale of call options				0
Payments for Repurchase of Common Stock		0	0	0
Intercompany loan borrowings		126		(233)
Other, net		(28)	(70)	(68)
Net cash (used in) provided by financing activities exclusive of vehicle programs		37	225	(20)
Vehicle programs:
Proceeds from borrowings		14,138	14,285	12,953
Principal payments on borrowings		(13,639)	(13,960)	(13,115)
Debt financing fees		(22)	(27)	(34)
Net cash provided by financing activities of vehicle programs		477	298	(196)
Net cash provided by (used in) financing activities		514	523	(216)
Effect of changes in exchange rates on cash and cash equivalents		(41)	(23)	(8)
Net (decrease) increase in cash and cash equivalents		(34)	(13)	(74)
Cash and cash equivalents, beginning of period		412	425	499
Cash and cash equivalents, end of period	425	378	412	425
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		(75)	(70)	(68)
Investing activities
Property and equipment additions		0	0	0
Proceeds received on asset sales		0	0	0
Net assets acquired (net of cash acquired)		0	0	0
intercompany loan receipts		126		(293)
Other, net		(210)	(285)	(146)
Net cash used in investing activities exclusive of vehicle programs		(84)	(285)	(439)
Vehicle programs:
Decrease in program cash		0	0	0
Investment In Vehicles		0	0	0
Proceeds received on disposition of vehicles		0	0	0
Net Cash Used In Investing Activities Of Vehicle Programs		0	0	0
Net cash used in investing activities		(84)	(285)	(439)
Financing activities
Proceeds from borrowings		0	0	0
Principal payments on borrowings		0	0	0
Proceeds from (Repayments of) Short-term Debt		0	0	0
Debt financing fees			0	0
Purchase of warrants				0
Proceeds from sale of call options				0
Payments for Repurchase of Common Stock		0	0	0
Intercompany loan borrowings		(126)		293
Other, net		285	355	214
Net cash (used in) provided by financing activities exclusive of vehicle programs		159	355	507
Vehicle programs:
Proceeds from borrowings		0	0	0
Principal payments on borrowings		0	0	0
Debt financing fees		0	0	0
Net cash provided by financing activities of vehicle programs		0	0	0
Net cash provided by (used in) financing activities		159	355	507
Effect of changes in exchange rates on cash and cash equivalents		0	0	0
Net (decrease) increase in cash and cash equivalents		0	0	0
Cash and cash equivalents, beginning of period		0	0	0
Cash and cash equivalents, end of period	$ 0	$ 0	$ 0	$ 0

Schedule Of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Net revenues	$ 1,902	$ 2,577	$ 2,173	$ 1,850	$ 1,887	$ 2,542	$ 2,194	$ 1,862
Net income (loss)	$ (5)	$ 184	$ 143	$ (9)	$ 23	$ 192	$ 26	$ 4
Basic Net income (loss) (in dollars per share)	$ (0.06)	$ 1.80	$ 1.36	$ (0.09)	$ 0.22	$ 1.84	$ 0.25	$ 0.03	$ 3.02	$ 2.32	$ 0.15
Basic weighted average shares outstanding	99.5	102.7	105.5	106.1	106.2	103.9	105.1	106.6	103.4	105.4	107.6
Diluted Net income (loss) (in dollars per share)	$ (0.06)	$ 1.77	$ 1.34	$ (0.09)	$ 0.21	$ 1.74	$ 0.24	$ 0.03	$ 2.98	$ 2.22	$ 0.15
Diluted weighted average shares outstanding	99.5	104.0	106.7	106.1	108.3	109.9	111.0	108.6	105.0	110.6	111.4

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions	Jan. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount		$ 885
Subsequent Event
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount	$ 300

Valuation And Qualifying Accounts (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for Doubtful Accounts
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 34	$ 50	$ 40
Expensed	24	17	15
Other Adjustments	(3)	(3)	10
Deductions	(21)	(30)	(15)
Balance at End of Period	34	34	50
Tax Valuation Allowance
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	319	347	298
Expensed	20	(9)	27
Other Adjustments	12	(13)	22
Deductions	0	(6)	0
Balance at End of Period	$ 351	$ 319	$ 347