Intangible Assets

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets consisted of:



	As of December 31, 2014						As of December 31, 2013
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements ^(a)	$	259	$	59	$	200	$	272	$	52	$	220
Customer relationships ^(b)	167		50		117		166		35		131
Other ^(c)	8		3		5		2		1		1
	$	434	$	112	$	322	$	440	$	88	$	352

Unamortized Intangible Assets
Goodwill ^(d)	$	842					$	691
Trademarks	$	564					$	571

_________


^(a)	Primarily amortized over a period ranging from 3 to 40 years with a weighted average life of 21 years.


^(b)	Primarily amortized over a period ranging from 2 to 20 years with a weighted average life of 11 years.


^(c)	Primarily amortized over a period ranging from 3 to 27 years with a weighted average life of 9 years.


^(d)	The increase primarily relates to the acquisitions of Budget licensees, partially offset by a currency translation loss of $52 million.

Amortization expense relating to all intangible assets was as follows:



	Year Ended December 31,
	2014		2013		2012
Customer relationships	$	18	$	15	$	8
License agreements	16		12		13
Other	2		—		—
Total	$	36	$	27	$	21

Based on the Company’s amortizable intangible assets at December 31, 2014, the Company expects related amortization expense of approximately $45 million for 2015, $43 million for 2016, $38 million for 2017, $27 million for 2018 and $26 million for 2019, 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, 2013		$	1,608		$	885		$	2,493
	Accumulated impairment losses as of January 1, 2013	(1,587		)	(531		)	(2,118		)
Goodwill as of January 1, 2013		21			354			375
	Acquisitions	296			4			300
	Currency translation adjustments and other	—			16			16
Goodwill as of December 31, 2013		$	317		$	374		$	691
	Acquisitions	190			13			203
	Currency translation adjustments and other	(28		)	(24		)	(52		)
Goodwill as of December 31, 2014		$	479		$	363		$	842

- 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.

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