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)
Reporting Entity [Axis] | 0000723612 (http://www.sec.gov/CIK) |
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 |
|
|