Avis 2015 Annual Report Download - page 111

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F-42
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
20. 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.