Rendering

Component: (Network and Table)
Network
2319301 - Disclosure - Employee Benefit Plans (Tables)
(http://www.avis.com/role/EmployeeBenefitPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
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,
 
2016
 
2015
 
2014
Service cost
$
4

 
$
5

 
$
5

Interest cost
21

 
22

 
29

Expected return on plan assets
(27
)
 
(31
)
 
(32
)
Amortization of unrecognized amounts
5

 
5

 
3

Net periodic benefit cost
$
3

 
$
1

 
$
5

 
 
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
2016
 
2015
Benefit obligation at end of prior year
$
656

 
$
716

Service cost
4

 
5

Interest cost
21

 
22

Actuarial (gain) loss
115

 
(32
)
Currency translation adjustment
(53
)
 
(30
)
Net benefits paid
(23
)
 
(25
)
Benefit obligation at end of current year
$
720

 
$
656

 
 
 
 
Change in Plan Assets
 
 
 
Fair value of assets at end of prior year
$
527

 
$
553

Actual return on plan assets
60

 
5

Employer contributions
12

 
14

Currency translation adjustment
(53
)
 
(20
)
Net benefits paid
(23
)
 
(25
)
Fair value of assets at end of current year
$
523

 
$
527

 
 
Schedule of Net Funded Status [Table Text Block]
 
As of December 31,
Funded Status
2016
 
2015
Classification of net balance sheet assets (liabilities):
 
 
 
Non-current assets
$

 
$
30

Current liabilities
(1
)
 
(1
)
Non-current liabilities
(196
)
 
(158
)
Net funded status
$
(197
)
 
$
(129
)
 
 
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
2016
 
2015
 
2014
Discount rate:
 
 
 
 
 
 
Net periodic benefit cost
4.40
%
 
4.00
%
 
4.75
%
 
Benefit obligation
3.90
%
 
4.40
%
 
4.00
%
Long-term rate of return on plan assets
7.00
%
 
7.25
%
 
7.50
%
 
 
 
 
 
 
 
Non-U.S. Pension Benefit Plans
 
 
 
 
 
Discount rate:
 
 
 
 
 
 
Net periodic benefit cost
3.45
%
 
3.30
%
 
4.50
%
 
Benefit obligation
2.45
%
 
3.45
%
 
3.30
%
Long-term rate of return on plan assets
4.45
%
 
4.65
%
 
5.30
%
 
 
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:
 
2016
Asset Class
Level 1
 
Level 2
 
Total
Cash equivalents and short-term investments
$
12

 
$
15

 
$
27

U.S. equities
87

 
34

 
121

Non-U.S. equities
40

 
70

 
110

Real estate

 
15

 
15

Government bonds
7

 
70

 
77

Corporate bonds
82

 
40

 
122

Other assets
2

 
49

 
51

Total assets
$
230

 
$
293

 
$
523

 
2015
Asset Class
Level 1
 
Level 2
 
Total
Cash equivalents and short-term investments
$

 
$
12

 
$
12

U.S. equities

 
126

 
126

Non-U.S. equities

 
129

 
129

Government bonds

 
103

 
103

Corporate bonds

 
133

 
133

Other assets

 
24

 
24

Total assets
$

 
$
527

 
$
527