Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2016	Jan. 31, 2017	Jun. 30, 2016
Document Documentand Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
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		85,991,536
Entity Public Float			$ 2,911,952,460

Consolidated Statements Of Operations - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Vehicle rental									$ 6,081	$ 6,026	$ 6,026
Other									2,578	2,476	2,459
Net revenues									8,659	8,502	8,485
Expenses
Operating									4,382	4,284	4,251
Vehicle depreciation and lease charges, net									2,047	1,933	1,996
Selling, general and administrative									1,134	1,093	1,080
Vehicle interest, net									284	289	282
Non-vehicle related depreciation and amortization									253	218	180
Interest expense related to corporate debt, net:
Interest expense									203	194	209
Early extinguishment of debt									27	23	56
Restructuring expense									29	18	26
Transaction-related costs, net									21	68	13
Total expenses									8,380	8,120	8,093
Income before income taxes									279	382	392
Provision for income taxes									116	69	147
Net income									$ 163	$ 313	$ 245
Earnings per share
Basic	$ (0.35)	$ 2.32	$ 0.39	$ (0.53)	$ (0.06)	$ 1.80	$ 1.36	$ (0.09)	$ 1.78	$ 3.02	$ 2.32
Diluted	$ (0.35)	$ 2.28	$ 0.38	$ (0.53)	$ (0.06)	$ 1.77	$ 1.34	$ (0.09)	$ 1.75	$ 2.98	$ 2.22

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 163	$ 313	$ 245
Other comprehensive income (loss), net of tax
Currency translation adjustments, net of tax of $(9), $(22) and $(30), respectively	41	(131)	(115)
Available-for-sale securities:
Net unrealized gains (losses) on available-for-sale securities, net of tax of $(1), $1,and $0, respectively	1	(2)	0
Cash flow hedges:
Net unrealized holding gains (losses), net of tax of $(1), $4, and $4, respectively.	0	(6)	(7)
Less: Cash flow hedges reclassified to earnings, net of tax of $(2), $(3) and $(3), respectively	4	5	5
Minimum pension liability adjustment:
Pension and post-retirement benefits, net of tax of $21, $(1) and $25, respectively.	(57)	6	(24)
Less: Pension and post-retirement benefits reclassified to earnings, net of tax of $(2), $(2) and $(1), respectively	4	3	2
Other comprehensive income (loss)	(7)	(125)	(139)
Total comprehensive income	$ 156	$ 188	$ 106

Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax	$ (9)	$ (22)	$ (30)
Net Unrealized gains (losses) on available-for-sale securities, tax	(1)	1	0
Net unrealized holding losses arising during period,tax	(1)	4	4
Cash flow hedges reclassified to earnings, tax	(2)	(3)	(3)
Pension and post retirement benefits, tax	21	(1)	25
Pension and post retirement benefits reclassified to earnings, tax	$ (2)	$ (2)	$ (1)

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 490	$ 452
Receivables (net of allowance for doubtful accounts of $38 and $34, respectively)	808	668
Other current assets	519	507
Total current assets	1,817	1,627
Property and equipment, net	685	681
Deferred income taxes	1,493	1,488
Goodwill	1,007	973
Other intangibles, net	870	917
Other non-current assets	193	232
Total assets exclusive of assets under vehicle programs	6,065	5,918
Assets under vehicle programs:
Program cash	225	258
Vehicles, net	10,464	10,658
Receivables from vehicle manufacturers and other	527	438
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	362	362
Assets under vehicle programs	11,578	11,716
Total assets	17,643	17,634
Current liabilities:
Accounts payable and other current liabilities	1,488	1,485
Short-term debt and current portion of long-term debt	279	26
Total current liabilities	1,767	1,511
Long-term debt	3,244	3,435
Other non-current liabilities	764	734
Total liabilities exclusive of liabilities under vehicle programs	5,775	5,680
Liabilities under vehicle programs:
Debt	2,183	2,064
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party	6,695	6,796
Deferred income taxes	2,429	2,367
Other	340	288
Total Liabilities under vehicle programs	11,647	11,515
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	6,918	7,010
Accumulated deficit	(1,639)	(1,802)
Accumulated other comprehensive loss	(154)	(147)
Treasury stock, at cost—51 and 39 shares, respectively	(4,905)	(4,623)
Total stockholders’ equity	221	439
Total liabilities and stockholders’ equity	$ 17,643	$ 17,634

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 38	$ 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	51,000,000	39,000,000

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net income	$ 163	$ 313	$ 245
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Vehicle depreciation	1,877	1,837	1,840
Gain on sale of vehicles, net	(10)	(60)	(7)
Non-vehicle related depreciation and amortization	253	218	180
Deferred income taxes	51	58	65
Stock-based compensation	27	28	25
Amortization of debt financing fees	37	42	41
Early extinguishment of debt costs	27	23	56
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Receivables	(65)	(42)	(60)
Income taxes	5	(18)	37
Accounts payable and other current liabilities	(9)	(79)	(3)
Other, net	273	264	160
Net cash provided by operating activities	2,629	2,584	2,579
Investing activities
Property and equipment additions	(190)	(199)	(182)
Proceeds received on asset sales	19	15	21
Net assets acquired (net of cash acquired)	(55)	(256)	(416)
Other, net	3	6	(11)
Net cash used in investing activities exclusive of vehicle programs	(223)	(434)	(588)
Vehicle programs:
Decrease (increase) in program cash	31	(148)	(10)
Investment in vehicles	(12,461)	(11,928)	(11,875)
Proceeds received on disposition of vehicles	10,504	9,680	9,666
Net Cash Used In Investing Activities Of Vehicle Programs	(1,926)	(2,396)	(2,219)
Net cash used in investing activities	(2,149)	(2,830)	(2,807)
Financing activities
Proceeds from long-term borrowings	894	377	871
Payments on long-term borrowings	(847)	(301)	(762)
Net change in short-term borrowings	4	(22)	5
Debt financing fees	(20)	(7)	(17)
Repurchases of common stock	(387)	(393)	(297)
Other, net	0	(7)	0
Net cash used in financing activities exclusive of vehicle programs	(356)	(353)	(200)
Vehicle programs:
Proceeds from borrowings	15,769	14,138	14,373
Payments on borrowings	(15,826)	(13,648)	(13,963)
Debt financing fees	(25)	(22)	(28)
Net cash provided by financing activities of vehicle programs	(82)	468	382
Net cash provided by (used in) financing activities	(438)	115	182
Effect of changes in exchange rates on cash and cash equivalents	(4)	(41)	(23)
Net increase (decrease) in cash and cash equivalents	38	(172)	(69)
Cash and cash equivalents, beginning of period	452	624	693
Cash and cash equivalents, end of period	490	452	624
Supplemental Disclosure
Interest payments	461	454	474
Income tax payments, net	$ 60	$ 29	$ 45

Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Common Stock [Member]	Accumulated Deficit	AOCI Attributable to Parent [Member]
Comprehensive income (loss):
Shares, Issued			(30,500)	(137,100)
Stock Issued During Period, Value, Stock Options Exercised	$ 0	$ (20)	$ (20)
Excess Tax Benefit from Share-based Compensation, Financing Activities	12	(12)
Stock Issued During Period, Value, Employee Stock Purchase Plan	0	(1)	(1)
Stock Issued During Period, Value, Conversion of Convertible Securities	66	529	595
Balance at Dec. 31, 2013	(771)	(7,893)	$ 4,880	$ (1)	$ 2,360	$ 117
Comprehensive income (loss):
Net income	245				245
Other comprehensive income (loss)	$ (139)					(139)
Number of Options - Exercised			100
Stock Issued During Period, Shares, Conversion of Convertible Securities	4,000		4,000
Treasury Stock, Shares, Acquired			5,700
Treasury Stock, Value, Acquired, Cost Method	$ (300)		$ (300)
Balance at Dec. 31, 2014	(665)	(7,212)	4,411	(1)	2,115	22
Comprehensive income (loss):
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	106
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	10	(143)	$ 153
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			700
Balance at Dec. 31, 2013	$ (771)	(7,893)	$ 4,880	(1)	2,360	117
Comprehensive income (loss):
Treasury Stock, Shares, Acquired	27,000
Treasury Stock, Value, Acquired, Cost Method	$ (1,100)
Balance at Dec. 31, 2016	(221)	(6,918)	$ 4,905	$ (1)	1,639	154
Comprehensive income (loss):
Shares, Issued			(31,400)	(137,100)
Stock Issued During Period, Value, Stock Options Exercised	0	(3)	$ (3)
Excess Tax Benefit from Share-based Compensation, Financing Activities	7	7
Stock Issued During Period, Value, Employee Stock Purchase Plan	0	1	(1)
Balance at Dec. 31, 2014	(665)	(7,212)	$ 4,411	$ (1)	2,115	22
Comprehensive income (loss):
Net income	313				313
Other comprehensive income (loss)	(125)					(125)
Number of Options - Exercised			0
Treasury Stock, Shares, Acquired			8,800
Treasury Stock, Value, Acquired, Cost Method	(394)		$ (394)
Balance at Dec. 31, 2015	(439)	(7,010)	4,623	$ (1)	1,802	147
Comprehensive income (loss):
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	188
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(13)	(191)	$ 178
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			900
Shares, Issued			(39,300)	(137,100)
Stock Issued During Period, Value, Stock Options Exercised	0	(2)	$ (2)
Excess Tax Benefit from Share-based Compensation, Financing Activities	5	5
Stock Issued During Period, Value, Employee Stock Purchase Plan	(1)	1	$ (2)
Net income	163
Other comprehensive income (loss)	$ (7)					(7)
Number of Options - Exercised	17		0
Treasury Stock, Shares, Acquired			12,300
Treasury Stock, Value, Acquired, Cost Method	$ (390)		$ (390)
Balance at Dec. 31, 2016	(221)	(6,918)	4,905	$ (1)	$ 1,639	$ 154
Comprehensive income (loss):
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	156
Stockholders' Equity Attributable to Noncontrolling Interest	5
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	$ 15	$ (89)	$ 104
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			500
Shares, Issued			(51,100)	(137,100)

Basis of Presentation

12 Months Ended

Dec. 31, 2016

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 2016, 2015 and 2014, 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, 2016

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.

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, 2016 and 2015 was $(39) million and $(80) million, respectively. The Company has designated its 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 $184 million and $185 million as of December 31, 2016 and 2015, 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 $18 million, $13 million and $10 million for 2016, 2015 and 2014, 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 $127 million, $123 million and $112 million in 2016, 2015 and 2014, 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, 2016 and 2015, the Company had investments in several joint ventures with a carrying value of $36 million, in each period, 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 2016 and 2015, the amounts realized were not material.

Self-Insurance Reserves

The Consolidated Balance Sheets include $437 million and $413 million of liabilities associated with retained risks of liability to third parties as of December 31, 2016 and 2015, 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 $71 million and $70 million as of December 31, 2016 and 2015, 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 are comprised of 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 gains and losses 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, 2016, 2015 and 2014, the Company recorded losses of $6 million, $11 million and $9 million, respectively, on such items.

Adoption of New Accounting Pronouncements

On January 1, 2016, as a result of a new accounting pronouncement, the Company adopted Accounting Standards Update (“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. The adoption of this accounting pronouncement did not have a material impact on the Company’s Consolidated Financial Statements.

On January 1, 2016, as a result of a new accounting pronouncement, the Company adopted 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. The adoption of this accounting pronouncement did not have a material impact on the Company’s Consolidated Financial Statements.

On January 1, 2016, as a result of a new accounting pronouncement, the Company adopted 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. The adoption of this accounting pronouncement did not have an impact on the Company’s Consolidated Financial Statements.

Recently Issued Accounting Pronouncements

On January 1, 2017, as a result of a new accounting pronouncement, the Company adopted ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, minimum statutory withholding requirements and classification in the statement of cash flow. Accordingly, in the Company’s consolidated balance sheet at January 1, 2017, deferred income tax assets, net of the valuation allowance were increased by $56 million related to previously unrecognized excess tax benefits associated with equity awards, with a corresponding decrease to accumulated deficit, using the modified retrospective method.

In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-04, “Intangibles—Goodwill and Other, Simplifying the Test for Goodwill Impairment,” which requires an entity to perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and to recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. ASU 2017-04 becomes effective for the Company on January 1, 2020. The adoption of this of this accounting pronouncement is not expected to have an impact on the Company’s Consolidated Financial Statements.

In January 2017, the FASB issued ASU 2017-01, “Business Combinations, Clarifying the Definition of a Business,” which assists entities in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. ASU 2017-01 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 November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows, Restricted Cash,” which clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. ASU 2016-18 becomes effective for the Company on January 1, 2018. The adoption of this accounting pronouncement will impact the presentation of restricted cash in the Company’s Consolidated Statements of Cash Flows.

In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments,” which clarifies guidance on the classification of certain cash receipts and cash payments in the statement of cash flow. ASU 2016-15 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 February 2016, the FASB issued ASU 2016-02, “Leases,” which requires a lessee to recognize all long-term leases on its balance sheet as a liability for its lease obligation, measured at the present value of lease payments not yet paid, and a corresponding asset representing its right to use the underlying asset over the lease term and expands disclosure of key information about leasing arrangements. The ASU does not significantly change a lessee’s recognition, measurement and presentation of expenses and cash flows. Additionally, ASU 2016-02 aligns key aspects of lessor accounting with the new revenue recognition guidance in ASU 2014-09, “Revenue from Contracts with Customers” (see below). ASU 2016-02 becomes effective for the Company on January 1, 2019. Early adoption is permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach which includes a number of optional practical expedients that entities may elect to apply. The Company is currently evaluating and planning for the implementation of this ASU, including assessing its overall impact, and expects most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption, which will materially increase total assets and total liabilities relative to such amounts prior to adoption.

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 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. The new guidance applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. Also, additional disclosures are required about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09 becomes effective for the Company on January 1, 2018 and may be adopted on either a full or modified retrospective basis. The Company is currently evaluating and planning for the implementation of this ASU, including assessing its overall impact, and expects the guidance will affect its accounting for certain contracts.

Earnings Per Share

12 Months Ended

Dec. 31, 2016

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,
		2016		2015		2014
Net income for basic EPS		$	163	$	313	$	245
Convertible debt interest, net of tax		—		—		1
Net income for diluted EPS		$	163	$	313	$	246

Basic weighted average shares outstanding		92.0		103.4		105.4
Options and non-vested stock		1.3		1.6		2.1
Convertible debt		—		—		3.1
Diluted weighted average shares outstanding		93.3		105.0		110.6

Earnings per share:
	Basic	$	1.78	$	3.02	$	2.32
	Diluted	$	1.75	$	2.98	$	2.22

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,
	2016	2015	2014
Non-vested stock ^(a)	0.2	0.1	—

__________


^(a)	The weighted average grant date fair value for anti-dilutive non-vested stock for 2016 and 2015 was $52.07 and $61.15, respectively.

Restructuring

12 Months Ended

Dec. 31, 2016

Restructuring and Related Activities [Abstract]

Restructuring


4.	Restructuring

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”). In first quarter 2016, the Company expanded the T15 restructuring to take advantage of additional efficiency opportunities. The expanded T15 restructuring fits within the initiative’s focus areas to identify best practices and drive efficiency throughout the organization, including the consolidation of rental locations. During the years ended December 31, 2016, 2015 and 2014, as part of this process, the Company formally communicated the termination of employment to approximately 615, 325 and 75 employees, respectively. At December 31 2016, the Company had terminated approximately 945 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. This initiative is substantially complete.

In conjunction with previous acquisitions, the Company identified opportunities to integrate and streamline its operations, primarily in Europe (the “Acquisition integration”). During the years ended December 31, 2016 and 2015, as part of this process, the Company formally communicated the termination of employment to approximately 115 and 180 employees, respectively. At December 31, 2016, the Company had terminated approximately 255 of these employees. The Company expects further restructuring expense of approximately $2 million related to this initiative to be incurred in 2017.

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 year ended December 31, 2014, as part of this process, the Company formally communicated the termination of employment to approximately 230 employees. The costs associated with severance, outplacement services and other costs associated with employee terminations were settled in cash. This initiative is 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, 2014		$	17		$	5		$	—		$	22
	T15 restructuring expense	5			—			—			5
	Avis Europe restructuring expense	20			1			—			21
	T15 restructuring payment	(1		)	—			—			(1		)
	Avis Europe restructuring payment	(27		)	(3		)	—			(30		)
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
	T15 restructuring expense	15			1			5			21
	Acquisition integration expense	9			—			—			9
	Avis Europe restructuring expense	(1		)	—			—			(1		)
	T15 restructuring payment	(12		)	(1		)	(5		)	(18		)
	Acquisition integration payment	(15		)	—			—			(15		)
	Avis Europe restructuring payment	(1		)	—			—			(1		)
Balance as of December 31, 2016		$	5		$	1		$	—		$	6

__________


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



		Americas			International			Total
Balance as of January 1, 2014		$	1		$	21		$	22
	T15 restructuring expense	4			1			5
	Avis Europe restructuring expense	4			17			21
	T15 restructuring payment	(1		)	—			(1		)
	Avis Europe restructuring payment	(4		)	(26		)	(30		)
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
	T15 restructuring expense	11			10			21
	Acquisition integration expense	—			9			9
	Avis Europe restructuring expense	—			(1		)	(1		)
	T15 restructuring payment	(11		)	(7		)	(18		)
	Acquisition integration payment	—			(15		)	(15		)
	Avis Europe restructuring payment	—			(1		)	(1		)
Balance as of December 31, 2016		$	1		$	5		$	6

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2016
Business Combinations [Abstract]
Acquisitions	Acquisitions 2016 France Cars In December 2016, the Company completed the acquisition of France Cars for approximately $45 million, net of acquired cash. The investment enables the Company to expand its footprint with a leading provider of vehicle rental services in France. 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 $23 million was recorded in goodwill, $6 million was recorded in customer relationships, and $9 million related to trademarks was recorded in other intangibles. The customer relationships and trademarks will be amortized over a weighted average useful life of approximately 16 years. The fair value of the assets acquired and liabilities assumed has not yet been finalized and is therefore subject to change. The goodwill is not expected to be deductible for tax purposes. 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 enabled 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 $82 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. Differences between the preliminary allocation of purchase price and the final allocation were not material for Maggiore. 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 enabled 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. Differences between the preliminary allocation of purchase price and the final allocation were not material for Brazil. Avis and Budget Licensees In November and January 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 enabled 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. Differences between the preliminary allocation of purchase price and the final allocation were not material for Avis and Budget Licensees. 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.

- 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=65885119&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
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 9: 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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4922-128472

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=73530397&loc=SL65897772-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

Intangible Assets

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of:



	As of December 31, 2016						As of December 31, 2015
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements ^(a)	$	261	$	109	$	152	$	263	$	81	$	182
Customer relationships ^(b)	224		90		134		222		68		154
Other ^(c)	46		12		34		41		8		33
	$	531	$	211	$	320	$	526	$	157	$	369

Unamortized Intangible Assets
Goodwill	$	1,007					$	973
Trademarks	$	550					$	548

_________


^(a)	Primarily amortized over a period ranging from 1 to 40 years with a weighted average life of 18 years.


^(b)	Primarily amortized over a period ranging from 3 to 20 years with a weighted average life of 12 years.


^(c)	Primarily amortized over a period ranging from 3 to 20 years with a weighted average life of 9 years.

Amortization expense relating to all intangible assets was as follows:



	Year Ended December 31,
	2016		2015		2014
License agreements	$	35	$	31	$	16
Customer relationships	23		21		18
Other	7		7		2
Total	$	65	$	59	$	36

Based on the Company’s amortizable intangible assets at December 31, 2016, the Company expects related amortization expense of approximately $56 million for 2017, $42 million for 2018, $39 million for 2019, $38 million for 2020 and $25 million for 2021, 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, 2015		$	2,066		$	894		$	2,960
	Accumulated impairment losses as of January 1, 2015	(1,587		)	(531		)	(2,118		)
Goodwill as of January 1, 2015		479			363			842
	Acquisitions	77			117			194
	Currency translation adjustments and other	(19		)	(44		)	(63		)
Goodwill as of December 31, 2015		537			436			973
	Acquisitions	2			23			25
	Currency translation adjustments and other	13			(4		)	9
Goodwill as of December 31, 2016		$	552		$	455		$	1,007

- 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, 2016

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,
	2016			2015
Rental vehicles	$	10,937		$	11,195
Less: Accumulated depreciation	(1,454		)	(1,500		)
	9,483			9,695
Vehicles held for sale	981			963
Vehicles, net	$	10,464		$	10,658

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



	Year Ended December 31,
	2016			2015			2014
Depreciation expense	$	1,877		$	1,837		$	1,840
Lease charges	180			156			163
Gain on sale of vehicles, net	(10		)	(60		)	(7		)
Vehicle depreciation and lease charges, net	$	2,047		$	1,933		$	1,996

At December 31, 2016, 2015 and 2014, the Company had payables related to vehicle purchases included in liabilities under vehicle programs - other of $321 million, $269 million and $222 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $520 million, $433 million and $352 million, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

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



		Year Ended December 31,
		2016			2015			2014
Current
	Federal	$	(1	)	$	(32	)	$	(1	)
	State	3			3			4
	Foreign	63			40			79
	Current income tax provision	65			11			82

Deferred
	Federal	51			45			89
	State	5			(1		)	2
	Foreign	(5		)	14			(26		)
	Deferred income tax provision	51			58			65
Provision for income taxes		$	116		$	69		$	147

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



	Year Ended December 31,
	2016		2015		2014
United States ^(a)	$	127	$	258	$	248
Foreign	152		124		144
Pretax income	$	279	$	382	$	392

__________


^(a)	For the years ended December 31, 2016, 2015 and 2014, includes corporate debt extinguishment costs of $27 million, $23 million and $56 million, respectively.

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



		As of December 31,
		2016			2015
Deferred income tax assets:
	Net tax loss carryforwards	$	1,587		$	1,567
	Accrued liabilities and deferred revenue	281			276
	Tax credits	62			76
	Depreciation and amortization	2			13
	Acquisition and integration-related liabilities	5			13
	Provision for doubtful accounts	7			7
	Other	52			46
	Valuation allowance ^(a)	(357		)	(351		)
Deferred income tax assets		1,639			1,647

Deferred income tax liabilities:
	Depreciation and amortization	112			123
	Prepaid expenses	32			29
	Other	2			7
Deferred income tax liabilities		146			159
Deferred income tax assets, net		$	1,493		$	1,488

__________

^(a)

The valuation allowance of $357 million at December 31, 2016 relates to tax loss carryforwards, foreign tax credits and certain deferred tax assets of $289 million, $39 million and $29 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 $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.

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



	As of December 31,
	2016	2015
Deferred income tax assets:
Depreciation and amortization