0000723612-20-000011 | 10-K | XBRL Viewer

Long-term Debt [Text Block]

13. Long-term Corporate Debt and Borrowing Arrangements

Long-term debt and other borrowing arrangements consisted of:



	Maturity Date	As of December 31,
	Maturity Date	2019			2018
5½% Senior Notes	April 2023	200			675
6⅜% Senior Notes	April 2024	350			350
4⅛% euro-denominated Senior Notes	November 2024	336			344
Floating Rate Term Loan^(a)	February 2025	1,112			1,123
5¼% Senior Notes	March 2025	375			375
4½% euro-denominated Senior Notes	May 2025	280			287
4¾% euro-denominated Senior Notes	January 2026	393			401
5¾% Senior Notes	July 2027	400			—
Other ^(b)		28			41
Deferred financing fees		(39		)	(45		)
Total		3,435			3,551
Less: Short-term debt and current portion of long-term debt		19			23
Long-term debt		$	3,416		$	3,528

__________


^(a)	The floating rate term loan is part of the Company’s senior revolving credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.


^(b)	Primarily includes finance leases which are secured by liens on the related assets.

Term Loan

Floating Rate Term Loan due 2025. In February 2018, the Company amended its Floating Rate Term Loan and extended its maturity term to 2025. As of December 31, 2019, the loan bears interest at one-month LIBOR plus 2.00%, for an aggregate rate of 3.80%; however, the Company entered into an interest rate swap to hedge $700 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.67%.

Senior Notes

5½% Senior Notes due 2023. In April 2013, the Company completed an offering of $500 million of 5½% Senior Notes due April 2023. The notes were issued at par, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part on or after April 1, 2018 at specified redemption prices plus accrued interest.

In November 2014, the Company issued $175 million of additional 5½% Senior Notes due 2023 at 99.625% of their face value, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part on or after April 1, 2018 at specified redemption prices plus accrued interest. The Company used the proceeds from the issuance to partially fund the acquisition of its Budget licensee for

Southern California and Las Vegas.

In July 2019, the Company redeemed $400 million principal amount for $407 million plus accrued interest. In October 2019, the Company redeemed $75 million principal amount for $76 million plus accrued interest.

6⅜% Senior Notes due 2024. In March 2016, the Company issued $350 million of 6⅜% Senior Notes due 2024 at par, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part at any time on or after April 1, 2019 at specified redemption prices plus accrued interest. In May 2016, the Company used the net proceeds from the offering to redeem $300 million principal amount of its previous 4⅞% Senior Notes and for general corporate purposes.

4⅛% euro-denominated Senior Notes due 2024. In September 2016, the Company issued €300 million of 4⅛% euro-denominated Senior Notes due 2024 at par, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part at any time on or after November 15, 2019 at specified redemption prices plus accrued interest. In October 2016, the Company used the net proceeds from the offering primarily to redeem €275 million of its outstanding 6% euro-denominated Senior Notes due 2021.

5¼% Senior Notes due 2025. In March 2015, the Company issued $375 million of 5¼% Senior Notes due 2025 at par, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part at any time on or after March 15, 2020 at specified redemption prices plus accrued interest. In April 2015, the Company used net proceeds from the offering to redeem the remaining $223 million principal amount of its 9¾% Senior Notes and to partially fund the acquisition of Maggiore.

4½% euro-denominated Senior Notes due 2025. In March 2017, the Company issued €250 million of 4½% euro-denominated Senior Notes due 2025, at par, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part on or after May 15, 2020 at specified redemption prices plus accrued interest. In April 2017, the Company used the net proceeds from the offering to redeem its outstanding €175 million principal amount of 6% euro-denominated Senior Notes due 2021 for €180 million plus accrued interest. In June 2017, the Company used the remaining proceeds to redeem a portion of its Floating Rate Senior Notes due 2017.

4¾% euro-denominated Senior Notes due 2026. In October 2018, the Company issued €350 million of 4¾% euro-denominated Senior Notes due 2026, at par, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part on or after September 30, 2021 at specified redemption prices plus accrued interest. In October 2018, the Company used the net proceeds from the offering to redeem its 5⅛% Senior Notes due June 2022 for $410 million plus accrued interest.

5¾% Senior Notes due 2027. In July 2019, the Company issued $400 million of 5¾% Senior Notes due July 2027, at par. The Company used the net proceeds from the offering to redeem $400 million principal amount of its 5½% Senior Notes due April 2023.

The 5½% Senior Notes, 6⅜% Senior Notes, the 5¼% Senior Notes and the 5¾% Senior Notes are senior unsecured obligations of the Company’s Avis Budget Car Rental, LLC (“ABCR”) subsidiary, are guaranteed by the Company and certain of its domestic subsidiaries and rank equally in right of payment with all of the Company’s existing and future senior unsecured indebtedness.

The 4⅛% euro-denominated Senior Notes, 4½% euro-denominated Senior Notes and 4¾% euro-denominated Senior Notes are unsecured obligations of the Company’s Avis Budget Finance plc subsidiary, are guaranteed on a senior basis by the Company and certain of its domestic subsidiaries and rank equally with all of the Company’s existing senior unsecured debt.

In connection with the debt amendments and repayments for the years ended December 31, 2019, 2018 and 2017, the Company recorded $12 million, $19 million and $3 million in early extinguishment of debt costs, respectively.

Debt Maturities

The following table provides contractual maturities of the Company’s corporate debt at December 31, 2019:



Year	Amount
2020	$	19
2021	17
2022	16
2023	216
2024	701
Thereafter	2,505
	$	3,474

Committed Credit Facilities And Available Funding Arrangements

At December 31, 2019, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows:



	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2023 ^(a)	$	1,800	$	—	$	1,081	$	719

__________


^(a)	The senior revolving credit facility bears interest at one-month LIBOR plus 200 basis points and is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.

In February 2018, the Company amended the terms of its Senior revolving credit facility maturing 2021 and extended its maturity to 2023.

At December 31, 2018, the Company had various uncommitted credit facilities available, which bear interest at rates of 0.74% to 6.60%, under which it had drawn approximately $1 million.

Debt Covenants

The agreements governing the Company’s indebtedness contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries, the incurrence of additional indebtedness by the Company and certain of its subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. The Company’s senior credit facility also contains a maximum leverage ratio requirement. As of December 31, 2019, the Company was in compliance with the financial covenants governing its indebtedness.

Debt Under Vehicle Programs and Borrowing Arrangements

12 Months Ended

Dec. 31, 2019

Debt Under Vehicle Programs and Borrowing Arrangements

Debt under Vehicle Programs and Borrowing Arrangements

Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:



	As of December 31,
	2019			2018
Americas – Debt due to Avis Budget Rental Car Funding ^(a)	$	7,975		$	7,393
Americas – Debt borrowings ^(a)	827			635
International – Debt borrowings ^(a)	2,100			2,060
International – Finance leases	215			191
Other	—			2
Deferred financing fees ^(b)	(49		)	(49		)
Total	$	11,068		$	10,232

__________


^(a)	The increase reflects additional borrowings principally to fund increases in the Company's car rental fleet.


^(b)	Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2019 and 2018 were $40 million and $35 million, respectively.

Americas

Debt due to Avis Budget Rental Car Funding. Avis Budget Rental Car Funding, an unconsolidated bankruptcy remote qualifying special purpose limited liability company, issues privately placed notes to investors as well as to banks and bank-sponsored conduit entities. Avis Budget Rental Car Funding uses the proceeds from its note issuances to make loans to a wholly-owned subsidiary of the Company, AESOP Leasing LP (“AESOP Leasing”), on a continuing basis. AESOP Leasing is required to use the proceeds of such loans to acquire or finance the acquisition of vehicles used in the Company’s rental car operations. By issuing debt through the Avis Budget Rental Car Funding program, the Company pays a lower rate of interest than if it had issued debt directly to third parties. Avis Budget Rental Car Funding is not consolidated, as the Company is not the “primary beneficiary” of Avis Budget Rental Car Funding. The Company determined that it is not the primary beneficiary because the Company does not have the obligation to absorb the potential losses or receive the benefits of Avis Budget Rental Car Funding’s activities since the Company’s only significant source of variability in the earnings, losses or cash flows of Avis Budget Rental Car Funding is exposure to its own creditworthiness, due to its loan from Avis Budget Rental Car Funding. Because Avis Budget Rental Car Funding is not consolidated, AESOP Leasing’s loan obligations to Avis Budget Rental Car Funding are reflected as related party debt on the Company’s Consolidated Balance Sheets. The Company also has an asset within Assets under vehicle programs on its Consolidated Balance Sheets which represents securities issued to the Company by Avis Budget Rental Car Funding. AESOP Leasing is consolidated, as the Company is the “primary beneficiary” of AESOP Leasing; as a result, the vehicles purchased by AESOP Leasing remain on the Company’s Consolidated Balance Sheets. The Company determined it is the primary beneficiary of AESOP Leasing, as it has the ability to direct its activities, an obligation to absorb a majority of its expected losses and the right to receive the benefits of AESOP Leasing’s activities. AESOP Leasing’s vehicles and related assets, which as of December 31, 2019, approximate $10.2 billion and some of which are subject to manufacturer repurchase and guaranteed depreciation agreements, collateralize the debt issued by Avis Budget Rental Car Funding. The assets and liabilities of AESOP Leasing are presented on the Company’s Consolidated Balance Sheets within Assets under vehicle programs and Liabilities under vehicle programs, respectively. The assets of AESOP Leasing, included within assets under vehicle programs (excluding the investment in Avis Budget Rental Car Funding (AESOP) LLC—related party) are restricted. Such assets may be used only to repay the respective AESOP Leasing liabilities, included within Liabilities under vehicle programs, and to purchase new vehicles, although if certain collateral coverage requirements are met, AESOP Leasing may pay dividends from excess cash. The creditors of AESOP Leasing and Avis Budget Rental Car Funding have no recourse to the general credit of the Company. The Company periodically provides Avis Budget Rental Car Funding with non-contractually required support, in the form of equity and loans, to serve as additional collateral for the debt issued by Avis Budget Rental Car Funding.

The business activities of Avis Budget Rental Car Funding are limited primarily to issuing indebtedness and using the proceeds thereof to make loans to AESOP Leasing for the purpose of acquiring or financing the acquisition of vehicles to be leased to the Company’s rental car subsidiaries and pledging its assets to secure the indebtedness. Because Avis Budget Rental Car Funding is not consolidated by the Company, its results of operations and cash flows are not reflected within the Company’s financial statements.

During April 2018 and October 2018, Avis Budget Rental Car Funding issued approximately $400 million in asset-backed notes with an expected final payment date of September 2023 and approximately $550 million in asset-backed notes with an expected final payment date of March 2024, respectively. During February 2019, April 2019 and August 2019, Avis Budget Rental Car Funding issued approximately $600 million, $650 million and $650 million, respectively, in asset-backed notes with an expected final payment date of March 2022, September 2024 and March 2025, respectively. The Company used the proceeds from these borrowings to fund the repayment of maturing vehicle-backed debt and the acquisition of rental cars in the United States. Borrowings under the Avis Budget Rental Car Funding program primarily represent fixed rate notes and had a weighted average interest rate of 3.16% and 3.20% as of December 31, 2019 and 2018 respectively.

Debt borrowings. The Company finances the acquisition of vehicles used in its Canadian rental operations through a consolidated, bankruptcy remote special-purpose entity, which issues privately placed notes to investors and bank-sponsored conduits. The Company finances the acquisition of fleet for its truck rental operations in the United States through a combination of debt facilities and leases. These debt borrowings represent a mix of fixed and floating rate debt and had a weighted average interest rate of 2.87% and 3.33%

as of December 31, 2019 and 2018 respectively.

International

Debt borrowings. In 2013, the Company entered into a three-year, €500 million (approximately $687 million) European rental fleet securitization program, which is used to finance fleet purchases for certain of the Company’s European operations. Since 2013, the Company increased its capacity by €1.3 billion (approximately $1.5 billion), and extended the securitization maturity to 2021. The Company finances the acquisition of vehicles used in its International rental car operations through this and other consolidated, bankruptcy remote special-purpose entities, which issue privately placed notes to banks and bank-sponsored conduits. The International borrowings primarily represent floating rate notes and had a weighted average interest rate of 1.87% and 2.02% as of December 31, 2019 and 2018 respectively.

Finance leases. The Company obtained a portion of its International vehicles under finance lease arrangements. For the years ended December 31, 2019 and 2018, the weighted average interest rate on these borrowings was 1.25% and 1.17% respectively. All finance leases are on a fixed repayment basis and interest rates are fixed at the contract date.

Debt Maturities

The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2019:



	Debt under Vehicle Programs ^(a)
2020	$	1,753
2021 ^(b)	3,225
2022 ^(c)	3,032
2023	1,097
2024	1,471
Thereafter	539
	$	11,117

__________


^(a)	Vehicle-backed debt primarily represents asset-backed securities.


^(b)	Includes $1.9 billion of bank and bank-sponsored facilities.


^(b)	Includes $1.7 billion of bank and bank-sponsored facilities.

Committed Credit Facilities And Available Funding Arrangements

The following table presents available funding under the Company’s debt arrangements related to its vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2019:



	Total Capacity ^(a)		Outstanding Borrowings ^(b)		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding	$	9,761	$	7,975	$	1,786
Americas – Debt borrowings	1,009		827		182
International – Debt borrowings	3,003		2,100		903
International – Finance leases	237		215		22
Total	$	14,010	$	11,117	$	2,893

__________


^(a)	Capacity is subject to maintaining sufficient assets to collateralize debt.


^(b)	The outstanding debt is collateralized by vehicles and related assets of $9.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.0 billion for Americas - Debt borrowings; $2.6 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

Debt Covenants

The agreements under the Company’s vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries and restrictions on indebtedness, mergers, liens, liquidations and sale and leaseback transactions, and in some cases also

require compliance with certain financial requirements. As of December 31, 2019, the Company is not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under its vehicle-backed funding programs.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies In 2006, the Company completed the spin-offs of its Realogy and Wyndham subsidiaries. The Company does not believe that the impact of any resolution of pre-existing contingent liabilities in connection with the spin-offs should result in a material liability to the Company in relation to its consolidated financial position or liquidity, as Realogy and Wyndham each have agreed to assume responsibility for these liabilities. The Company is also named in litigation that is primarily related to the businesses of its former subsidiaries, including Realogy and Wyndham. The Company is entitled to indemnification from such entities for any liability resulting from such litigation. In first quarter 2017, following a state court trial in Georgia, a jury found the Company liable for damages in cases brought by plaintiffs who were injured in a vehicle accident allegedly caused by an employee of an independent contractor of the Company who was acting outside of the scope of employment. In fourth quarter 2019, the Company appealed both verdicts resulting in a reversal of the opinions rendered. The plaintiffs filed a petition to have the Georgia Supreme Court review the state appellate court’s reversal of opinion. The Company has recognized a liability related to these cases, net of recoverable insurance proceeds, of approximately $12 million. The Company is involved in claims, legal proceedings and governmental inquiries that are incidental to its vehicle rental and car sharing operations, including, among others, contract and licensee disputes, competition matters, employment and wage-and-hour claims, insurance and liability claims, intellectual property claims, business practice disputes and other regulatory, environmental, commercial and tax matters. Litigation is inherently unpredictable and, although the Company believes that its accruals are adequate and/or that it has valid defenses in these matters, unfavorable resolutions could occur. The Company estimates that the potential exposure resulting from adverse outcomes of legal proceedings in which it is reasonably possible that a loss may be incurred could, in the aggregate, be up to approximately $30 million in excess of amounts accrued as of December 31, 2019; however, the Company does not believe that the impact should result in a material liability to the Company in relation to its consolidated financial condition or results of operations. Commitments to Purchase Vehicles The Company maintains agreements with vehicle manufacturers under which the Company has agreed to purchase approximately $7.7 billion of vehicles from manufacturers over the next 12 months financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles. Certain of these commitments are subject to the vehicle manufacturers satisfying their obligations under their respective repurchase and guaranteed depreciation agreements. Other Purchase Commitments In the normal course of business, the Company makes various commitments to purchase other goods or services from specific suppliers, including those related to marketing, advertising, computer services and capital expenditures. As of December 31, 2019, the Company had approximately $136 million of purchase obligations, which extend through 2025. Concentrations Concentrations of credit risk at December 31, 2019, include (i) risks related to the Company’s repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers, including Ford, Fiat Chrysler and General Motors, and primarily with respect to receivables for program cars that have been disposed but for which the Company has not yet received payment from the manufacturers and (ii) risks related to Realogy and Wyndham, including receivables of $24 million and $14 million, respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition. Asset Retirement Obligations The Company maintains a liability for asset retirement obligations. An asset retirement obligation is a legal obligation to perform certain activities in connection with the retirement, disposal or abandonment of assets. The Company’s asset retirement obligations, which are measured at discounted fair values, are primarily related to the removal of underground gasoline storage tanks at its rental facilities. The liability accrued for asset retirement obligations was $27 million and $22 million at December 31, 2019 and 2018, respectively. Standard Guarantees/Indemnifications In the ordinary course of business, the Company enters into numerous agreements that contain standard guarantees and indemnities whereby the Company agrees to indemnify another party, among other things, for performance under contracts and any breaches of representations and warranties thereunder. In addition, many of these parties are also indemnified against any third-party claim resulting from the transaction that is contemplated in the underlying agreement. Such guarantees or indemnifications are granted under various agreements, including those governing (i) purchases, sales or outsourcing of assets, businesses or activities, (ii) leases of real estate, (iii) licensing of trademarks, (iv) access to credit facilities and use of derivatives and (v) issuances of debt or equity securities. The guarantees or indemnifications issued are for the benefit of the (i) buyers in sale agreements and sellers in purchase agreements, (ii) landlords in lease contracts, (iii) licensees under licensing agreements, (iv) financial institutions in credit facility arrangements and derivative contracts and (v) underwriters and placement agents in debt or equity security issuances. While some of these guarantees extend only for the duration of the underlying agreement, many may survive the expiration of the term of the agreement or extend into perpetuity (unless subject to a legal statute of limitations). There are no specific limitations on the maximum potential amount of future payments that the Company could be required to make under these guarantees, nor is the Company able to develop an estimate of the maximum potential amount of future payments to be made under these guarantees as the triggering events are not subject to predictability. With respect to certain of the aforementioned guarantees, such as indemnifications provided to landlords against third-party claims for the use of real estate property leased by the Company, the Company maintains insurance coverage that mitigates its potential exposure.

Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Cash Dividend Payments

During 2019, 2018 and 2017, the Company did not declare or pay any cash dividends. The Company’s ability to pay dividends to holders of its common stock is limited by the Company’s senior credit facility, the indentures governing its senior notes and its vehicle financing programs.

Share Repurchases

The Company’s Board of Directors has authorized the repurchase of up to approximately $1.8 billion of its common stock under a plan originally approved in 2013 and subsequently expanded, most recently in August 2019. During 2019, 2018 and 2017, the Company repurchased approximately 14 million shares of common stock at a cost of approximately $462 million under the program. As of December 31, 2019, approximately $189 million of authorization remained available to repurchase common stock under this plan.

In June 2019, as part of its share repurchase program, the Company entered into a structured repurchase agreement involving the use of capped call options for the purchase of its common stock. The Company paid a fixed sum upon the execution of the agreement in exchange for the right to receive either a pre-determined amount of cash or stock. The Company paid net premiums of $16 million to enter into this agreement, which was recorded as a reduction of additional paid in capital. In September 2019, the capped call options expired and all outstanding options settled for 0.6 million shares.

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are as follows:



	Currency Translation Adjustments			Net Unrealized Gains (Losses) on Cash Flow Hedges ^(a)			Net Unrealized Gains (Losses) on Available-For-Sale Securities			Minimum Pension Liability Adjustment ^(b)			Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2017	$	(39	)	$	2		$	1		$	(118	)	$	(154	)
Other comprehensive income (loss) before reclassifications	110			1			1			11			123
Amounts reclassified from accumulated other comprehensive income (loss)	—			2			—			5			7
Net current-period other comprehensive income (loss)	110			3			1			16			130
Balance, December 31, 2017	71			5			2			(102		)	(24		)
Cumulative effect of accounting change	7			1			(2		)	(12		)	(6		)
Balance, January 1, 2018	78			6			—			(114		)	(30		)
Other comprehensive income (loss) before reclassifications	(81		)	(2		)	—			(23		)	(106		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			(2		)	—			5			3
Net current-period other comprehensive income (loss)	(81		)	(4		)	—			(18		)	(103		)
Balance, December 31, 2018	(3		)	2			—			(132		)	(133		)
Cumulative effect of accounting change ^(c)	—			1			—			—			1
Balance, January 1, 2019	(3		)	3			—			(132		)	(132		)
Other comprehensive income (loss) before reclassifications	12			(20		)	—			(20		)	(28		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			(3		)	—			6			3
Net current-period other comprehensive income (loss)	12			(23		)	—			(14		)	(25		)
Balance, December 31, 2019	$	9		$	(20	)	$	—		$	(146	)	$	(157	)

__________

All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries (see Note 9-Income Taxes for impacts of the Tax Act) and include a $81 million gain, net of tax, related to the Company’s hedge of its investment in euro-denominated foreign operations (See Note 19-Financial Instruments).


^(a)	For the years ended December 31, 2019, 2018 and 2017, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $4 million ($3 million, net of tax), $3 million ($2 million, net of tax) and $4 million ($2 million, net of tax), respectively.


^(b)	For the years ended December 31, 2019, 2018 and 2017, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $8 million ($6 million, net of tax), $7 million ($5 million, net of tax) and $8 million ($5 million, net of tax), respectively.

^(c)

See Note 2-Summary of Significant Accounting Policies for the impact of adoption of ASU 2017-12.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

The Company’s Amended and Restated Equity and Incentive Plan provides for the grant of options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”) and other stock- or cash-based awards to employees, directors and other individuals who perform services for the Company and its subsidiaries. The maximum number of shares reserved for grant of awards under the plan is 22.5 million, with approximately 5.3 million shares available as of December 31, 2019. The Company typically settles stock-based awards with treasury shares.

Time-based awards generally vest ratably over a three-year period following the date of grant, and performance- or market-based awards generally vest three years following the date of grant based on the attainment of performance- or market-based goals, all of which are subject to a service condition.

Stock Unit Awards

Stock unit awards entitle the holder to receive shares of common stock upon vesting on a one-to-one basis. Certain performance-based RSUs vest based upon the level of performance attained, but vesting can increase (typically by up to 20%) if certain relative total shareholder return goals are achieved.

Market-based RSUs generally vest based on the level of total shareholder return or absolute stock price attainment. During the years ended December 31, 2019, 2018, and 2017 the Company did not issue any stock unit awards containing a market condition.

Annual activity related to stock units consisted of (in thousands of shares):



			Number of Shares		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Time-based RSUs
	Outstanding at January 1, 2019		838		$	38.67
		Granted ^(a)	608		34.14
		Vested ^(b)	(502	)	36.00
		Forfeited	(97	)	38.73
	Outstanding and expected to vest at December 31, 2019 ^(c)		847		$	36.99	1.0	$	27
Performance-based and market-based RSUs
	Outstanding at January 1, 2019		1,169		$	35.14
		Granted ^(a)	570		34.56
		Vested ^(b)	—		—
		Forfeited	(678	)	28.79
	Outstanding at December 31, 2019		1,061		$	38.89	1.1	$	34
	Outstanding and expected to vest at December 31, 2019 ^(c)		412		$	40.61	1.5	$	13

__________

^(a)

Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors, which are discussed separately below. The weighted-average fair value of time-based RSUs and performance-based RSUs granted in 2018 was $48.41 and $48.52, respectively, and the weighted-average fair value of time-based RSUs and performance-based and market-based RSUs granted in 2017 was $35.32 and $35.21, respectively.


^(b)	The total fair value of RSUs vested during 2019, 2018 and 2017 was $18 million, $20 million and $23 million, respectively.


^(c)	Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $25 million and will be recognized over a weighted average vesting period of 1.2 years.

Stock Options

Stock options exercised during 2019, 2018 and 2017 had intrinsic values of $1 million, $8 million and $21 million, respectively.

Non-employee Directors Deferred Compensation Plan

Prior to 2019, the Company granted stock awards on a quarterly basis to non-employee directors representing between 50% and 100% of a director’s annual compensation and such awards could be deferred under the Non-employee Directors Deferred Compensation Plan. Beginning in 2019, the Company grants stock awards on an annual basis to non-employee directors representing between 50% and 100% of a director’s annual compensation and such awards can be deferred under the Non-employee Directors Deferred Compensation Plan. During 2019, 2018 and 2017, the Company granted 40,000, 34,000 and 36,000 awards, respectively, to non-employee directors.

Stock-Compensation Expense

During 2019, 2018 and 2017, the Company recorded stock-based compensation expense of $22 million ($17 million, net of tax), $24 million ($18 million, net of tax) and $10 million ($7 million, net of tax), respectively.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Employee Benefit Plans

Defined Contribution Savings Plans

The Company sponsors several defined contribution savings plans in the United States and certain foreign subsidiaries that provide certain eligible employees of the Company an opportunity to accumulate funds for retirement. The Company matches portions of the contributions of participating employees on the basis specified by the plans. The Company’s contributions to these plans were $32 million, $33 million and $36 million during 2019, 2018 and 2017, respectively.

Defined Benefit Pension Plans

The Company sponsors defined benefit pension plans in the United States and in certain foreign subsidiaries with some plans offering participation in the plans at the employees’ option. Under these plans, benefits are based on an employee’s years of credited service and a percentage of final average compensation. However, the majority of the plans are closed to new employees and participants are no longer accruing benefits.

The funded status of the defined benefit pension plans is recognized on the Consolidated Balance Sheets and the gains or losses and prior service costs or credits that arise during the period, but are not recognized as components of net periodic benefit cost, are recognized as a component of accumulated other comprehensive loss, net of tax.

The components of net periodic (benefit) cost consisted of the following:



	Year Ended December 31,
	2019			2018			2017
Service cost ^(a)	$	5		$	6		$	5
Interest cost ^(b)	21			19			19
Expected return on plan assets ^(b)	(30		)	(33		)	(30		)
Amortization of unrecognized amounts ^(b)	7			7			8
Net periodic (benefit) cost	$	3		$	(1	)	$	2

__________


^(a)	For the year ended December 31, 2019, $4 million and $1 million were included in operating expenses and selling, general and administrative expenses, respectively. For the year ended December 31, 2018, $4 million and $2 million were included in operating expenses and selling, general and administrative expenses, respectively.


^(b)	Included in selling, general and administrative expenses.

The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2020 is $7 million, which consists primarily of net actuarial losses.

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	2019			2018
Benefit obligation at end of prior year	$	722		$	779
Service cost	5			6
Interest cost	21			19
Actuarial (gain) loss	87			(32		)
Currency translation adjustment	13			(24		)
Net benefits paid	(27		)	(26		)
Benefit obligation at end of current year	$	821		$	722

Change in Plan Assets
Fair value of assets at end of prior year	$	549		$	614
Actual return on plan assets	91			(29		)
Employer contributions	21			11
Currency translation adjustment	14			(21		)
Net benefits paid	(26		)	(26		)
Fair value of assets at end of current year	$	649		$	549



	As of December 31,
Funded Status	2019			2018
Classification of net balance sheet assets (liabilities):
Non-current assets	$	20		$	18
Current liabilities	(4		)	(4		)
Non-current liabilities	(188		)	(187		)
Net funded status	$	(172	)	$	(173	)

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		2019		2018		2017
Discount rate:
	Net periodic benefit cost	4.15	%	3.50	%	3.90	%
	Benefit obligation	3.10	%	4.15	%	3.50	%
Long-term rate of return on plan assets		7.00	%	7.00	%	7.00	%

Non-U.S. Pension Benefit Plans
Discount rate:
	Net periodic benefit cost	2.75	%	2.55	%	2.45	%
	Benefit obligation	1.95	%	2.75	%	2.55	%
Long-term rate of return on plan assets		4.50	%	4.50	%	4.70	%

To select discount rates for its defined benefit pension plans, the Company uses a modeling process that involves matching the expected cash outflows of such plans, to yield curves constructed from portfolios of AA-rated fixed-income debt instruments. The Company uses the average yields of the hypothetical portfolios as a discount rate benchmark.

The Company’s expected rate of return on plan assets of 7.00% and 4.50% for the U.S. plans and non-U.S. plans, respectively, used to determine pension obligations and pension costs, are long-term rates based on historic plan asset returns in individual jurisdictions, over varying long-term periods combined with current market expectations and broad asset mix considerations.

As of December 31, 2019, plans with benefit obligations in excess of plan assets had accumulated benefit obligations of $466 million and plan assets of $276 million. As of December 31, 2018, plans with benefit obligations in excess of plan assets had accumulated benefit obligations of $423 million and plan assets of $234 million. The accumulated benefit obligation for all plans was $811 million and $713 million as of December 31, 2019 and 2018, respectively. The Company expects to contribute approximately $10 million to the U.S. plans and $1 million to the non-U.S. plans in 2020.

The Company’s defined benefit pension plans’ assets are invested primarily in mutual funds and may change in value due to various risks, such as interest rate and credit risk and overall market volatility. Due to the level of risk associated with investment securities, it is reasonably possible that changes in the values of the pension plans’ investment securities will occur in the near term and that such changes would materially affect the amounts reported in the Company’s financial statements.

The defined benefit pension plans’ investment goals and objectives are managed by the Company or Company-appointed and member-appointed trustees with consultation from independent investment advisors. While the objectives may vary slightly by country and jurisdiction, collectively the Company seeks to produce returns on pension plan investments, which are based on levels of liquidity and investment risk that the Company believes are prudent and reasonable, given prevailing capital market conditions. The pension plans’ assets are managed in the long-term interests of the participants and the beneficiaries of the plans. A suitable strategic asset allocation benchmark is determined for each plan to maintain a diversified portfolio, taking into account government requirements, if any, regarding unnecessary investment risk and protection of pension plans’ assets. The Company believes that diversification of the pension plans’ assets is an important investment strategy to provide reasonable assurance that no single security or class of securities will have a disproportionate impact on the pension plans. As such, the Company allocates assets

among traditional equity, fixed income (government issued securities, corporate bonds and short-term cash investments) and other investment strategies.

The equity component’s purpose is to provide a total return that will help preserve the purchasing power of the assets. The pension plans hold various mutual funds that invest in equity securities and are diversified among funds that invest in large cap, small cap, growth, value and international stocks as well as funds that are intended to “track” an index, such as the S&P 500. The equity investments in the portfolios will represent a greater assumption of market volatility and risk as well as provide higher anticipated total return over the long term. The equity component is expected to approximate 40%-60% of the plans’ assets.

The purpose of the fixed income component is to provide a deflation hedge, to reduce the overall volatility of the pension plans’ assets in relation to the liability and to produce current income. The pension plans hold mutual funds that invest in securities issued by governments, government agencies and corporations. The fixed income component is expected to approximate 40%-60% of the plans’ assets.

The following table presents the defined benefit pension plans’ assets measured at fair value, as of December 31:



	2019
Asset Class	Level 1		Level 2		Total
Cash equivalents and short-term investments	$	16	$	54	$	70
U.S. equities	100		52		152
Non-U.S. equities	59		99		158
Government bonds	4		3		7
Corporate bonds	96		20		116
Other assets	2		144		146
Total assets	$	277	$	372	$	649



	2018
Asset Class	Level 1		Level 2		Total
Cash equivalents and short-term investments	$	10	$	25	$	35
U.S. equities	82		42		124
Non-U.S. equities	49		80		129
Real estate	—		17		17
Government bonds	3		8		11
Corporate bonds	89		31		120
Other assets	2		111		113
Total assets	$	235	$	314	$	549

The Company estimates that future benefit payments from plan assets will be $28 million, $28 million, $30 million, $31 million, $31 million and $175 million for 2020, 2021, 2022, 2023, 2024 and 2025 to 2029, respectively.

Multiemployer Plans

The Company contributes to a number of multiemployer plans under the terms of collective-bargaining agreements that cover a portion of its employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: (i) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (ii) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; (iii) if the Company elects to stop participating in a multiemployer plan, it may be required to contribute to such plan an amount based on the under-funded status of the plan; and (iv) the Company has no involvement in the management of the multiemployer plans’ investments. For the years ended December 31, 2019, 2018 and 2017, the Company contributed a total of $9 million in each of the periods to multiemployer plans.

Financial Instruments

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Risk Management

Currency Risk. The Company uses currency exchange contracts to manage its exposure to changes in currency exchange rates associated with its non-U.S.-dollar denominated receivables and forecasted royalties, forecasted earnings of non-U.S. subsidiaries and forecasted non-U.S.-dollar denominated acquisitions. The Company primarily hedges a portion of its current-year currency exposure to the Australian, Canadian and New Zealand dollars, the euro and the British pound sterling. The majority of forward contracts do not qualify for hedge accounting treatment. The fluctuations in the value of these forward contracts do, however, largely offset the impact of changes in the value of the underlying risk they economically hedge. Forward contracts used to hedge forecasted third-party receipts and disbursements up to 12 months are designated and do qualify as cash flow hedges. The Company has designated its euro-denominated notes as a hedge of its investment in euro-denominated foreign operations.

The estimated net amount of existing gains or losses the Company expects to reclassify from accumulated other comprehensive income (loss) to earnings for cash flow and net investment hedges over the next 12 months is not material.

Interest Rate Risk. The Company uses various hedging strategies including interest rate swaps and interest rate caps to create an appropriate mix of fixed and floating rate assets and liabilities. The Company estimates that $3 million of loss currently recorded in accumulated other comprehensive income (loss) will be recognized in earnings over the next 12 months.

Commodity Risk. The Company periodically enters into derivative commodity contracts to manage its exposure to changes in the price of gasoline. These instruments were designated as freestanding derivatives and the changes in fair value are recorded in the Company’s consolidated results of operations.

Credit Risk and Exposure. The Company is exposed to counterparty credit risks in the event of nonperformance by counterparties to various agreements and sales transactions. The Company manages such risk by evaluating the financial position and creditworthiness of such counterparties and by requiring collateral in certain instances in which financing is provided. The Company mitigates counterparty credit risk associated with its derivative contracts by monitoring the amount for which it is at risk with each counterparty, periodically evaluating counterparty creditworthiness and financial position, and where possible, dispersing its risk among multiple counterparties.

There were no significant concentrations of credit risk with any individual counterparty or groups of counterparties at December 31, 2019 or 2018, other than (i) risks related to the Company’s repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers, and primarily with respect to receivables for program cars that were disposed but for which the Company has not yet received payment from the manufacturers (see Note 2-Summary of Significant Accounting Policies), (ii) receivables from Realogy and Wyndham related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition and (iii) risks related to leases which have been assumed by Realogy but of which the Company is a guarantor. Concentrations of credit risk associated with trade receivables are considered minimal due to the Company’s diverse customer base. The Company does not normally require collateral or other security to support credit sales.

Fair Value

Derivative instruments and hedging activities

As described above, derivative assets and liabilities consist principally of currency exchange contracts, interest rate swaps, interest rate caps and commodity contracts. The Company held derivative instruments with absolute notional values as follows:



	As of December 31,
	2019		2018
Foreign exchange contracts	$	1,518	$	1,235
Interest rate caps ^(a)	8,625		8,431
Interest rate swaps	1,500		1,500

__________

^(a)

Represents $5.9 billion of interest rate caps sold, partially offset by approximately $2.7 billion of interest rate caps purchased at December 31, 2019 and $5.7 billion of interest rate caps sold, partially offset by approximately $2.7 billion of interest rate caps purchased at December 31, 2018. These amounts exclude $3.2 billion and $3.0 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary at December 31, 2019 and 2018, respectively.

Fair values (Level 2) of derivative instruments are as follows:



		As of December 31, 2019				As of December 31, 2018
		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives
Derivatives designated as hedging instruments
	Interest rate swaps ^(a)	$	—	$	27	$	12	$	8
Derivatives not designated as hedging instruments
	Interest rate caps ^(b)	—		1		—		2
	Foreign exchange contracts ^(c)	5		10		5		11
	Commodity contracts ^(c)	—		—		—		1
	Total	$	5	$	38	$	17	$	22

__________

Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by the Company; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 16-Stockholders’ Equity.


^(a)	Included in other non-current assets or other non-current liabilities.


^(b)	Included in assets under vehicle programs or liabilities under vehicle programs.


^(c)	Included in other current assets or other current liabilities.

The effects of derivatives recognized in the Company’s Consolidated Financial Statements are as follows:



		Year Ended December 31,
		2019			2018			2017
Financial instruments designated as hedging instruments ^(a)
	Interest rate swaps ^(b)	$	(23	)	$	(4	)	$	3
	Euro-denominated notes ^(c)	17			24			(50		)
Financial instruments not designated as hedging instruments ^(d)
	Foreign exchange contracts ^(e)	(7		)	31			(42		)
	Interest rate caps ^(f)	(1		)	(3		)	(1		)
	Commodity contracts ^(g)	3			—			(1		)
Total		$	(11	)	$	48		$	(91	)

__________


^(a)	Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity.


^(b)	Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 16-Stockholders’ Equity for amounts reclassified from accumulated other comprehensive income (loss) into earnings.


^(c)	Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss).


^(d)	Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.

^(e)

For the year ended December 31, 2019, included an $11 million loss included in interest expense and a $4 million gain included in operating expenses. For the year ended December 31, 2018, included a $19 million gain included in interest expense and a $12 million gain included in operating expenses. For the year ended December 31, 2017, included a $23 million loss in interest expense and a $19 million loss included in operating expenses.


^(f)	Primarily included in vehicle interest, net.


^(g)	Included in operating expenses.

Debt Instruments

The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows:



		As of December 31, 2019				As of December 31, 2018
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
	Short-term debt and current portion of long-term debt	$	19	$	19	$	23	$	23
	Long-term debt	3,416		3,572		3,528		3,462

Debt under vehicle programs
	Vehicle-backed debt due to Avis Budget Rental Car Funding	$	7,936	$	8,077	$	7,358	$	7,383
	Vehicle-backed debt	3,129		3,142		2,871		2,881
	Interest rate swaps and interest rate caps ^(a)	3		3		3		3

___________

^(a)

Derivatives in liability position.

Segment Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information

The Company’s chief operating decision maker assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. In identifying its reportable segments, the Company considered the nature of services provided, the geographical areas in which the segments operated and other relevant factors. The Company aggregates certain of its operating segments into its reportable segments.

Management evaluates the operating results of each of its reportable segments based upon revenues and “Adjusted EBITDA,” which the Company defines as income from continuing operations before non-vehicle related depreciation and amortization, any impairment charges, restructuring and other related charges, early extinguishment of debt costs, non-vehicle related interest, transaction-related costs, net charges for unprecedented personal-injury legal matters, non-operational charges related to shareholder activist activity, gain on sale of equity method investment in China and income taxes. Net charges for unprecedented personal-injury legal matters and gain on sale of equity method investment in China are recorded within operating expenses in the Company’s Consolidated Statements of Operations. Non-operational charges related to shareholder activist activity include third-party advisory, legal and other professional service fees and are recorded within selling, general and administrative expenses in the Company’s Consolidated Statements of Operations. The Company has revised its definition of Adjusted EBITDA to exclude the gain on sale of equity method investment in China. The Company did not revise prior years’ Adjusted EBITDA amounts because there were no gains similar in nature to this gain. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

Year Ended December 31, 2019



	Americas		International		Corporate and Other ^(a)			Total
Revenues	$	6,352	$	2,820	$	—		$	9,172
Vehicle depreciation and lease charges, net	1,462		601		—			2,063
Vehicle interest, net	284		60		—			344
Adjusted EBITDA	652		203		(67		)	788
Non-vehicle depreciation and amortization	161		94		8			263
Assets exclusive of assets under vehicle programs	6,226		2,995		90			9,311
Assets under vehicle programs	10,508		3,307		—			13,815
Capital expenditures (excluding vehicles)	162		62		26			250

__________


^(a)	Primarily represents unallocated corporate expenses and receivables from our former subsidiaries.

Year Ended December 31, 2018



	Americas		International		Corporate and Other ^(a)			Total
Revenues	$	6,186	$	2,938	$	—		$	9,124
Vehicle depreciation and lease charges, net	1,568		611		—			2,179
Vehicle interest, net	252		62		—			314
Adjusted EBITDA	558		287		(64		)	781
Non-vehicle depreciation and amortization	152		104		—			256
Assets exclusive of assets under vehicle programs	3,782		2,495		93			6,370
Assets under vehicle programs	9,670		3,109		—			12,779
Capital expenditures (excluding vehicles)	134		76		21			231

__________


^(a)	Primarily represents unallocated corporate expenses and receivables from our former subsidiaries.

Year Ended December 31, 2017



	Americas		International		Corporate and Other ^(a)			Total
Revenues	$	6,100	$	2,748	$	—		$	8,848
Vehicle depreciation and lease charges, net	1,671		550		—			2,221
Vehicle interest, net	226		60		—			286
Adjusted EBITDA	486		305		(56		)	735
Non-vehicle depreciation and amortization	168		91		—			259
Assets exclusive of assets under vehicle programs	3,388		2,353		79			5,820
Assets under vehicle programs	9,017		2,862		—			11,879
Capital expenditures (excluding vehicles)	122		62		13			197

__________


^(a)	Primarily represents unallocated corporate expenses and receivables from our former subsidiaries.

Provided below is a reconciliation of Adjusted EBITDA to income before income taxes.



		For the Year Ended December 31,
		2019			2018		2017
Adjusted EBITDA		$	788		$	781	$	735
Less: Non-vehicle related depreciation and amortization ^(a)		263			256		259
	Interest expense related to corporate debt, net	178			188		188
	Early extinguishment of corporate debt	12			19		3
	Restructuring and other related charges	80			22		63
	Transaction-related costs, net	10			20		23
	Non-operational charges related to shareholder activist activity ^(b)	2			9		—
	Impairment	—			—		2
	Charges for legal matter, net ^(c)	—			—		(14		)
	Gain on sale of equity method investment in China ^(c)	(44		)	—		—
Income before income taxes		$	287		$	267	$	211

__________


^(a)	Includes amortization of intangible assets recognized in purchase accounting of $56 million in 2019, $61 million in 2018 and $58 million in 2017.


^(b)	Reported within selling, general and administrative expenses in our Consolidated Statements of Operations.


^(c)	Reported within operating expenses in our Consolidated Statements of Operations.

The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries.



	United States		All Other Countries		Total
2019
Revenues	$	5,867	$	3,305	$	9,172
Assets exclusive of assets under vehicle programs	5,830		3,481		9,311
Assets under vehicle programs	9,824		3,991		13,815
Net long-lived assets	1,536		1,155		2,691

2018
Revenues	$	5,708	$	3,416	$	9,124
Assets exclusive of assets under vehicle programs	3,494		2,876		6,370
Assets under vehicle programs	9,021		3,758		12,779
Net long-lived assets	1,476		1,177		2,653

2017
Revenues	$	5,629	$	3,219	$	8,848
Assets exclusive of assets under vehicle programs	3,069		2,751		5,820
Assets under vehicle programs	8,192		3,687		11,879
Net long-lived assets	1,451		1,176		2,627

Guarantor and Non-Guarantor Consolidating Financial Statements

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Guarantor and Non-Guarantor Consolidating Financial Statements

The following consolidating financial information presents Consolidating Condensed Statements of Operations for the years ended December 31, 2019, 2018 and 2017, Consolidating Condensed Balance Sheets as of December 31, 2019 and December 31, 2018 and Consolidating Condensed Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017 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 13-Long-term Corporate 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.

The following table provides a reconciliation of the cash and cash equivalents, program and restricted cash reported within the Consolidating Condensed Balance Sheets to the amounts shown in the Consolidating Condensed Statements of Cash Flows.



	As of December 31,
	2019				2018
	Non-Guarantor		Total		Non-Guarantor		Total
Cash and cash equivalents	$	673	$	686	$	601	$	615
Program cash	211		211		115		115
Restricted cash ^(a)	3		3		5		5
Total cash and cash equivalents, program and restricted cash	$	887	$	900	$	721	$	735

_________

^(a)

Included within other current assets.

Guarantor and Non-Guarantor Condensed Cash Flow Statements [Text Block]

For the Year Ended December 31, 2019



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	67		$	293		$	246		$	2,394		$	(414	)	$	2,586

Investing activities
Property and equipment additions	—			(79		)	(100		)	(71		)	—			(250		)
Proceeds received on asset sales	—			1			—			10			—			11
Net assets acquired (net of cash acquired)	—			(1		)	(24		)	(52		)	—			(77		)
Other, net	—			(75		)	12			69			75			81
Net cash provided by (used in) investing activities exclusive of vehicle programs	—			(154		)	(112		)	(44		)	75			(235		)

Vehicle programs:
Investment in vehicles	—			(118		)	(22		)	(12,747		)	—			(12,887		)
Proceeds received on disposition of vehicles	—			48			—			10,412			—			10,460
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC — related party	—			—			—			(251		)	—			(251		)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC — related party	—			—			—			161			—			161
	—			(70		)	(22		)	(2,425		)	—			(2,517		)
Net cash provided by (used in) investing activities	—			(224		)	(134		)	(2,469		)	75			(2,752		)

Financing activities
Proceeds from long-term borrowings	—			400			—			2			—			402
Payments on long-term borrowings	—			(502		)	(3		)	(4		)	—			(509		)
Net change in short-term borrowings	—			—			—			(1		)	—			(1		)
Debt financing fees	—			(7		)	—			—			—			(7		)
Repurchases of common stock	(67		)	—			—			—			—			(67		)
Other, net	—			(61		)	(98		)	(180		)	339			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(67		)	(170		)	(101		)	(183		)	339			(182		)

Vehicle programs:
Proceeds from borrowings	—			114			—			19,755			—			19,869
Payments on borrowings	—			(13		)	(12		)	(19,321		)	—			(19,346		)
Debt financing fees	—			—			—			(23		)	—			(23		)
	—			101			(12		)	411			—			500
Net cash provided by (used in) financing activities	(67		)	(69		)	(113		)	228			339			318
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			13			—			13
Net increase (decrease) in cash and cash equivalents, program and restricted cash	—			—			(1		)	166			—			165
Cash and cash equivalents, program and restricted cash, beginning of period	1			12			1			721			—			735
Cash and cash equivalents, program and restricted cash, end of period	$	1		$	12		$	—		$	887		$	—		$	900

For the Year Ended December 31, 2018



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	210		$	235		$	193		$	2,380		$	(409	)	$	2,609

Investing activities
Property and equipment additions	—			(64		)	(88		)	(79		)	—			(231		)
Proceeds received on asset sales	—			2			4			11			—			17
Net assets acquired (net of cash acquired)	—			(3		)	(10		)	(78		)	—			(91		)
Intercompany loan receipts (advances)	—			—			—			(404		)	404			—
Other, net	—			(8		)	—			(36		)	—			(44		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	—			(73		)	(94		)	(586		)	404			(349		)

Vehicle programs:
Investment in vehicles	—			(2		)	(1		)	(12,586		)	—			(12,589		)
Proceeds received on disposition of vehicles	—			42			—			9,606			—			9,648
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC- related party	—			—			—			(188		)	—			(188		)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC- related party	—			—			—			52			—			52
	—			40			(1		)	(3,116		)	—			(3,077		)
Net cash provided by (used in) investing activities	—			(33		)	(95		)	(3,702		)	404			(3,426		)


Financing activities
Proceeds from long-term borrowings	—			81			—			404			—			485
Payments on long-term borrowings	—			(510		)	(3		)	(2		)	—			(515		)
Net change in short-term borrowings	—			—			—			(4		)	—			(4		)
Debt financing fees	—			(9		)	—			(6		)	—			(15		)
Repurchases of common stock	(216		)	—			—			—			—			(216		)
Intercompany loan borrowings (payments)	—			404			—			—			(404		)	—
Other, net	3			(167		)	(85		)	(157		)	409			3
Net cash provided by (used in) financing activities exclusive of vehicle programs	(213		)	(201		)	(88		)	235			5			(262		)

Vehicle programs:
Proceeds from borrowings	—			—			—			17,339			—			17,339
Payments on borrowings	—			(3		)	(9		)	(16,373		)	—			(16,385		)
Debt financing fees	—			—			—			(25		)	—			(25		)
	—			(3		)	(9		)	941			—			929
Net cash provided by (used in) financing activities	(213		)	(204		)	(97		)	1,176			5			667
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			(16		)	—			(16		)
Net increase (decrease) in cash and cash equivalents, program and restricted cash	(3		)	(2		)	1			(162		)	—			(166		)
Cash and cash equivalents, program and restricted cash, beginning of period	4			14			—			883			—			901
Cash and cash equivalents, program and restricted cash, end of period	$	1		$	12		$	1		$	721		$	—		$	735

For the Year Ended December 31, 2017



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	110		$	(89	)	$	97		$	2,697		$	(167	)	$	2,648

Investing activities
Property and equipment additions	—			(49		)	(81		)	(67		)	—			(197		)
Proceeds received on asset sales	—			1			—			7			—			8
Net assets acquired (net of cash acquired)	—			(1		)	(5		)	(15		)	—			(21		)
Intercompany loan receipts (advances)	—			—			—			(264		)	264			—
Other, net	100			110			110			5			(320		)	5
Net cash provided by (used in) investing activities exclusive of vehicle programs	100			61			24			(334		)	(56		)	(205		)

Vehicle programs:
Investment in vehicles	—			(1		)	—			(11,537		)	—			(11,538		)
Proceeds received on disposition of vehicles	—			46			—			9,554			—			9,600
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC- related party	—			—			—			(61		)	—			(61		)
	—			45			—			(2,044		)	—			(1,999		)
Net cash provided by (used in) investing activities	100			106			24			(2,378		)	(56		)	(2,204		)

Financing activities
Proceeds from long-term borrowings	—			325			—			264			—			589
Payments on long-term borrowings	—			(406		)	(2		)	(194		)	—			(602		)
Net change in short-term borrowings	—			—			—			(4		)	—			(4		)
Debt financing fees	—			(5		)	—			(4		)	—			(9		)
Repurchases of common stock	(210		)	—			—			—			—			(210		)
Intercompany loan borrowings (payments)	—			264			—			—			(264		)	—
Other, net	1			(192		)	(110		)	(185		)	487			1
Net cash provided by (used in) financing activities exclusive of vehicle programs	(209		)	(14		)	(112		)	(123		)	223			(235		)

Vehicle programs:
Proceeds from borrowings	—			—			—			17,212			—			17,212
Payments on borrowings	—			(1		)	(9		)	(17,259		)	—			(17,269		)
Debt financing fees	—			—			—			(16		)	—			(16		)
	—			(1		)	(9		)	(63		)	—			(73		)
Net cash provided by (used in) financing activities	(209		)	(15		)	(121		)	(186		)	223			(308		)
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			45			—			45
Net increase (decrease) in cash and cash equivalents, program and restricted cash	1			2			—			178			—			181
Cash and cash equivalents, program and restricted cash, beginning of period	3			12			—			705			—			720
Cash and cash equivalents, program and restricted cash, end of period	$	4		$	14		$	—		$	883		$	—		$	901

Guarantor and Non-Guarantor Condensed Balance Sheet [Text Block]

Consolidating Condensed Balance Sheets

As of December 31, 2019



		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	1	$	12	$	—	$	673	$	—		$	686
	Receivables, net	—		—		262		649		—			911
	Other current assets	—		115		95		338		—			548
Total current assets		1		127		357		1,660		—			2,145

Property and equipment, net		—		234		338		220		—			792
Operating lease right-of-use assets		—		778		1,174		644		—			2,596
Deferred income taxes		13		1,238		222		189		—			1,662
Goodwill		—		—		471		630		—			1,101
Other intangibles, net		—		24		481		293		—			798
Other non-current assets		47		32		15		123		—			217
Intercompany receivables		172		427		2,715		1,028		(4,342		)	—
Investment in subsidiaries		483		5,070		3,778		—		(9,331		)	—
Total assets exclusive of assets under vehicle programs		716		7,930		9,551		4,787		(13,673		)	9,311

Assets under vehicle programs:
	Program cash	—		—		—		211		—			211
	Vehicles, net	—		191		54		11,932		—			12,177
	Receivables from vehicle manufacturers and other	—		4		99		675		—			778
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		649		—			649
		—		195		153		13,467		—			13,815
Total assets		$	716	$	8,125	$	9,704	$	18,254	$	(13,673	)	$	23,126

Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	20	$	338	$	867	$	981	$	—		$	2,206
	Short-term debt and current portion of long-term debt	—		17		2		—		—			19
Total current liabilities		20		355		869		981		—			2,225

Long-term debt		—		2,417		1		998		—			3,416
Long-term operating lease liabilities		—		698		971		471		—			2,140
Other non-current liabilities		40		99		215		403		—			757
Intercompany payables		—		3,913		427		2		(4,342		)	—
Total liabilities exclusive of liabilities under vehicle programs		60		7,482		2,483		2,855		(4,342		)	8,538
Liabilities under vehicle programs:
	Debt	—		160		38		2,934		—			3,132
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		7,936		—			7,936
	Deferred income taxes	—		—		2,014		175		—			2,189
	Other	—		—		99		576		—			675
		—		160		2,151		11,621		—			13,932
Total stockholders’ equity		656		483		5,070		3,778		(9,331		)	656
Total liabilities and stockholders’ equity		$	716	$	8,125	$	9,704	$	18,254	$	(13,673	)	$	23,126

As of December 31, 2018



		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	1	$	12	$	1	$	601	$	—		$	615
	Receivables, net	—		—		239		716		—			955
	Other current assets	5		112		116		371		—			604
Total current assets		6		124		356		1,688		—			2,174

Property and equipment, net		—		199		319		218		—			736
Deferred income taxes		13		1,015		207		66		—			1,301
Goodwill		—		—		471		621		—			1,092
Other intangibles, net		—		26		475		324		—			825
Other non-current assets		47		39		16		140		—			242
Intercompany receivables		159		404		2,104		1,262		(3,929		)	—
Investment in subsidiaries		246		4,786		3,852		—		(8,884		)	—
Total assets exclusive of assets under vehicle programs		471		6,593		7,800		4,319		(12,813		)	6,370

Assets under vehicle programs:
	Program cash	—		—		—		115		—			115
	Vehicles, net	—		55		54		11,365		—			11,474
	Receivables from vehicle manufacturers and other	—		2		—		629		—			631
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		559		—			559
		—		57		54		12,668		—			12,779
Total assets		$	471	$	6,650	$	7,854	$	16,987	$	(12,813	)	$	19,149

Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	16	$	246	$	582	$	849	$	—		$	1,693
	Short-term debt and current portion of long-term debt	—		18		3		2		—			23
Total current liabilities		16		264		585		851		—			1,716

Long-term debt		—		2,501		3		1,024		—			3,528
Other non-current liabilities		41		87		257		382		—			767
Intercompany payables		—		3,524		404		1		(3,929		)	—
Total liabilities exclusive of liabilities under vehicle programs		57		6,376		1,249		2,258		(3,929		)	6,011
Liabilities under vehicle programs:
	Debt	—		28		49		2,797		—			2,874
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		7,358		—			7,358
	Deferred income taxes	—		—		1,770		191		—			1,961
	Other	—		—		—		531		—			531
		—		28		1,819		10,877		—			12,724
Total stockholders’ equity		414		246		4,786		3,852		(8,884		)	414
Total liabilities and stockholders’ equity		$	471	$	6,650	$	7,854	$	16,987	$	(12,813	)	$	19,149

Guarantor and Non-guarantor Consolidating Financial Statements

Consolidating Condensed Statements of Operations

For the Year Ended December 31, 2019



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	5,613		$	5,923		$	(2,364	)	$	9,172

Expenses
	Operating		2			—			2,788			1,908			—			4,698
	Vehicle depreciation and lease charges, net		—			—			2,188			1,969			(2,094		)	2,063
	Selling, general and administrative		50			17			700			470			—			1,237
	Vehicle interest, net		—			3			269			342			(270		)	344
	Non-vehicle related depreciation and amortization		—			10			153			100			—			263
	Interest expense related to corporate debt, net:
		Interest expense	—			131			2			45			—			178
		Intercompany interest expense (income)	(12		)	10			59			(57		)	—			—
		Early extinguishment of debt	—			12			—			—			—			12
	Restructuring and other related charges		18			—			38			24			—			80
	Transaction-related costs, net		—			4			(6		)	12			—			10
Total expenses			58			187			6,191			4,813			(2,364		)	8,885

Income (loss) before income taxes and equity in earnings of subsidiaries			(58		)	(187		)	(578		)	1,110			—			287
Provision for (benefit from) income taxes			(12		)	(220		)	(24		)	241			—			(15		)
Equity in earnings of subsidiaries			348			315			869			—			(1,532		)	—
Net income			$	302		$	348		$	315		$	869		$	(1,532	)	$	302

Comprehensive income			$	277		$	323		$	312		$	860		$	(1,495	)	$	277

For the Year Ended December 31, 2018



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	5,431		$	6,006		$	(2,313	)	$	9,124

Expenses
	Operating		4			7			2,668			1,960			—			4,639
	Vehicle depreciation and lease charges, net		—			—			2,162			2,102			(2,085		)	2,179
	Selling, general and administrative		48			11			662			499			—			1,220
	Vehicle interest, net		—			—			229			313			(228		)	314
	Non-vehicle related depreciation and amortization		—			1			145			110			—			256
	Interest expense related to corporate debt, net:
		Interest expense	—			153			3			32			—			188
		Intercompany interest expense (income)	(12		)	(11		)	26			(3		)	—			—
		Early extinguishment of debt	—			19			—			—			—			19
	Restructuring and other related charges		—			—			11			11			—			22
	Transaction-related costs, net		—			1			4			15			—			20
Total expenses			40			181			5,910			5,039			(2,313		)	8,857

Income (loss) before income taxes and equity in earnings of subsidiaries			(40		)	(181		)	(479		)	967			—			267
Provision for (benefit from) income taxes			(10		)	(48		)	93			67			—			102
Equity in earnings of subsidiaries			195			328			900			—			(1,423		)	—
Net income			$	165		$	195		$	328		$	900		$	(1,423	)	$	165

Comprehensive income			$	62		$	92		$	228		$	806		$	(1,126	)	$	62

For the Year Ended December 31, 2017



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	5,312		$	5,931		$	(2,395	)	$	8,848

Expenses
	Operating		3			20			2,598			1,851			—			4,472
	Vehicle depreciation and lease charges, net		—			—			2,226			2,183			(2,188		)	2,221
	Selling, general and administrative		39			8			619			454			—			1,120
	Vehicle interest, net		—			—			199			294			(207		)	286
	Non-vehicle related depreciation and amortization		—			1			160			98			—			259
	Interest expense related to corporate debt, net:
		Interest expense	—			157			1			30			—			188
		Intercompany interest expense (income)	(12		)	95			23			(106		)	—			—
		Early extinguishment of debt	—			4			—			(1		)	—			3
	Restructuring and other related charges		—			7			44			12			—			63
	Transaction-related costs, net		—			1			3			19			—			23
	Impairment		—			—			2			—			—			2
Total expenses			30			293			5,875			4,834			(2,395		)	8,637

Income (loss) before income taxes and equity in earnings of subsidiaries			(30		)	(293		)	(563		)	1,097			—			211
Provision for (benefit from) income taxes			(5		)	267			(527		)	115			—			(150		)
Equity in earnings of subsidiaries			386			946			982			—			(2,314		)	—
Net income			$	361		$	386		$	946		$	982		$	(2,314	)	$	361

Comprehensive income			$	491		$	515		$	1,073		$	1,103		$	(2,691	)	$	491

Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data

22. Selected Quarterly Financial Data—(unaudited)

Provided below are selected unaudited quarterly financial data for 2019 and 2018.

The earnings per share information is calculated independently for each quarter based on the weighted average number of common stock and common stock equivalents outstanding, which may fluctuate, based on quarterly income levels and market prices. Therefore and due to the seasonality of the Company’s earnings, the sum of the quarters’ per share information may not equal the annual amount presented on the Consolidated Statements of Operations.



			2019
			First			Second		Third		Fourth
Revenues			$	1,920		$	2,337	$	2,753	$	2,162
Net income (loss)			(91		)	62		189		142

Per share information:
	Basic
		Net income (loss)	$	(1.20	)	$	0.81	$	2.52	$	1.92
		Weighted average shares	75.8			76.0		75.2		73.9

	Diluted
		Net income (loss)	$	(1.20	)	$	0.81	$	2.50	$	1.90
		Weighted average shares	75.8			76.4		75.7		74.4



			2018
			First			Second		Third ^(a)		Fourth
Revenues			$	1,968		$	2,328	$	2,778	$	2,050
Net income (loss)			(87		)	26		213		13

Per share information:
	Basic
		Net income (loss)	$	(1.08	)	$	0.33	$	2.71	$	0.16
		Weighted average shares	81.0			80.7		78.8		76.9

	Diluted
		Net income (loss)	$	(1.08	)	$	0.32	$	2.68	$	0.16
		Weighted average shares	81.0			81.5		79.5		77.6

__________

^(a)

Net income for the third quarter 2018 included additional tax expense of $30 million resulting from the completion of the accounting for the effects of the Tax Act for the one-time transition tax on the deemed repatriation of cumulative foreign subsidiary earnings.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In January 2020, the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $700 million in asset-backed notes with an expected final payment date of August 2025 incurring interest at a weighted average rate of 2.42%. On January 27, 2020, a short-term stockholder rights plan was adopted, which expires on January 26, 2021. Pursuant to the rights plan, the Company declared a dividend of one common share purchase right for each outstanding share of common stock, payable to holders of record as of the close of business on February 7, 2020. Each right, which is exercisable only in the event any person or group acquires a voting or economic position of 20% or more of the Company’s outstanding common stock (with certain limited exceptions), would entitle any holder other than the person or group whose ownership position has exceeded the ownership limit to purchase common stock having a value equal to twice the $110 exercise price of the right, or, at the election of the Board of Directors, to exchange each right for one share of common stock (subject to adjustment). In February 2020, the Company amended its Floating Rate Term Loan due 2025 to extend its maturity term to 2027 and to reduce its interest to one-month LIBOR plus 1.75%. The Company increased its outstanding borrowing to $1.2 billion and will use the additional proceeds from the offering to redeem $100 million of its outstanding 5½% Senior Notes due 2023. On February 10, 2020, the Company announced it had appointed a new Chairman of the Board of Directors and in connection with this appointment, the new Chairman purchased an aggregate $15 million of unregistered shares of the Company’s common stock at a price per share equal to the closing price of the Company’s common stock on February 7, 2020. *****

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

Schedule II – Valuation and Qualifying Accounts

(in millions)



Description	Balance at Beginning of Period		Expense (Benefit)			Other Adjustments^(a)			Deductions			Balance at End of Period
Allowance for Doubtful Accounts:
Year Ended December 31,
2019	$	39	$	41		$	—		$	(28	)	$	52
2018	36		34			(2		)	(29		)	39
2017	38		29			3			(34		)	36

Tax Valuation Allowance:
Year Ended December 31,
2019	$	311	$	(95	)	$	(2	)	$	—		$	214
2018	331		(3		)	(17		)	—			311
2017	357		—			13			(39		)	331

__________

^(a)

Other adjustments relate to currency translation adjustments.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates and Assumptions

Revenue Recognition

The following table presents the Company’s revenues disaggregated by geography.



	Year Ended December 31,
	2019		2018
Americas	$	6,352	$	6,186
Europe, Middle East and Africa	2,222		2,314
Asia and Australasia	598		624
Total revenues	$	9,172	$	9,124

The following table presents the Company’s revenues disaggregated by brand.



	Year Ended December 31,
	2019		2018
Avis	$	5,250	$	5,266
Budget	3,179		3,057
Other	743		801
Total revenues	$	9,172	$	9,124

________

Other includes Zipcar and other operating brands.

Deferred Revenue

The following table presents changes in deferred revenue associated with the Company’s customer loyalty program.



	Year Ended December 31,
	2019			2018
Balance, January 1	$	64		$	69
Revenue deferred	17			14
Revenue recognized	(22		)	(19		)
Balance, December 31	$	59		$	64

_______

Currency Translations and Transactions

Currency Translation

Currency Transactions

Cash and Cash Equivalents, Program Cash and Restricted Cash



	As of December 31,
	2019		2018
Cash and cash equivalents	$	686	$	615
Program cash	211		115
Restricted cash ^(a)	3		5
Total cash and cash equivalents, program and restricted cash	$	900	$	735

_________

^(a)

Included within other current assets

Property and Equipment



Buildings	30 years
Furniture, fixtures & equipment	3 to 10 years
Capitalized software	3 to 7 years
Buses and support vehicles	4 to 15 years

Goodwill and Other Intangible Assets

Impairment of Long-Lived Assets

Vehicles

Advertising Expenses

Taxes

Fair Value Measurements

Derivative Instruments

Investments

Divestitures

During 2018, as a result of the sale of a non-core business, the Company recognized a gain of $4 million within operating expenses on the Consolidated Statements of Operations.

Equity Securities without Readily Determinable Fair Value [Policy Text Block]

Nonmarketable Equity Securities

Self-Insurance Reserves

Share-based Compensation

Stock-Based Compensation

Business Combinations

Transaction-related Costs

Transaction-related Costs, net

New and Recently Issued Accounting Standards

Adoption of New Accounting Pronouncements

Nonemployee Share-Based Payment Accounting

On January 1, 2019, as a result of a new accounting pronouncement, the Company adopted Accounting

Accounting for Hedging Activities

Leases

Lessor

Lessee

Recently Issued Accounting Pronouncements

Intangibles—Goodwill and Other—Internal-Use Software

Fair Value Measurement

Measurement of Credit Losses on Financial Instruments

Simplifying the Accounting for Income Taxes

Compensation—Retirement Benefits—Defined Benefit Plans

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table presents the Company’s revenues disaggregated by geography.



	Year Ended December 31,
	2019		2018
Americas	$	6,352	$	6,186
Europe, Middle East and Africa	2,222		2,314
Asia and Australasia	598		624
Total revenues	$	9,172	$	9,124

The following table presents the Company’s revenues disaggregated by brand.



	Year Ended December 31,
	2019		2018
Avis	$	5,250	$	5,266
Budget	3,179		3,057
Other	743		801
Total revenues	$	9,172	$	9,124

________

Other includes Zipcar and other operating brands.

Deferred Revenue, by Arrangement, Disclosure [Table Text Block]

The following table presents changes in deferred revenue associated with the Company’s customer loyalty program.



	Year Ended December 31,
	2019			2018
Balance, January 1	$	64		$	69
Revenue deferred	17			14
Revenue recognized	(22		)	(19		)
Balance, December 31	$	59		$	64

_______

Cash and Cash Equivalents, Program Cash and Restricted Cash [Table Text Block]

The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows:



	As of December 31,
	2019		2018
Cash and cash equivalents	$	686	$	615
Program cash	211		115
Restricted cash ^(a)	3		5
Total cash and cash equivalents, program and restricted cash	$	900	$	735

_________

^(a)

Included within other current assets.

Schedule of Estimated Useful Lives

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

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Lessor Disclosure [Abstract]

Lease Revenues Disaggregated by Geography [Table Text Block]

The following table presents the Company’s lease revenues disaggregated by geography.



	Year Ended December 31, 2019
Americas	$	6,303
Europe, Middle East and Africa	2,141
Asia and Australasia	584
Total lease revenues	$	9,028

Lease Revenues Disaggregated by Brand [Table Text Block]

The following table presents the Company’s lease revenues disaggregated by brand.



	Year Ended December 31, 2019
Avis	$	5,163
Budget	3,129
Other	736
Total lease revenues	$	9,028

________

Other includes Zipcar and other operating brands.

Lessee Disclosure [Abstract]

Lease, Cost [Table Text Block]

The components of lease expense are as follows:



	Year Ended December 31, 2019
Property leases ^(a)
Operating lease expense	$	722
Variable lease expense	274
Sublease income	(8		)
Total property lease expense	$	988

Vehicle leases
Finance lease expense:
Amortization of ROU assets ^(b)	$	42
Interest on lease liabilities ^(c)	4
Operating lease expense ^(b)	255
Total vehicle lease expense	$	301

__________


^(a)	Primarily included in operating expenses.


^(b)	Included in vehicle depreciation and lease charges, net.

^(c)

Included in vehicle interest, net.

Supplemental Balance Sheet Information related to Leases [Table Text Block]

Supplemental balance sheet information related to leases is as follows:



	As of December 31, 2019
Property leases
Operating lease ROU assets	$	2,596

Short-term operating lease liabilities ^(a)	$	479
Long-term operating lease liabilities	2,140
Operating lease liabilities	$	2,619

Weighted average remaining lease term	8.9 years
Weighted average discount rate	4.31		%

Vehicle leases
Finance
Finance lease ROU assets, gross	$	337
Accumulated amortization	(56		)
Finance lease ROU assets, net ^(b)	$	281

Short-term vehicle finance lease liabilities	$	95
Long-term vehicle finance lease liabilities	157
Vehicle finance lease liabilities^(c)	$	252

Weighted average remaining lease term	2.0 years
Weighted average discount rate	1.67		%

Operating
Vehicle operating lease ROU assets ^(d)	$	195

Short-term vehicle operating lease liabilities	$	124
Long-term vehicle operating lease liabilities	71
Vehicle operating lease liabilities ^(e)	$	195

Weighted average remaining lease term	1.8 years
Weighted average discount rate	3.08		%

Supplemental Cash Flow Information related to Leases [Table Text Block]

Supplemental cash flow information related to leases is as follows:



	Year Ended December 31, 2019
Cash payments for lease liabilities within operating activities:
Property operating leases	$	733
Vehicle operating leases	248
Vehicle finance leases	4
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	266
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases ^(a)	531
Vehicle operating leases ^(a)	262
Vehicle finance leases	304

_________

^(a)

ROU assets obtained in exchange for lease liabilities since initial recognition.

Finance and Operating, Liability, Maturity [Table Text Block]

Maturities of lease liabilities as of December 31, 2019 are as follows:



	Property Operating Leases			Vehicle Finance Leases		Vehicle Operating Leases
Within 1 year	$	580		$	95	$	128
Between 1 and 2 years	470			29		51
Between 2 and 3 years	400			127		17
Between 3 and 4 years	348			1		5
Between 4 and 5 years	230			—		—
Thereafter	1,174			—		—
Total lease payments	3,202			252		201
Less: Imputed interest	(583		)	—		(6		)
Total	$	2,619		$	252	$	195

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Computation of Basic and Diluted 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,
		2019		2018		2017
Net income for basic and diluted EPS		$	302	$	165	$	361

Basic weighted average shares outstanding		75.2		79.3		83.4
Options and non-vested stock		0.5		0.8		1.4
Diluted weighted average shares outstanding		75.7		80.1		84.8

Earnings per share:
	Basic	$	4.01	$	2.08	$	4.32
	Diluted	$	3.98	$	2.06	$	4.25

Outstanding Common Stock Equivalents That Were Anti-Dilutive

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,
	2019	2018	2017
Non-vested stock ^(a)	0.5	0.2	0.5

__________

^(a)

The weighted average grant date fair value for anti-dilutive non-vested stock for 2019, 2018 and 2017 was $39.48, $48.66 and $38.40, respectively.

Restructuring (Tables)

12 Months Ended

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Summary of Changes to Restructuring-Related Liabilities



	Personnel Related			Facility Related			Other ^(a)			Total
Balance as of January 1, 2017	$	5		$	1		$	—		$	6
Restructuring expense:
Truck initiative	1			—			4			5
T17	20			—			15			35
Restructuring payment/utilization:
Truck initiative	(1		)	—			(4		)	(5		)
T17	(17		)	(1		)	(15		)	(33		)
T15	(3		)	—			—			(3		)
Acquisition integration	(1		)	—			—			(1		)
Balance as of December 31, 2017	4			—			—			4
Restructuring expense:
Workforce planning	11			—			2			13
Truck initiative	1			—			4			5
T17	—			—			2			2
T15	1			—			—			1
Restructuring payment/utilization:
Workforce planning	(11		)	—			(1		)	(12		)
Truck initiative	(1		)	—			(4		)	(5		)
T17	(3		)	—			(2		)	(5		)
T15	(1		)	—			—			(1		)
Balance as of December 31, 2018	1			—			1			2
Restructuring expense:
T19	24			—			31			55
Brazil	1			1			5			7
Restructuring payment/utilization:
T19	(21		)	—			(30		)	(51		)
Brazil	(1		)	—			(5		)	(6		)
Workforce planning	(1		)	—			—			(1		)
Balance as of December 31, 2019	$	3		$	1		$	2		$	6

__________


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



	Americas			International			Total
Balance as of January 1, 2017	$	1		$	5		$	6
Restructuring expense:
Truck initiative	5			—			5
T17	25			10			35
Restructuring payment/utilization:
Truck initiative	(5		)	—			(5		)
T17	(24		)	(9		)	(33		)
T15	(1		)	(2		)	(3		)
Acquisition integration	—			(1		)	(1		)
Balance as of December 31, 2017	1			3			4
Restructuring expense:
Workforce planning	4			9			13
Truck initiative	5			—			5
T17	2			—			2
T15	—			1			1
Restructuring payment/utilization:
Workforce planning	(4		)	(8		)	(12		)
Truck initiative	(5		)	—			(5		)
T17	(3		)	(2		)	(5		)
T15	—			(1		)	(1		)
Balance as of December 31, 2018	—			2			2
Restructuring expense:
T19	39			16			55
Brazil	7			—			7
Restructuring payment/utilization:
T19	(38		)	(13		)	(51		)
Brazil	(6		)	—			(6		)
Workforce planning	—			(1		)	(1		)
Balance as of December 31, 2019	$	2		$	4		$	6

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of:



	As of December 31, 2019						As of December 31, 2018
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements ^(a)	$	241	$	108	$	133	$	305	$	168	$	137
Customer relationships ^(b)	255		165		90		251		141		110
Other ^(c)	50		25		25		52		21		31
	$	546	$	298	$	248	$	608	$	330	$	278

Unamortized Intangible Assets
Goodwill	$	1,101					$	1,092
Trademarks	$	550					$	547

_________


^(a)	Primarily amortized over a period ranging from 3 to 40 years with a weighted average life of 19 years.


^(b)	Primarily amortized over a period ranging from 3 to 20 years with a weighted average life of 11 years.


^(c)	Primarily amortized over a period ranging from 0 to 10 years with a weighted average life of 9 years.

Schedule of Intangible Assets Amortization Expense

Amortization expense relating to all intangible assets was as follows:



	Year Ended December 31,
	2019		2018		2017
License agreements	$	28	$	36	$	33
Customer relationships	25		24		24
Other	6		5		5
Total	$	59	$	65	$	62

Schedule of Goodwill

The carrying amounts of goodwill and related changes are as follows:



		Americas			International			Total Company

Gross goodwill as of January 1, 2018		$	2,139		$	1,052		$	3,191
	Accumulated impairment losses as of January 1, 2018	(1,587		)	(531		)	(2,118		)
Goodwill as of January 1, 2018		552			521			1,073
	Acquisitions	—			54			54
	Currency translation adjustments and other	(13		)	(22		)	(35		)
Goodwill as of December 31, 2018		539			553			1,092
	Acquisitions	21			—			21
	Currency translation adjustments and other	(6		)	(6		)	(12		)
Goodwill as of December 31, 2019		$	554		$	547		$	1,101

Vehicle Rental Activities (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Components Of Companys Vehicles [Abstract]

Components of the Company's Vehicles

The components of vehicles, net within assets under vehicle programs are as follows:



	As of December 31,
	2019			2018
Rental vehicles	$	13,461		$	12,548
Less: Accumulated depreciation	(1,621		)	(1,670		)
	11,840			10,878
Vehicles held for sale	337			596
Vehicles, net	$	12,177		$	11,474

Components of Vehicle Depreciation and Lease Charges

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



	Year Ended December 31,
	2019			2018			2017
Depreciation expense	$	1,890		$	1,974		$	1,947
Lease charges	255			253			222
(Gain) loss on sale of vehicles, net	(82		)	(48		)	52
Vehicle depreciation and lease charges, net	$	2,063		$	2,179		$	2,221

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Line Items]

Provision for (Benefit From) Income Taxes

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



		Year Ended December 31,
		2019			2018			2017
Current
	Federal	$	(3	)	$	(7	)	$	—
	State	41			36			5
	Foreign	50			59			37
	Current income tax provision	88			88			42

Deferred
	Federal	41			63			(205		)
	State	(37		)	(39		)	(5		)
	Foreign	(107		)	(10		)	18
	Deferred income tax provision	(103		)	14			(192		)
Provision for (benefit from) income taxes		$	(15	)	$	102		$	(150	)

Pretax Income (Loss) for Domestic and Foreign Operations

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



	Year Ended December 31,
	2019		2018		2017
United States	$	125	$	114	$	17
Foreign	162		153		194
Pretax income	$	287	$	267	$	211

Deferred Income Tax Assets and Liabilities

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



		As of December 31,
		2019			2018
Deferred income tax assets:
	Net tax loss carryforwards	$	1,645		$	1,390
	Long-term operating lease liabilities	678			—
	Accrued liabilities and deferred revenue	236			230
	Tax credits	20			17
	Depreciation and amortization	17			16
	Provision for doubtful accounts	8			6
	Other	75			38
	Valuation allowance ^(a)	(214		)	(311		)
Deferred income tax assets		2,465			1,386

Deferred income tax liabilities:
	Operating lease right-of-use assets	672			—
	Depreciation and amortization	108			60
	Prepaid expenses	17			20
	Other	6			5
Deferred income tax liabilities		803			85
Deferred income tax assets, net		$	1,662		$	1,301

__________

^(a)

Reconciliation of U.S Federal Income Tax Statutory Rate and Effective Income Tax Rate

The reconciliation between the U.S. federal income tax statutory rate and the Company’s effective income tax rate is as follows:



		Year Ended December 31,
		2019		2018		2017
U.S. federal statutory rate		21.0	%	21.0	%	35.0	%
Adjustments to reconcile to the effective rate:
	State and local income taxes, net of federal tax benefits	(1.7	)	5.5		3.8
	Changes in valuation allowances	(26.9	)	6.3		(4.7	)
	Taxes on foreign operations at rates different than statutory U.S. federal rates	3.4		(5.2	)	(3.6	)
	Stock-based compensation	—		(0.8	)	(3.4	)
	Tax Act (benefit) expense	—		11.2		(100.8	)
	Other non-deductible (non-taxable) items	(1.4	)	1.1		2.2
	Other	0.4		(0.9	)	0.4
		(5.2	)%	38.2	%	(71.1	)%

Changes in Gross Unrecognized Tax Benefits

The following is a tabular reconciliation of the gross amount of unrecognized tax benefits for the year:



		2019			2018			2017
Balance, January 1		$	61		$	63		$	59
	Additions for tax positions related to current year	6			8			6
	Additions for tax positions for prior years	—			—			9
	Reductions for tax positions for prior years	(8		)	(6		)	(10		)
	Settlements	(4		)	(3		)	—
	Statute of limitations	(1		)	(1		)	(1		)
Balance, December 31		$	54		$	61		$	63

Unrecognized Tax Benefits

The following table presents unrecognized tax benefits:



	As of December 31,
	2019		2018
Unrecognized tax benefit in non-current income taxes payable ^(a)	$	57	$	41
Accrued interest payable on potential tax liabilities ^(b)	27		29

__________


^(a)	Pursuant to the agreements governing the disposition of certain subsidiaries in 2006, the Company is entitled to indemnification for certain pre-disposition tax contingencies. As of December 31, 2019 and 2018, $13 million, respectively, of unrecognized tax benefits are related to tax contingencies for which the Company believes it is entitled to indemnification.


^(b)	The Company recognizes potential interest related to unrecognized tax benefits within interest expense related to corporate debt, net on the accompanying Consolidated Statements of Operations. Penalties incurred during the years ended December 31, 2019, 2018 and 2017, were not significant and were recognized as a component of the provision for income taxes.

Vehicle Programs

Income Taxes [Line Items]

Deferred Income Tax Assets and Liabilities

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



	As of December 31,
	2019		2018
Deferred income tax assets:
Depreciation and amortization	$	54	$	44
Other	48		—
Deferred income tax assets	102		44

Deferred income tax liabilities:
Depreciation and amortization	2,243		2,005
Other	48		—
Deferred income tax liabilities	2,291		2,005
Deferred income tax liabilities under vehicle programs, net	$	2,189	$	1,961

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Schedule Of Other Current Assets [Abstract]

Schedule of Other Current Assets

. Other Current Assets

Other current assets consisted of:



	As of December 31,
	2019		2018
Prepaid expenses	$	234	$	241
Sales and use taxes	173		180
Other	141		183
Other current assets	$	548	$	604

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of:



	As of December 31,
	2019			2018
Land	$	48		$	49
Buildings and leasehold improvements	565			625
Capitalized software	789			613
Furniture, fixtures and equipment	400			411
Projects in process	180			169
Buses and support vehicles	88			95
	2,070			1,962
Less: Accumulated depreciation and amortization	(1,278		)	(1,226		)
Property and equipment, net	$	792		$	736

Accounts Payable and Other Current Liabilities Accounts Payable and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

Accounts payable and other current liabilities consisted of:



	As of December 31,
	2019		2018
Short-term operating lease liabilities	479		$	—
Accounts payable	378		371
Accrued sales and use taxes	223		208
Accrued payroll and related	195		200
Accrued advertising and marketing	191		192
Public liability and property damage insurance liabilities – current	178		149
Deferred lease revenues – current	125		140
Other	437		433
Accounts payable and other current liabilities	$	2,206	$	1,693

Long-term Debt and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Maturities of Long-term Debt [Table Text Block]

The following table provides contractual maturities of the Company’s corporate debt at December 31, 2019:



Year	Amount
2020	$	19
2021	17
2022	16
2023	216
2024	701
Thereafter	2,505
	$	3,474

Schedule of Long-term Debt Instruments [Table Text Block]

Long-term debt and other borrowing arrangements consisted of:



	Maturity Date	As of December 31,
	Maturity Date	2019			2018
5½% Senior Notes	April 2023	200			675
6⅜% Senior Notes	April 2024	350			350
4⅛% euro-denominated Senior Notes	November 2024	336			344
Floating Rate Term Loan^(a)	February 2025	1,112			1,123
5¼% Senior Notes	March 2025	375			375
4½% euro-denominated Senior Notes	May 2025	280			287
4¾% euro-denominated Senior Notes	January 2026	393			401
5¾% Senior Notes	July 2027	400			—
Other ^(b)		28			41
Deferred financing fees		(39		)	(45		)
Total		3,435			3,551
Less: Short-term debt and current portion of long-term debt		19			23
Long-term debt		$	3,416		$	3,528

__________


^(a)	The floating rate term loan is part of the Company’s senior revolving credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.

^(b)

Primarily includes finance leases which are secured by liens on the related assets.

Schedule of Line of Credit Facilities [Table Text Block]

At December 31, 2019, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows:



	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2023 ^(a)	$	1,800	$	—	$	1,081	$	719

__________


^(a)	The senior revolving credit facility bears interest at one-month LIBOR plus 200 basis points and is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.

In February 2018, the Company amended the terms of its Senior revolving credit facility maturing 2021 and extended its maturity to 2023.

At December 31, 2018, the Company had various uncommitted credit facilities available, which bear interest at rates of 0.74% to 6.60%, under which it had drawn approximately $1 million.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
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-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Debt Under Vehicle Programs

Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:



	As of December 31,
	2019			2018
Americas – Debt due to Avis Budget Rental Car Funding ^(a)	$	7,975		$	7,393
Americas – Debt borrowings ^(a)	827			635
International – Debt borrowings ^(a)	2,100			2,060
International – Finance leases	215			191
Other	—			2
Deferred financing fees ^(b)	(49		)	(49		)
Total	$	11,068		$	10,232

__________


^(a)	The increase reflects additional borrowings principally to fund increases in the Company's car rental fleet.


^(b)	Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2019 and 2018 were $40 million and $35 million, respectively.

Schedule of Contractual Maturities

The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2019:



	Debt under Vehicle Programs ^(a)
2020	$	1,753
2021 ^(b)	3,225
2022 ^(c)	3,032
2023	1,097
2024	1,471
Thereafter	539
	$	11,117

Schedule Of Available Funding Under Vehicle Program



	Total Capacity ^(a)		Outstanding Borrowings ^(b)		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding	$	9,761	$	7,975	$	1,786
Americas – Debt borrowings	1,009		827		182
International – Debt borrowings	3,003		2,100		903
International – Finance leases	237		215		22
Total	$	14,010	$	11,117	$	2,893

__________


^(a)	Capacity is subject to maintaining sufficient assets to collateralize debt.


^(b)	The outstanding debt is collateralized by vehicles and related assets of $9.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.0 billion for Americas - Debt borrowings; $2.6 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income (loss) are as follows:



	Currency Translation Adjustments			Net Unrealized Gains (Losses) on Cash Flow Hedges ^(a)			Net Unrealized Gains (Losses) on Available-For-Sale Securities			Minimum Pension Liability Adjustment ^(b)			Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2017	$	(39	)	$	2		$	1		$	(118	)	$	(154	)
Other comprehensive income (loss) before reclassifications	110			1			1			11			123
Amounts reclassified from accumulated other comprehensive income (loss)	—			2			—			5			7
Net current-period other comprehensive income (loss)	110			3			1			16			130
Balance, December 31, 2017	71			5			2			(102		)	(24		)
Cumulative effect of accounting change	7			1			(2		)	(12		)	(6		)
Balance, January 1, 2018	78			6			—			(114		)	(30		)
Other comprehensive income (loss) before reclassifications	(81		)	(2		)	—			(23		)	(106		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			(2		)	—			5			3
Net current-period other comprehensive income (loss)	(81		)	(4		)	—			(18		)	(103		)
Balance, December 31, 2018	(3		)	2			—			(132		)	(133		)
Cumulative effect of accounting change ^(c)	—			1			—			—			1
Balance, January 1, 2019	(3		)	3			—			(132		)	(132		)
Other comprehensive income (loss) before reclassifications	12			(20		)	—			(20		)	(28		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			(3		)	—			6			3
Net current-period other comprehensive income (loss)	12			(23		)	—			(14		)	(25		)
Balance, December 31, 2019	$	9		$	(20	)	$	—		$	(146	)	$	(157	)

__________


^(a)	For the years ended December 31, 2019, 2018 and 2017, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $4 million ($3 million, net of tax), $3 million ($2 million, net of tax) and $4 million ($2 million, net of tax), respectively.


^(b)	For the years ended December 31, 2019, 2018 and 2017, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $8 million ($6 million, net of tax), $7 million ($5 million, net of tax) and $8 million ($5 million, net of tax), respectively.

^(c)

See Note 2-Summary of Significant Accounting Policies for the impact of adoption of ASU 2017-12.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Annual Activity of RSUs

Annual activity related to stock units consisted of (in thousands of shares):



			Number of Shares		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Time-based RSUs
	Outstanding at January 1, 2019		838		$	38.67
		Granted ^(a)	608		34.14
		Vested ^(b)	(502	)	36.00
		Forfeited	(97	)	38.73
	Outstanding and expected to vest at December 31, 2019 ^(c)		847		$	36.99	1.0	$	27
Performance-based and market-based RSUs
	Outstanding at January 1, 2019		1,169		$	35.14
		Granted ^(a)	570		34.56
		Vested ^(b)	—		—
		Forfeited	(678	)	28.79
	Outstanding at December 31, 2019		1,061		$	38.89	1.1	$	34
	Outstanding and expected to vest at December 31, 2019 ^(c)		412		$	40.61	1.5	$	13

__________

^(a)


^(b)	The total fair value of RSUs vested during 2019, 2018 and 2017 was $18 million, $20 million and $23 million, respectively.


^(c)	Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $25 million and will be recognized over a weighted average vesting period of 1.2 years.

Summary of Share Based Compensation Shares Authorized Under Stock Option Plans by Exercise Price Range

Stock options exercised during 2019, 2018 and 2017 had intrinsic values of $1 million, $8 million and $21 million, respectively.

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Summary of Net Periodic Benefit Cost

The components of net periodic (benefit) cost consisted of the following:



	Year Ended December 31,
	2019			2018			2017
Service cost ^(a)	$	5		$	6		$	5
Interest cost ^(b)	21			19			19
Expected return on plan assets ^(b)	(30		)	(33		)	(30		)
Amortization of unrecognized amounts ^(b)	7			7			8
Net periodic (benefit) cost	$	3		$	(1	)	$	2

__________


^(a)	For the year ended December 31, 2019, $4 million and $1 million were included in operating expenses and selling, general and administrative expenses, respectively. For the year ended December 31, 2018, $4 million and $2 million were included in operating expenses and selling, general and administrative expenses, respectively.

^(b)

Included in selling, general and administrative expenses.

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	2019			2018
Benefit obligation at end of prior year	$	722		$	779
Service cost	5			6
Interest cost	21			19
Actuarial (gain) loss	87			(32		)
Currency translation adjustment	13			(24		)
Net benefits paid	(27		)	(26		)
Benefit obligation at end of current year	$	821		$	722

Change in Plan Assets
Fair value of assets at end of prior year	$	549		$	614
Actual return on plan assets	91			(29		)
Employer contributions	21			11
Currency translation adjustment	14			(21		)
Net benefits paid	(26		)	(26		)
Fair value of assets at end of current year	$	649		$	549

Schedule of Net Funded Status [Table Text Block]



	As of December 31,
Funded Status	2019			2018
Classification of net balance sheet assets (liabilities):
Non-current assets	$	20		$	18
Current liabilities	(4		)	(4		)
Non-current liabilities	(188		)	(187		)
Net funded status	$	(172	)	$	(173	)

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		2019		2018		2017
Discount rate:
	Net periodic benefit cost	4.15	%	3.50	%	3.90	%
	Benefit obligation	3.10	%	4.15	%	3.50	%
Long-term rate of return on plan assets		7.00	%	7.00	%	7.00	%

Non-U.S. Pension Benefit Plans
Discount rate:
	Net periodic benefit cost	2.75	%	2.55	%	2.45	%
	Benefit obligation	1.95	%	2.75	%	2.55	%
Long-term rate of return on plan assets		4.50	%	4.50	%	4.70	%

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:



	2019
Asset Class	Level 1		Level 2		Total
Cash equivalents and short-term investments	$	16	$	54	$	70
U.S. equities	100		52		152
Non-U.S. equities	59		99		158
Government bonds	4		3		7
Corporate bonds	96		20		116
Other assets	2		144		146
Total assets	$	277	$	372	$	649



	2018
Asset Class	Level 1		Level 2		Total
Cash equivalents and short-term investments	$	10	$	25	$	35
U.S. equities	82		42		124
Non-U.S. equities	49		80		129
Real estate	—		17		17
Government bonds	3		8		11
Corporate bonds	89		31		120
Other assets	2		111		113
Total assets	$	235	$	314	$	549

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The Company held derivative instruments with absolute notional values as follows:



	As of December 31,
	2019		2018
Foreign exchange contracts	$	1,518	$	1,235
Interest rate caps ^(a)	8,625		8,431
Interest rate swaps	1,500		1,500

__________

^(a)

Fair Value of Derivative Instruments

Fair values (Level 2) of derivative instruments are as follows:



		As of December 31, 2019				As of December 31, 2018
		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives
Derivatives designated as hedging instruments
	Interest rate swaps ^(a)	$	—	$	27	$	12	$	8
Derivatives not designated as hedging instruments
	Interest rate caps ^(b)	—		1		—		2
	Foreign exchange contracts ^(c)	5		10		5		11
	Commodity contracts ^(c)	—		—		—		1
	Total	$	5	$	38	$	17	$	22

__________


^(a)	Included in other non-current assets or other non-current liabilities.


^(b)	Included in assets under vehicle programs or liabilities under vehicle programs.


^(c)	Included in other current assets or other current liabilities.

Schedule of Effect of Derivatives Recognized

The effects of derivatives recognized in the Company’s Consolidated Financial Statements are as follows:



		Year Ended December 31,
		2019			2018			2017
Financial instruments designated as hedging instruments ^(a)
	Interest rate swaps ^(b)	$	(23	)	$	(4	)	$	3
	Euro-denominated notes ^(c)	17			24			(50		)
Financial instruments not designated as hedging instruments ^(d)
	Foreign exchange contracts ^(e)	(7		)	31			(42		)
	Interest rate caps ^(f)	(1		)	(3		)	(1		)
	Commodity contracts ^(g)	3			—			(1		)
Total		$	(11	)	$	48		$	(91	)

__________


^(a)	Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity.


^(b)	Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 16-Stockholders’ Equity for amounts reclassified from accumulated other comprehensive income (loss) into earnings.


^(c)	Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss).


^(d)	Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.

^(e)


^(f)	Primarily included in vehicle interest, net.

^(g)

Included in operating expenses.

Schedule of Carrying Amounts and Estimated Fair Values

Debt Instruments

The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows:



		As of December 31, 2019				As of December 31, 2018
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
	Short-term debt and current portion of long-term debt	$	19	$	19	$	23	$	23
	Long-term debt	3,416		3,572		3,528		3,462

Debt under vehicle programs
	Vehicle-backed debt due to Avis Budget Rental Car Funding	$	7,936	$	8,077	$	7,358	$	7,383
	Vehicle-backed debt	3,129		3,142		2,871		2,881
	Interest rate swaps and interest rate caps ^(a)	3		3		3		3

___________

^(a)

Derivatives in liability position.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Summary of Operating Segments

Year Ended December 31, 2019



	Americas		International		Corporate and Other ^(a)			Total
Revenues	$	6,352	$	2,820	$	—		$	9,172
Vehicle depreciation and lease charges, net	1,462		601		—			2,063
Vehicle interest, net	284		60		—			344
Adjusted EBITDA	652		203		(67		)	788
Non-vehicle depreciation and amortization	161		94		8			263
Assets exclusive of assets under vehicle programs	6,226		2,995		90			9,311
Assets under vehicle programs	10,508		3,307		—			13,815
Capital expenditures (excluding vehicles)	162		62		26			250

__________


^(a)	Primarily represents unallocated corporate expenses and receivables from our former subsidiaries.

Year Ended December 31, 2018



	Americas		International		Corporate and Other ^(a)			Total
Revenues	$	6,186	$	2,938	$	—		$	9,124
Vehicle depreciation and lease charges, net	1,568		611		—			2,179
Vehicle interest, net	252		62		—			314
Adjusted EBITDA	558		287		(64		)	781
Non-vehicle depreciation and amortization	152		104		—			256
Assets exclusive of assets under vehicle programs	3,782		2,495		93			6,370
Assets under vehicle programs	9,670		3,109		—			12,779
Capital expenditures (excluding vehicles)	134		76		21			231

__________


^(a)	Primarily represents unallocated corporate expenses and receivables from our former subsidiaries.

Year Ended December 31, 2017



	Americas		International		Corporate and Other ^(a)			Total
Revenues	$	6,100	$	2,748	$	—		$	8,848
Vehicle depreciation and lease charges, net	1,671		550		—			2,221
Vehicle interest, net	226		60		—			286
Adjusted EBITDA	486		305		(56		)	735
Non-vehicle depreciation and amortization	168		91		—			259
Assets exclusive of assets under vehicle programs	3,388		2,353		79			5,820
Assets under vehicle programs	9,017		2,862		—			11,879
Capital expenditures (excluding vehicles)	122		62		13			197

__________


^(a)	Primarily represents unallocated corporate expenses and receivables from our former subsidiaries.

Reconciliation of Adjusted EBITDA to Income (Loss)

Provided below is a reconciliation of Adjusted EBITDA to income before income taxes.



		For the Year Ended December 31,
		2019			2018		2017
Adjusted EBITDA		$	788		$	781	$	735
Less: Non-vehicle related depreciation and amortization ^(a)		263			256		259
	Interest expense related to corporate debt, net	178			188		188
	Early extinguishment of corporate debt	12			19		3
	Restructuring and other related charges	80			22		63
	Transaction-related costs, net	10			20		23
	Non-operational charges related to shareholder activist activity ^(b)	2			9		—
	Impairment	—			—		2
	Charges for legal matter, net ^(c)	—			—		(14		)
	Gain on sale of equity method investment in China ^(c)	(44		)	—		—
Income before income taxes		$	287		$	267	$	211

__________


^(a)	Includes amortization of intangible assets recognized in purchase accounting of $56 million in 2019, $61 million in 2018 and $58 million in 2017.


^(b)	Reported within selling, general and administrative expenses in our Consolidated Statements of Operations.


^(c)	Reported within operating expenses in our Consolidated Statements of Operations.

Summary of Geographic Segment Information

The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries.



	United States		All Other Countries		Total
2019
Revenues	$	5,867	$	3,305	$	9,172
Assets exclusive of assets under vehicle programs	5,830		3,481		9,311
Assets under vehicle programs	9,824		3,991		13,815
Net long-lived assets	1,536		1,155		2,691

2018
Revenues	$	5,708	$	3,416	$	9,124
Assets exclusive of assets under vehicle programs	3,494		2,876		6,370
Assets under vehicle programs	9,021		3,758		12,779
Net long-lived assets	1,476		1,177		2,653

2017
Revenues	$	5,629	$	3,219	$	8,848
Assets exclusive of assets under vehicle programs	3,069		2,751		5,820
Assets under vehicle programs	8,192		3,687		11,879
Net long-lived assets	1,451		1,176		2,627

Guarantor and Non-Guarantor Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Condensed Financial Information Disclosure [Abstract]

Consolidating Condensed Income Statement

For the Year Ended December 31, 2019



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	5,613		$	5,923		$	(2,364	)	$	9,172

Expenses
	Operating		2			—			2,788			1,908			—			4,698
	Vehicle depreciation and lease charges, net		—			—			2,188			1,969			(2,094		)	2,063
	Selling, general and administrative		50			17			700			470			—			1,237
	Vehicle interest, net		—			3			269			342			(270		)	344
	Non-vehicle related depreciation and amortization		—			10			153			100			—			263
	Interest expense related to corporate debt, net:
		Interest expense	—			131			2			45			—			178
		Intercompany interest expense (income)	(12		)	10			59			(57		)	—			—
		Early extinguishment of debt	—			12			—			—			—			12
	Restructuring and other related charges		18			—			38			24			—			80
	Transaction-related costs, net		—			4			(6		)	12			—			10
Total expenses			58			187			6,191			4,813			(2,364		)	8,885

Income (loss) before income taxes and equity in earnings of subsidiaries			(58		)	(187		)	(578		)	1,110			—			287
Provision for (benefit from) income taxes			(12		)	(220		)	(24		)	241			—			(15		)
Equity in earnings of subsidiaries			348			315			869			—			(1,532		)	—
Net income			$	302		$	348		$	315		$	869		$	(1,532	)	$	302

Comprehensive income			$	277		$	323		$	312		$	860		$	(1,495	)	$	277

For the Year Ended December 31, 2018



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	5,431		$	6,006		$	(2,313	)	$	9,124

Expenses
	Operating		4			7			2,668			1,960			—			4,639
	Vehicle depreciation and lease charges, net		—			—			2,162			2,102			(2,085		)	2,179
	Selling, general and administrative		48			11			662			499			—			1,220
	Vehicle interest, net		—			—			229			313			(228		)	314
	Non-vehicle related depreciation and amortization		—			1			145			110			—			256
	Interest expense related to corporate debt, net:
		Interest expense	—			153			3			32			—			188
		Intercompany interest expense (income)	(12		)	(11		)	26			(3		)	—			—
		Early extinguishment of debt	—			19			—			—			—			19
	Restructuring and other related charges		—			—			11			11			—			22
	Transaction-related costs, net		—			1			4			15			—			20
Total expenses			40			181			5,910			5,039			(2,313		)	8,857

Income (loss) before income taxes and equity in earnings of subsidiaries			(40		)	(181		)	(479		)	967			—			267
Provision for (benefit from) income taxes			(10		)	(48		)	93			67			—			102
Equity in earnings of subsidiaries			195			328			900			—			(1,423		)	—
Net income			$	165		$	195		$	328		$	900		$	(1,423	)	$	165

Comprehensive income			$	62		$	92		$	228		$	806		$	(1,126	)	$	62

For the Year Ended December 31, 2017



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	5,312		$	5,931		$	(2,395	)	$	8,848

Expenses
	Operating		3			20			2,598			1,851			—			4,472
	Vehicle depreciation and lease charges, net		—			—			2,226			2,183			(2,188		)	2,221
	Selling, general and administrative		39			8			619			454			—			1,120
	Vehicle interest, net		—			—			199			294			(207		)	286
	Non-vehicle related depreciation and amortization		—			1			160			98			—			259
	Interest expense related to corporate debt, net:
		Interest expense	—			157			1			30			—			188
		Intercompany interest expense (income)	(12		)	95			23			(106		)	—			—
		Early extinguishment of debt	—			4			—			(1		)	—			3
	Restructuring and other related charges		—			7			44			12			—			63
	Transaction-related costs, net		—			1			3			19			—			23
	Impairment		—			—			2			—			—			2
Total expenses			30			293			5,875			4,834			(2,395		)	8,637

Income (loss) before income taxes and equity in earnings of subsidiaries			(30		)	(293		)	(563		)	1,097			—			211
Provision for (benefit from) income taxes			(5		)	267			(527		)	115			—			(150		)
Equity in earnings of subsidiaries			386			946			982			—			(2,314		)	—
Net income			$	361		$	386		$	946		$	982		$	(2,314	)	$	361

Comprehensive income			$	491		$	515		$	1,073		$	1,103		$	(2,691	)	$	491

Consolidating Condensed Balance Sheet

As of December 31, 2019



		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	1	$	12	$	—	$	673	$	—		$	686
	Receivables, net	—		—		262		649		—			911
	Other current assets	—		115		95		338		—			548
Total current assets		1		127		357		1,660		—			2,145

Property and equipment, net		—		234		338		220		—			792
Operating lease right-of-use assets		—		778		1,174		644		—			2,596
Deferred income taxes		13		1,238		222		189		—			1,662
Goodwill		—		—		471		630		—			1,101
Other intangibles, net		—		24		481		293		—			798
Other non-current assets		47		32		15		123		—			217
Intercompany receivables		172		427		2,715		1,028		(4,342		)	—
Investment in subsidiaries		483		5,070		3,778		—		(9,331		)	—
Total assets exclusive of assets under vehicle programs		716		7,930		9,551		4,787		(13,673		)	9,311

Assets under vehicle programs:
	Program cash	—		—		—		211		—			211
	Vehicles, net	—		191		54		11,932		—			12,177
	Receivables from vehicle manufacturers and other	—		4		99		675		—			778
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		649		—			649
		—		195		153		13,467		—			13,815
Total assets		$	716	$	8,125	$	9,704	$	18,254	$	(13,673	)	$	23,126

Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	20	$	338	$	867	$	981	$	—		$	2,206
	Short-term debt and current portion of long-term debt	—		17		2		—		—			19
Total current liabilities		20		355		869		981		—			2,225

Long-term debt		—		2,417		1		998		—			3,416
Long-term operating lease liabilities		—		698		971		471		—			2,140
Other non-current liabilities		40		99		215		403		—			757
Intercompany payables		—		3,913		427		2		(4,342		)	—
Total liabilities exclusive of liabilities under vehicle programs		60		7,482		2,483		2,855		(4,342		)	8,538
Liabilities under vehicle programs:
	Debt	—		160		38		2,934		—			3,132
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		7,936		—			7,936
	Deferred income taxes	—		—		2,014		175		—			2,189
	Other	—		—		99		576		—			675
		—		160		2,151		11,621		—			13,932
Total stockholders’ equity		656		483		5,070		3,778		(9,331		)	656
Total liabilities and stockholders’ equity		$	716	$	8,125	$	9,704	$	18,254	$	(13,673	)	$	23,126

As of December 31, 2018



		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	1	$	12	$	1	$	601	$	—		$	615
	Receivables, net	—		—		239		716		—			955
	Other current assets	5		112		116		371		—			604
Total current assets		6		124		356		1,688		—			2,174

Property and equipment, net		—		199		319		218		—			736
Deferred income taxes		13		1,015		207		66		—			1,301
Goodwill		—		—		471		621		—			1,092
Other intangibles, net		—		26		475		324		—			825
Other non-current assets		47		39		16		140		—			242
Intercompany receivables		159		404		2,104		1,262		(3,929		)	—
Investment in subsidiaries		246		4,786		3,852		—		(8,884		)	—
Total assets exclusive of assets under vehicle programs		471		6,593		7,800		4,319		(12,813		)	6,370

Assets under vehicle programs:
	Program cash	—		—		—		115		—			115
	Vehicles, net	—		55		54		11,365		—			11,474
	Receivables from vehicle manufacturers and other	—		2		—		629		—			631
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		559		—			559
		—		57		54		12,668		—			12,779
Total assets		$	471	$	6,650	$	7,854	$	16,987	$	(12,813	)	$	19,149

Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	16	$	246	$	582	$	849	$	—		$	1,693
	Short-term debt and current portion of long-term debt	—		18		3		2		—			23
Total current liabilities		16		264		585		851		—			1,716

Long-term debt		—		2,501		3		1,024		—			3,528
Other non-current liabilities		41		87		257		382		—			767
Intercompany payables		—		3,524		404		1		(3,929		)	—
Total liabilities exclusive of liabilities under vehicle programs		57		6,376		1,249		2,258		(3,929		)	6,011
Liabilities under vehicle programs:
	Debt	—		28		49		2,797		—			2,874
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		7,358		—			7,358
	Deferred income taxes	—		—		1,770		191		—			1,961
	Other	—		—		—		531		—			531
		—		28		1,819		10,877		—			12,724
Total stockholders’ equity		414		246		4,786		3,852		(8,884		)	414
Total liabilities and stockholders’ equity		$	471	$	6,650	$	7,854	$	16,987	$	(12,813	)	$	19,149

Consolidating Condensed Cash Flow Statement

Consolidating Condensed Statements of Cash Flows

For the Year Ended December 31, 2019



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	67		$	293		$	246		$	2,394		$	(414	)	$	2,586

Investing activities
Property and equipment additions	—			(79		)	(100		)	(71		)	—			(250		)
Proceeds received on asset sales	—			1			—			10			—			11
Net assets acquired (net of cash acquired)	—			(1		)	(24		)	(52		)	—			(77		)
Other, net	—			(75		)	12			69			75			81
Net cash provided by (used in) investing activities exclusive of vehicle programs	—			(154		)	(112		)	(44		)	75			(235		)

Vehicle programs:
Investment in vehicles	—			(118		)	(22		)	(12,747		)	—			(12,887		)
Proceeds received on disposition of vehicles	—			48			—			10,412			—			10,460
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC — related party	—			—			—			(251		)	—			(251		)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC — related party	—			—			—			161			—			161
	—			(70		)	(22		)	(2,425		)	—			(2,517		)
Net cash provided by (used in) investing activities	—			(224		)	(134		)	(2,469		)	75			(2,752		)

Financing activities
Proceeds from long-term borrowings	—			400			—			2			—			402
Payments on long-term borrowings	—			(502		)	(3		)	(4		)	—			(509		)
Net change in short-term borrowings	—			—			—			(1		)	—			(1		)
Debt financing fees	—			(7		)	—			—			—			(7		)
Repurchases of common stock	(67		)	—			—			—			—			(67		)
Other, net	—			(61		)	(98		)	(180		)	339			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(67		)	(170		)	(101		)	(183		)	339			(182		)

Vehicle programs:
Proceeds from borrowings	—			114			—			19,755			—			19,869
Payments on borrowings	—			(13		)	(12		)	(19,321		)	—			(19,346		)
Debt financing fees	—			—			—			(23		)	—			(23		)
	—			101			(12		)	411			—			500
Net cash provided by (used in) financing activities	(67		)	(69		)	(113		)	228			339			318
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			13			—			13
Net increase (decrease) in cash and cash equivalents, program and restricted cash	—			—			(1		)	166			—			165
Cash and cash equivalents, program and restricted cash, beginning of period	1			12			1			721			—			735
Cash and cash equivalents, program and restricted cash, end of period	$	1		$	12		$	—		$	887		$	—		$	900

For the Year Ended December 31, 2018



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	210		$	235		$	193		$	2,380		$	(409	)	$	2,609

Investing activities
Property and equipment additions	—			(64		)	(88		)	(79		)	—			(231		)
Proceeds received on asset sales	—			2			4			11			—			17
Net assets acquired (net of cash acquired)	—			(3		)	(10		)	(78		)	—			(91		)
Intercompany loan receipts (advances)	—			—			—			(404		)	404			—
Other, net	—			(8		)	—			(36		)	—			(44		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	—			(73		)	(94		)	(586		)	404			(349		)

Vehicle programs:
Investment in vehicles	—			(2		)	(1		)	(12,586		)	—			(12,589		)
Proceeds received on disposition of vehicles	—			42			—			9,606			—			9,648
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC- related party	—			—			—			(188		)	—			(188		)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC- related party	—			—			—			52			—			52
	—			40			(1		)	(3,116		)	—			(3,077		)
Net cash provided by (used in) investing activities	—			(33		)	(95		)	(3,702		)	404			(3,426		)


Financing activities
Proceeds from long-term borrowings	—			81			—			404			—			485
Payments on long-term borrowings	—			(510		)	(3		)	(2		)	—			(515		)
Net change in short-term borrowings	—			—			—			(4		)	—			(4		)
Debt financing fees	—			(9		)	—			(6		)	—			(15		)
Repurchases of common stock	(216		)	—			—			—			—			(216		)
Intercompany loan borrowings (payments)	—			404			—			—			(404		)	—
Other, net	3			(167		)	(85		)	(157		)	409			3
Net cash provided by (used in) financing activities exclusive of vehicle programs	(213		)	(201		)	(88		)	235			5			(262		)

Vehicle programs:
Proceeds from borrowings	—			—			—			17,339			—			17,339
Payments on borrowings	—			(3		)	(9		)	(16,373		)	—			(16,385		)
Debt financing fees	—			—			—			(25		)	—			(25		)
	—			(3		)	(9		)	941			—			929
Net cash provided by (used in) financing activities	(213		)	(204		)	(97		)	1,176			5			667
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			(16		)	—			(16		)
Net increase (decrease) in cash and cash equivalents, program and restricted cash	(3		)	(2		)	1			(162		)	—			(166		)
Cash and cash equivalents, program and restricted cash, beginning of period	4			14			—			883			—			901
Cash and cash equivalents, program and restricted cash, end of period	$	1		$	12		$	1		$	721		$	—		$	735

For the Year Ended December 31, 2017



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	110		$	(89	)	$	97		$	2,697		$	(167	)	$	2,648

Investing activities
Property and equipment additions	—			(49		)	(81		)	(67		)	—			(197		)
Proceeds received on asset sales	—			1			—			7			—			8
Net assets acquired (net of cash acquired)	—			(1		)	(5		)	(15		)	—			(21		)
Intercompany loan receipts (advances)	—			—			—			(264		)	264			—
Other, net	100			110			110			5			(320		)	5
Net cash provided by (used in) investing activities exclusive of vehicle programs	100			61			24			(334		)	(56		)	(205		)

Vehicle programs:
Investment in vehicles	—			(1		)	—			(11,537		)	—			(11,538		)
Proceeds received on disposition of vehicles	—			46			—			9,554			—			9,600
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC- related party	—			—			—			(61		)	—			(61		)
	—			45			—			(2,044		)	—			(1,999		)
Net cash provided by (used in) investing activities	100			106			24			(2,378		)	(56		)	(2,204		)

Financing activities
Proceeds from long-term borrowings	—			325			—			264			—			589
Payments on long-term borrowings	—			(406		)	(2		)	(194		)	—			(602		)
Net change in short-term borrowings	—			—			—			(4		)	—			(4		)
Debt financing fees	—			(5		)	—			(4		)	—			(9		)
Repurchases of common stock	(210		)	—			—			—			—			(210		)
Intercompany loan borrowings (payments)	—			264			—			—			(264		)	—
Other, net	1			(192		)	(110		)	(185		)	487			1
Net cash provided by (used in) financing activities exclusive of vehicle programs	(209		)	(14		)	(112		)	(123		)	223			(235		)

Vehicle programs:
Proceeds from borrowings	—			—			—			17,212			—			17,212
Payments on borrowings	—			(1		)	(9		)	(17,259		)	—			(17,269		)
Debt financing fees	—			—			—			(16		)	—			(16		)
	—			(1		)	(9		)	(63		)	—			(73		)
Net cash provided by (used in) financing activities	(209		)	(15		)	(121		)	(186		)	223			(308		)
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			45			—			45
Net increase (decrease) in cash and cash equivalents, program and restricted cash	1			2			—			178			—			181
Cash and cash equivalents, program and restricted cash, beginning of period	3			12			—			705			—			720
Cash and cash equivalents, program and restricted cash, end of period	$	4		$	14		$	—		$	883		$	—		$	901

Guarantor and Non-Guarantor Consolidating Financial Statements Reconciliation of cash and cash equivalents GNG (2016-18) (Tables)

12 Months Ended

Dec. 31, 2019

Reconciliation of cash and cash equivalents GNG (2016-18) [Abstract]

Reconciliation of cash and cash equivalents GNG (2016-18) [Table Text Block]



	As of December 31,
	2019				2018
	Non-Guarantor		Total		Non-Guarantor		Total
Cash and cash equivalents	$	673	$	686	$	601	$	615
Program cash	211		211		115		115
Restricted cash ^(a)	3		3		5		5
Total cash and cash equivalents, program and restricted cash	$	887	$	900	$	721	$	735

_________

^(a)

Included within other current assets.

Selected Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Financial Data

Provided below are selected unaudited quarterly financial data for 2019 and 2018.



			2019
			First			Second		Third		Fourth
Revenues			$	1,920		$	2,337	$	2,753	$	2,162
Net income (loss)			(91		)	62		189		142

Per share information:
	Basic
		Net income (loss)	$	(1.20	)	$	0.81	$	2.52	$	1.92
		Weighted average shares	75.8			76.0		75.2		73.9

	Diluted
		Net income (loss)	$	(1.20	)	$	0.81	$	2.50	$	1.90
		Weighted average shares	75.8			76.4		75.7		74.4



			2018
			First			Second		Third ^(a)		Fourth
Revenues			$	1,968		$	2,328	$	2,778	$	2,050
Net income (loss)			(87		)	26		213		13

Per share information:
	Basic
		Net income (loss)	$	(1.08	)	$	0.33	$	2.71	$	0.16
		Weighted average shares	81.0			80.7		78.8		76.9

	Diluted
		Net income (loss)	$	(1.08	)	$	0.32	$	2.68	$	0.16
		Weighted average shares	81.0			81.5		79.5		77.6

__________

^(a)

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended								6 Months Ended	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Summary Of Significant Accounting Policies [Line Items]
Advertising Expense										$ 121	$ 116	$ 111
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 56				$ 48					56	48
Other related Revenue										144
Equity Securities without Readily Determinable Fair Value, Amount	8									8
Revenues	2,162	$ 2,753	$ 2,337	$ 1,920	2,050	$ 2,778	$ 2,328	$ 1,968		9,172	9,124	8,848
Currency translation adjustment	(9)				3					(9)	3	(71)	$ 39
Net carrying value of software developed	261				188					261	188
Vehicle interest income										15	15	8
Retained risks of liability to third parties	441				421					441	421
Workers compensation liabilities	56				60					56	60
Operating Costs and Expenses										4,698	4,639	4,472
Costs and Expenses										8,885	8,857	8,637
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest										287	267	211
Income Tax Expense (Benefit)										(15)	102	(150)
Net income	142	$ 189	$ 62	$ (91)	13	$ 213	$ 26	(87)		302	165	361
Comprehensive Income (Loss), Net of Tax, Attributable to Parent										277	62	491
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	1,662				1,301					1,662	1,301
Total Assets Exclusive Of Assets Under Vehicle Programs	9,311				6,370					9,311	6,370
Assets	23,126				19,149					23,126	19,149
Accounts Payable and Accrued Liabilities, Current	2,206				1,693					2,206	1,693
Liabilities, Current	2,225				1,716					2,225	1,716
Other Liabilities, Noncurrent	757				767					757	767
Total Liabilities Exclusive Of Liabilities Under Vehicle Programs	8,538				6,011					8,538	6,011
Income (Loss) from Equity Method Investments										10	5
Proceeds from Sale of Equity Method Investments										64
Gain (Loss) on Sale of Equity Investments										44
Gain on Sale of Investments										4
Operating Lease, Right-of-Use Asset	2,596				0					2,596	0
Cumulative Effect of New Accounting Principle in Period of Adoption					5						5	(40)	56
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Annual Amount										12
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 900				735					$ 900	735	901	$ 720
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Summary Of Significant Accounting Policies [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets					0						0	2
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Summary Of Significant Accounting Policies [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets					$ (1)						$ (1)	$ (1)
Greece [Member]
Summary Of Significant Accounting Policies [Line Items]
Payments to Acquire Equity Method Investments								$ 20	$ 19
Equity Method Investment, Ownership Percentage	40.00%							20.00%		40.00%
Accounting Standards Update 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ 5									$ 5
Property leases [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating Lease, Right-of-Use Asset	2,596									2,596
Property leases [Member] \| Accounting Standards Update 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating Lease, Right-of-Use Asset	2,811									2,811
Vehicle leases [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating Lease, Right-of-Use Asset	195									195
Vehicle leases [Member] \| Accounting Standards Update 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating Lease, Right-of-Use Asset	$ 183									$ 183

Summary of Significant Accounting Policies Detail of Cash and Cash Equivalents, Program and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash and Cash Equivalents, Program and Restricted Cash [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 686	$ 615
Program Cash	211	115
Restricted Cash and Cash Equivalents	3	5
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 900	$ 735	$ 901	$ 720

Schedule of Estimated Useful Lives (Detail)	12 Months Ended
Schedule of Estimated Useful Lives (Detail)	Dec. 31, 2019
Buildings
Property And Equipment, Net [Line Items]
Property, Plant and Equipment, Useful Life	30 years
Furniture, Fixtures & Equipment \| Minimum [Member]
Property And Equipment, Net [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture, Fixtures & Equipment \| Maximum
Property And Equipment, Net [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Capitalized Software \| Minimum [Member]
Property And Equipment, Net [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Capitalized Software \| Maximum
Property And Equipment, Net [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Buses And Support Vehicles \| Minimum [Member]
Property And Equipment, Net [Line Items]
Property, Plant and Equipment, Useful Life	4 years
Buses And Support Vehicles \| Maximum
Property And Equipment, Net [Line Items]
Property, Plant and Equipment, Useful Life	15 years

Summary of Significant Accounting Policies Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 2,162	$ 2,753	$ 2,337	$ 1,920	$ 2,050	$ 2,778	$ 2,328	$ 1,968	$ 9,172	$ 9,124	$ 8,848
Avis [Member]
Disaggregation of Revenue [Line Items]
Revenues									5,250	5,266
Budget [Member]
Disaggregation of Revenue [Line Items]
Revenues									3,179	3,057
Other Brands [Member]
Disaggregation of Revenue [Line Items]
Revenues									743	801
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues									6,352	6,186
Europe, Middle east, Africa [Member]
Disaggregation of Revenue [Line Items]
Revenues									2,222	2,314
Asia and Australasia [Member]
Disaggregation of Revenue [Line Items]
Revenues									$ 598	$ 624

Summary of Significant Accounting Policies Deferred Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Deferred Revenue, Current	$ 125	$ 140
Customer Loyalty [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Deferred Revenue, Current	22	18
Deferred Revenue	59	64	$ 69
Deferred Revenue, Additions	17	14
Deferred Revenue, Revenue Recognized	(22)	(19)
Deferred Revenue, Noncurrent	$ 37	46
Prepaid Rentals and Membership Fees [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Deferred Revenue, Current		122
Deferred Revenue		123	$ 125
Deferred Revenue, Additions		1,968
Deferred Revenue, Revenue Recognized		(1,970)
Deferred Revenue, Noncurrent		$ 1

Leases (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income	$ 9,028
Lessee, Lease, Description [Line Items]
Vehicle Lease Charges	$ 255	$ 253	$ 222
Supplemental balance sheet information related to leases [Line Items]
Document Period End Date	Dec. 31, 2019
Operating Lease, Residual Value of Leased Asset	$ 314
Operating Lease, Right-of-Use Asset	2,596	0
Operating Lease, Liability, Current	479	0
Operating Lease, Liability, Noncurrent	2,140	$ 0
Americas [Member]
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income	6,303
EMEA [Member]
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income	2,141
Asia and Australasia [Member]
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income	584
Avis [Member]
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income	5,163
Budget [Member]
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income	3,129
Other Brands [Member]
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income	736
Property leases [Member]
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	722
Variable Lease, Cost	274
Sublease Income	(8)
Lease, Cost	$ 988
Supplemental balance sheet information related to leases [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	8 years 10 months 24 days
Operating Lease, Right-of-Use Asset	$ 2,596
Operating Lease, Liability, Noncurrent	2,140
Operating Lease, Liability	$ 2,619
Operating Lease, Weighted Average Discount Rate, Percent	4.31%
Supplemental cash flow information related to leases [Line Items]
Operating Lease, Payments	$ 733
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	531
Maturities of lease liabilities [Line Items]
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months	580
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two	470
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three	400
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four	348
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five	230
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five	1,174
Lessee, Operating Lease, Liability, Payments, Due	3,202
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	583
Vehicle leases [Member]
Lessee, Lease, Description [Line Items]
Lease, Cost	301
Finance Lease, Right-of-Use Asset, Amortization	42
Finance Lease, Interest Expense	$ 4
Supplemental balance sheet information related to leases [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	1 year 9 months 18 days
Operating Lease, Right-of-Use Asset	$ 195
Operating Lease, Liability, Current	124
Operating Lease, Liability, Noncurrent	71
Operating Lease, Liability	$ 195
Operating Lease, Weighted Average Discount Rate, Percent	3.08%
Finance Lease, Right-of-Use Asset, Gross	$ 337
Finance Lease, Right-of-Use Asset, Accumulated Amortization	(56)
Finance Lease, Right-of-Use Asset	281
Finance Lease, Liability, Current	95
Finance Lease, Liability, Noncurrent	157
Finance Lease, Liability	$ 252
Finance Lease, Weighted Average Remaining Lease Term	2 years
Finance Lease, Weighted Average Discount Rate, Percent	1.67%
Supplemental cash flow information related to leases [Line Items]
Operating Lease, Payments	$ 248
Finance Lease, Interest Payment on Liability	4
Finance Lease, Principal Payments	266
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	262
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	304
Maturities of lease liabilities [Line Items]
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months	128
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months	95
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two	51
Finance Lease, Liability, Payments, Due in Rolling Year Two	29
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three	17
Finance Lease, Liability, Payments, Due in Rolling Year Three	127
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four	5
Finance Lease, Liability, Payments, Due in Rolling Year Four	1
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five	0
Finance Lease, Liability, Payments, Due in Rolling Year Five	0
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five	0
Finance Lease, Liability, Payments, Due in Rolling after Year Five	0
Lessee, Operating Lease, Liability, Payments, Due	201
Finance Lease, Liability, Payment, Due	252
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	6
Finance Lease, Liability, Undiscounted Excess Amount	$ 0

Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income for basic and diluted EPS	$ 142	$ 189	$ 62	$ (91)	$ 13	$ 213	$ 26	$ (87)	$ 302	$ 165	$ 361
Basic weighted average shares outstanding	73.9	75.2	76.0	75.8	76.9	78.8	80.7	81.0	75.2	79.3	83.4
Options, warrants and non-vested stock									0.5	0.8	1.4
Diluted weighted average shares outstanding	74.4	75.7	76.4	75.8	77.6	79.5	81.5	81.0	75.7	80.1	84.8
Earnings (loss) per share:
Basic	$ 1.92	$ 2.52	$ 0.81	$ (1.20)	$ 0.16	$ 2.71	$ 0.33	$ (1.08)	$ 4.01	$ 2.08	$ 4.32
Diluted	$ 1.90	$ 2.50	$ 0.81	$ (1.20)	$ 0.16	$ 2.68	$ 0.32	$ (1.08)	$ 3.98	$ 2.06	$ 4.25

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Outstanding Common Stock Equivalents That Were Anti-Dilutive (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0.5	0.2	0.5

Outstanding Common Stock Equivalents That Were Anti-Dilutive Tickmarks (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Anti-dilutive Non-Vested Stock Weighted Average Grant Date Fair Value	$ 39.48	$ 48.66	$ 38.40

Restructuring - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) Employee	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 80	$ 22	$ 63
T19 Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 55
Restructuring and Related Cost, Expected Number of Positions Eliminated \| Employee	540
Restructuring and Related Cost, Number of Positions Eliminated \| Employee	440
Payments for Restructuring	$ (51)
Brazil Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 7
Restructuring and Related Cost, Number of Positions Eliminated \| Employee	195
Payments for Restructuring	$ (6)
Restructuring and Related Cost, Expected Cost Remaining	$ 8

Restructuring Restructuring Other Related Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]
Charges related to voluntary termination program			$ 16
Larry D. De Shon [Member]
Restructuring Cost and Reserve [Line Items]
Other Nonrecurring Expense	$ 14
Mark J. Servodidio [Member]
Restructuring Cost and Reserve [Line Items]
Other Nonrecurring Expense	$ 4
David B. Wyshner [Member]
Restructuring Cost and Reserve [Line Items]
Other Nonrecurring Expense			$ 7
Share-based Payment Arrangement, Accelerated Cost		$ 2

Acquisitions - Additional Information (Detail) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 EUR (€)	Dec. 31, 2017 USD ($)
Business Acquisition [Line Items]
Goodwill	$ 1,101	$ 1,092		$ 1,073
2019 Avis and Budget Licensees [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	55
Business Acquisition Purchase Price Allocation Vehicles, Net	27
Business Combination, Contingent Consideration, Liability	8
Payments to Acquire Businesses, Gross	$ 74
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 years
Goodwill	$ 21
2019 Avis and Budget Licensees [Member] \| Other Intangible Assets [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	7
2019 Avis and Budget Licensees [Member] \| Licensing Agreements [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 24
2018 Avis and Budget Licensees [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred		$ 38
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		2 years
2018 Avis and Budget Licensees [Member] \| Licensing Agreements [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		$ 42
Turiscar Group [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred		25
Business Combination, Contingent Consideration, Liability \| €			€ 4
Payments to Acquire Businesses, Gross		$ 26
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		11 years
Goodwill		$ 12
Turiscar Group [Member] \| Other Intangible Assets [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		10
Turiscar Group [Member] \| Trademarks
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		2
Morini S.p.A. [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred		40
Business Combination, Contingent Consideration, Liability		6	€ 7
Payments to Acquire Businesses, Gross		$ 32
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		6 years
Goodwill		$ 42
Morini S.p.A. [Member] \| Other Intangible Assets [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		6
Morini S.p.A. [Member] \| Trademarks
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		3
Morini S.p.A. [Member] \| Licensing Agreements [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		$ 2

Schedule of Intangible Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 546	$ 608
Accumulated Amortization	298	330
Net Carrying Amount	248	278
Goodwill	1,101	1,092	$ 1,073
Licensing Agreements [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	241	305
Accumulated Amortization	108	168
Net Carrying Amount	133	137
Customer Relationships [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	255	251
Accumulated Amortization	165	141
Net Carrying Amount	90	110
Other Intangible Assets [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	50	52
Accumulated Amortization	25	21
Net Carrying Amount	25	31
Goodwill
Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	1,101	1,092
Trademarks
Finite And Indefinite Lived Intangible Assets [Line Items]
Trademarks	$ 550	547
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 2
Minimum [Member] \| Licensing Agreements [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Minimum [Member] \| Customer Relationships [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Minimum [Member] \| Other Intangible Assets [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	0 years
Maximum \| Licensing Agreements [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	40 years
Maximum \| Customer Relationships [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Maximum \| Other Intangible Assets [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years
Weighted Average [Member] \| Licensing Agreements [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	19 years
Weighted Average [Member] \| Customer Relationships [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	11 years
Weighted Average [Member] \| Other Intangible Assets [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	9 years

Schedule of Intangible Assets Amortization Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 59	$ 65	$ 62
Licensing Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense	28	36	33
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense	25	24	24
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 6	$ 5	$ 5

Intangible Assets - Additional Information (Detail) $ in Millions	Dec. 31, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Assets, Amortization Expense, Next Rolling Twelve Months	$ 53
Finite-Lived Intangible Assets, Amortization Expense, Year Two	43
Finite-Lived Intangible Assets, Amortization Expense, Year Three	32
Finite-Lived Intangible Assets, Amortization Expense, Year Four	24
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 22

Schedule of Goodwill (Detail) - USD ($) $ in Millions	12 Months Ended
Schedule of Goodwill (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Line Items]
Gross goodwill			$ 3,191
Goodwill [Roll Forward]
Goodwill	$ 1,092	$ 1,073
Goodwill, Impaired, Accumulated Impairment Loss			(2,118)
Acquisition	21	54
Adjustments to the allocation of purchase price	(12)	(35)
Goodwill	1,101	1,092
Americas
Goodwill [Line Items]
Gross goodwill			2,139
Goodwill [Roll Forward]
Goodwill	539	552
Goodwill, Impaired, Accumulated Impairment Loss			1,587
Acquisition	21	0
Adjustments to the allocation of purchase price	(6)	(13)
Goodwill	554	539
International
Goodwill [Line Items]
Gross goodwill			1,052
Goodwill [Roll Forward]
Goodwill	553	521
Goodwill, Impaired, Accumulated Impairment Loss			$ 531
Acquisition	0	54
Adjustments to the allocation of purchase price	(6)	(22)
Goodwill	$ 547	$ 553

Components of Company's Vehicles (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Components Of Companys Vehicles [Abstract]
Rental vehicles	$ 13,461	$ 12,548
Less: Accumulated depreciation	(1,621)	(1,670)
Rental Vehicles Net, Total	11,840	10,878
Vehicles held for sale	337	596
Vehicles, net	$ 12,177	$ 11,474

Components Of Vehicle Depreciation And Lease Charges (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Vehicle Depreciation and Lease Charges, Net [Line Items]
Depreciation expense	$ 1,890	$ 1,974	$ 1,947
Lease charges	255	253	222
(Gain) loss on sale of vehicles, net	(82)	(48)	52
Vehicle depreciation and lease charges, net	2,063	2,179	2,221
Accounts Payable, Other, Current	418	472	346
Receivables due from former subsidiaries	$ 576	$ 622	$ 545

Provision for (Benefit from) Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current
Federal		$ (3)	$ (7)	$ 0
State		41	36	5
Foreign		50	59	37
Current income tax provision (benefit)		88	88	42
Deferred
Federal		41	63	(205)
State		(37)	(39)	(5)
Foreign		(107)	(10)	18
Deferred income tax provision		103	(14)	192
Provision for (benefit from) income taxes		$ (15)	102	(150)
Provision adjustment due to corporate tax rate change [Member]
Deferred
Deferred income tax provision			$ (30)	(317)
Provision adjustment due to anticipated repatriation of foreign earnings [Member]
Deferred
Deferred income tax provision	$ (30)			$ (104)

Pretax Income (Loss) for Domestic and Foreign Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
United States	$ 125	$ 114	$ 17
Foreign	162	153	194
Income before income taxes	$ 287	$ 267	$ 211

Income Taxes Pretax Income (Loss) for Domestic and Foreign Operations Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Gains (Losses) on Extinguishment of Debt	$ (12)	$ (19)	$ (3)

Deferred Income Tax Assets And Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred Income Tax Assets And Liabilities [Line Items]
Net tax loss carryforwards	$ 1,645	$ 1,390
Operating Lease, Liability, Noncurrent	678	0
Accrued liabilities and deferred income	236	230
Tax credits	20	17
Depreciation and amortization	17	16
Provision for doubtful accounts	8	6
Other	75	38
Valuation allowance	(214)	(311)
Deferred income tax assets	2,465	1,386
Operating Lease, Right-of-Use Asset	672	0
Depreciation and amortization	108	60
Deferred Tax Liabilities, Prepaid Expenses	17	20
Other	6	5
Non-current deferred income tax liabilities	803	85
Non-current net deferred income tax assets	1,662	1,301
Deferred Income Tax Assets and Liabilities Additional Information (Detail) [Abstract]
Deferred Tax Assets, Valuation Allowance	214	311
Deferred Tax Assets Operating Loss Carryforward With Valuation Against It	192	283
Deferred Tax Assets State And Local	22	28
Vehicle Programs
Deferred Income Tax Assets And Liabilities [Line Items]
Depreciation and amortization	54	44
Depreciation and amortization	2,243	2,005
Other Liabilities [Member]
Deferred Income Tax Assets And Liabilities [Line Items]
Other	48	0
Liability [Member]
Deferred Income Tax Assets And Liabilities [Line Items]
Non-current deferred income tax liabilities	2,291	2,005
Other Assets [Member]
Deferred Income Tax Assets And Liabilities [Line Items]
Other	48	0
Deferred Tax Asset [Domain]
Deferred Income Tax Assets And Liabilities [Line Items]
Deferred income tax assets	102	44
Vehicle programs, net [Member]
Deferred Income Tax Assets And Liabilities [Line Items]
Deferred Tax Liabilities, Net	$ 2,189	$ 1,961

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Line Items]
Deferred income taxes		$ 103	$ (14)	$ 192
Foreign net operating loss carryforwards		981
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities		4	3	0
Deferred Tax Liabilities, Undistributed Foreign Earnings		811
Internal Revenue Service (IRS)
Income Tax Disclosure [Line Items]
Federal net operating loss carryforwards net of valuation allowances		$ 6,000
Provision adjustment due to corporate tax rate change [Member]
Income Tax Disclosure [Line Items]
Deferred income taxes			$ (30)	(317)
Provision adjustment due to anticipated repatriation of foreign earnings [Member]
Income Tax Disclosure [Line Items]
Deferred income taxes	$ (30)			$ (104)

Reconciliation of U.S Federal Income Tax Statutory Rate and Effective Income Tax Rate (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	$ 4	$ 3	$ 0
Changes in valuation allowances	(26.90%)	6.30%	(4.70%)
U.S. federal statutory rate	21.00%	21.00%	35.00%
State and local income taxes, net of federal tax benefits	(1.70%)	5.50%	3.80%
Taxes on foreign operations at rates different than statutory U.S. federal rates	3.40%	(5.20%)	(3.60%)
Effective Income Tax Rate Reconciliation, Stock-based Compensation, Percent	0.00%	(0.80%)	(3.40%)
Effective Income Tax Rate Reconciliation, 2017 Tax Reform Act Impact, Percent, Total	0.00%	11.20%	(100.80%)
Other non-deductible expenses	(1.40%)	1.10%	2.20%
Other	0.40%	(0.90%)	0.40%
Effective Income Tax Rate, Continuing Operations, Total	(5.20%)	38.20%	(71.10%)

Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Beginning Balance	$ 61	$ 63	$ 59
Additions based on tax positions related to the current year	6	8	6
Additions for tax positions for prior years	0	0	9
Reductions for tax positions for prior years	(8)	(6)	(10)
Settlements	(4)	(3)	0
Statute of limitations	(1)	(1)	(1)
Ending Balance	$ 54	$ 61	$ 63

Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, non-current income taxes payable	$ 57	$ 41
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 27	$ 29

Unrecognized Tax Benefits Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Line Items]
Unrecognized tax benefits, non-current income taxes payable	$ 57	$ 41
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	27	29
Unrecognized Tax Benefits	54	$ 61	$ 63	$ 59
Non Avis Budget Car Rental Tax Contingencies
Income Taxes [Line Items]
Unrecognized Tax Benefits	$ 13

Schedule of Other Current Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Schedule Of Other Current Assets [Abstract]
Prepaid expenses	$ 234	$ 241
Sales and use tax	173	180
Other	141	183
Total other current assets	$ 548	$ 604

Schedule of Property and Equipment Net (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Land	$ 48	$ 49
Buildings and leasehold improvements	565	625
Capitalized software	789	613
Furniture, fixtures and equipment	400	411
Buses and support vehicles	88	95
Projects in process	180	169
Property and Equipment, gross	2,070	1,962
Less: Accumulated depreciation and amortization	(1,278)	(1,226)
Property, Plant and Equipment, Net, Total	$ 792	$ 736

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Accounts Payable, Other, Current	$ 418	$ 472	$ 346
Other Liabilities, Noncurrent	757	767
Depreciation and amortization expense	204	191	197
Amortization expense relating to capitalized computer software	109	92	95
Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Accounts Payable, Other, Current	16	$ 15	$ 16
Other Liabilities, Noncurrent	$ 12

Schedule of Accounts Payable and Other Current Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Accounts Payable and Other Current Liabilities [Abstract]
Operating Lease, Liability	$ 479	$ 0
Accounts payable	378	371
Accrued sales and use taxes	223	208
Employee-related Liabilities, Current	195	200
Accrued marketing and commissions, current	191	192
Public liability and property damage insurance liabilities – current	178	149
Deferred lease revenues – current	125	140
Other	437	433
Accounts payable and other current liabilities	$ 2,206	$ 1,693

Schedule of Long-Term Debt (Detail) € in Millions	12 Months Ended
Schedule of Long-Term Debt (Detail) € in Millions	Dec. 31, 2019 USD ($)	Dec. 31, 2019 EUR (€)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 EUR (€)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 EUR (€)	Jun. 30, 2017 EUR (€)	Dec. 31, 2016 USD ($)	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Uncommitted credit facilities				$ 1,000,000
Other	$ 28,000,000			41,000,000
Total	3,474,000,000
Short Term Debt And Current Portion Of Long Term Debt	19,000,000			23,000,000
Less: Short-term debt and current portion of long-term debt				23,000,000
Long-term debt	$ 3,416,000,000			$ 3,528,000,000
Senior Notes [Member]
Debt Instrument [Line Items]
Maturity Dates	July 2027
Senior Notes [Member] \| Floating Rate Senior Notes Due December 2017 [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Senior Notes [Member] \| 9 3/4% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount									$ 223,000,000
Senior Notes [Member] \| 6% Euro-Denominated Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount \| €							€ 275	€ 175
Debt Instrument, Repurchase Amount \| €								€ 180
Senior Notes [Member] \| Five and One over Eight Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument interest percentage	5.125%	5.125%		5.125%	5.125%
Debt Instrument, Repurchase Amount \| €		€ 410
Senior Notes [Member] \| 5 1/2% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	5.50%	5.50%		5.50%	5.50%
Debt Instrument, Face Amount	$ 75,000,000		$ 400,000,000							$ 175,000,000
Maturity Dates	April 2023
Long-term Debt, Gross	$ 200,000,000			$ 675,000,000
Debt Instrument, Repurchase Amount	$ 76,000,000		$ 407,000,000
Debt Instrument, Unamortized Discount										$ 0.99625
Senior Notes [Member] \| Six And Three Over Eight Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument interest percentage	6.375%	6.375%		6.375%	6.375%
Debt Instrument, Repurchased Face Amount						$ 350,000,000
Maturity Dates	April 2024
Long-term Debt, Gross	$ 350,000,000			$ 350,000,000
Senior Notes [Member] \| Four and One over Eight Euro-Denominated Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument interest percentage	4.125%	4.125%		4.125%	4.125%
Debt Instrument, Face Amount \| €							€ 300
Maturity Dates	November 2024
Long-term Debt, Gross	$ 336,000,000			$ 344,000,000
Senior Notes [Member] \| Five And One Over Four Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument interest percentage	5.25%	5.25%		5.25%	5.25%
Debt Instrument, Face Amount									$ 375,000,000
Maturity Dates	March 2025
Long-term Debt, Gross	$ 375,000,000			$ 375,000,000
Senior Notes [Member] \| Four and One over Two Euro-Denominated Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument interest percentage	4.50%	4.50%		4.50%	4.50%
Debt Instrument, Face Amount \| €					€ 250
Maturity Dates	May 2025
Long-term Debt, Gross	$ 280,000,000			$ 287,000,000
Senior Notes [Member] \| Four and three over four Euro-Denominated Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument interest percentage	4.75%	4.75%		4.75%	4.75%
Debt Instrument, Face Amount \| €		€ 350
Maturity Dates	January 2026
Long-term Debt, Gross	$ 393,000,000			$ 401,000,000
Senior Notes [Member] \| Four And Seven Over Eight Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount						$ 300,000,000
Senior Notes [Member] \| Five and Three over Four Senior Note [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	400,000,000
Long-term Debt, Gross	$ 400,000,000			0
Loans Payable [Member] \| Floating Rate Term Loan Due March 2019
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.25%
Loans Payable [Member] \| Floating Rate Term Loan Due March Two Thousand Twenty Five [Member]
Debt Instrument [Line Items]
Maturity Dates	February 2025
Long-term Debt, Gross	$ 1,112,000,000			1,123,000,000
Percentage Of Margin Aggregate Interest Rate	3.80%
Senior Notes and Loans Payable [Member]
Debt Instrument [Line Items]
Deferred Finance Costs, Net	$ (39,000,000)			(45,000,000)
Total	3,435,000,000			$ 3,551,000,000
Interest Rate Swap [Member] \| Loans Payable [Member] \| Floating Rate Term Loan Due March Two Thousand Twenty Five [Member]
Debt Instrument [Line Items]
Derivative, Amount of Hedged Item	$ 700,000,000
Derivative, Fixed Interest Rate	3.67%	3.67%

Long-Term Debt And Borrowing Arrangements - Additional Information (Detail) € in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2019 EUR (€)	Sep. 30, 2019 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Document Period End Date	Dec. 31, 2019
Gain (Loss) on Extinguishment of Debt	$ (12,000,000)	$ (19,000,000)	$ (3,000,000)
Loans Payable [Member] \| Floating Rate Term Loan Due March Two Thousand Twenty Five [Member]
Debt Instrument [Line Items]
Percentage Of Margin Aggregate Interest Rate	3.80%
Senior Notes [Member] \| Four and three over four Euro-Denominated Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount \| €					€ 350
Senior Notes [Member] \| Five And One Over Four Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount							$ 375,000,000
Senior Notes [Member] \| 5 1/2% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 75,000,000					$ 400,000,000		$ 175,000,000
Debt Instrument, Repurchase Amount	76,000,000					$ 407,000,000
Proceeds from Issuance of Senior Long-term Debt				$ 500,000,000
Senior Notes [Member] \| Five and One over Eight Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchase Amount \| €					€ 410
Senior Notes [Member] \| Five and Three over Four Senior Note [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 400,000,000
Interest Rate Swap [Member] \| Loans Payable [Member] \| Floating Rate Term Loan Due March Two Thousand Twenty Five [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate	3.67%				3.67%

Contractual Maturities of Company's Corporate Debt (Detail) $ in Millions	Dec. 31, 2019 USD ($)
Long-Term Debt And Borrowing Arrangements [Abstract]
2016	$ 19
2017	17
2018	16
2019	216
2020	701
Thereafter	2,505
Total	$ 3,474

Schedule of Committed Credit Facilities (Detail) - Revolving Credit Facility Maturing 2018 $ in Millions	Dec. 31, 2019 USD ($)
Line of Credit Facility [Line Items]
Total Capacity	$ 1,800
Outstanding Borrowings	0
Letters of Credit Issued	1,081
Available Capacity	$ 719

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Schedule of Committed Credit Facilities Additional Information (Detail)	12 Months Ended	24 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Uncommitted Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate During Period		0.74%
Uncommitted Credit Facility [Member] \| Maximum
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate During Period		6.60%
Bank Overdrafts [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate During Period	3.10%
Bank Overdrafts [Member] \| Maximum
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate During Period	3.18%
Revolving Credit Facility Maturing 2018
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.00%

Schedule Of Debt Under Vehicle Programs (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Interest rate on capital leases	1.25%	1.17%
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	$ 10,200
Debt under vehicle programs	11,068	$ 10,232
Debt Due To Rental Car Funding [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Asset-Backed Securities, at Carrying Value	550		$ 400
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	8,000
Debt under vehicle programs	7,975	7,393
Deferred Finance Costs, Net	$ (35)	$ (36)
Americas Debt Borrowings [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt, Weighted Average Interest Rate	2.87%	3.33%
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	$ 900
Debt under vehicle programs	$ 827	$ 635
International Debt Borrowings
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt, Weighted Average Interest Rate	1.87%	2.02%
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	$ 2,300
Debt under vehicle programs	2,100	$ 2,060
International Capital Leases
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	200
Debt under vehicle programs	215	191
Other
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt under vehicle programs	0	2
Debt Under Vehicle Programs [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt under vehicle programs	11,117
Deferred Finance Costs, Net	$ (49)	$ (49)

Debt Under Vehicle Programs And Borrowing Arrangements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended	36 Months Ended
	Dec. 31, 2013	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Avis Budget Rental Car Funding Program March 2022 [Member]
Debt Instrument [Line Items]
Asset-Backed Securities, at Carrying Value				$ 600
Avis Budget Rental Car Funding Program September 2024 [Member]
Debt Instrument [Line Items]
Asset-Backed Securities, at Carrying Value				$ 650
Avis Budget Rental Car Funding Program March 2025 [Member]
Debt Instrument [Line Items]
Asset-Backed Securities, at Carrying Value			$ 650
Avis Budget Rental Car Funding Program [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate		3.16%			3.20%
European Rental Fleet Securitization [Member]
Debt Instrument [Line Items]
Newly Issued European Credit Facility	$ 500	$ 1,300
Americas Debt Borrowings [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate		2.87%			3.33%
International Debt Borrowings
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate		1.87%			2.02%

Schedule Of Contractual Maturities (Detail) $ in Millions	Dec. 31, 2019 USD ($)
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
2016	$ 19
2017	17
2018	16
2019	216
2020	701
Thereafter	2,505
Vehicle Programs
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
2016	1,753
2017	3,225
2018	3,032
2019	1,097
2020	1,471
Thereafter	539
Total	$ 11,117

Schedule Of Available Funding Under Vehicle Programs (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	$ 10,200
Debt under vehicle programs	$ 11,068	$ 10,232
Avis Budget Rental Car Funding Program [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt, Weighted Average Interest Rate	3.16%	3.20%
Debt Due To Rental Car Funding [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	$ 8,000
Total Capacity	9,761
Debt under vehicle programs	7,975	$ 7,393
Available Capacity	$ 1,786
Americas Debt Borrowings [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt, Weighted Average Interest Rate	2.87%	3.33%
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	$ 900
Total Capacity	1,009
Debt under vehicle programs	827	$ 635
Available Capacity	$ 182
International Debt Borrowings
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt, Weighted Average Interest Rate	1.87%	2.02%
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	$ 2,300
Total Capacity	3,003
Debt under vehicle programs	2,100	$ 2,060
Available Capacity	903
International Capital Leases
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	200
Total Capacity	237
Debt under vehicle programs	215	191
Available Capacity	22
Other
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt under vehicle programs	0	$ 2
Debt Under Vehicle Programs [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Total Capacity	14,010
Debt under vehicle programs	11,117
Available Capacity	$ 2,893

Commitments And Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Commitments And Contingencies [Line Items]
Loss Contingency Accrual		$ 12
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 30
Vehicle purchase commitments over the next 12 months	7,700
Aggregate purchase obligations	136
Receivables due from former subsidiaries	576	622	$ 545
Liabilities accrued for asset retirement obligations	27	$ 22
Realogy
Schedule Of Commitments And Contingencies [Line Items]
Receivables due from former subsidiaries	24
Wyndham
Schedule Of Commitments And Contingencies [Line Items]
Receivables due from former subsidiaries	$ 14

Stockholders' Equity - Additional Information (Detail) shares in Millions, $ in Millions	6 Months Ended	12 Months Ended			36 Months Ended
	Jun. 30, 2019 USD ($) shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($) shares
Stockholders Equity [Line Items]
Stock Repurchase Program, Authorized Amount		$ 1,800			$ 1,800
Treasury Stock, Shares, Acquired \| shares					14.0
Treasury Stock, Value, Acquired, Cost Method		62	$ 200	$ 200	$ 462
Option Premiums Paid	$ 16
Stock Repurchase Program, Remaining Authorized Repurchase Amount		189			$ 189
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax		(3)	(2)	2
Less: Pension and post-retirement benefits reclassified to earnings, net of tax of $(2), $(1) and $(6), respectively		(6)	(5)	(5)
Open Option Contracts Written, Number of Shares \| shares	0.6
Designated as Hedging Instrument \| Foreign Exchange Forward [Member]
Stockholders Equity [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax		17	24	(50)
Corporate Interest Expense [Member]
Stockholders Equity [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax		4	3	4
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax		$ 3	$ 2	$ 2

Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Currency Translation Adjustment, Beginning Balance	$ (3)	$ 71	$ (39)
Currency translation adjustments, net of tax of $(6), $(8) and $33, respectively	12	(81)	110
Currency Translation Adjustment, Ending Balance	9	(3)	71
Net Unrealized Gains (Losses) on Cash Flow Hedges, Beginning Balance	2	5	2
Net unrealized holding gains (losses), net of tax of $7, $0, and $0, respectively	(20)	(2)	1
Net Unrealized Gains (Losses) on Cash Flow Hedges, Period change		(4)	3
Net Unrealized Gains (Losses) on Cash Flow Hedges, Ending Balance	(20)	2	5
Net Unrealized Gains (Losses) on Available- For-Sale Securities, Beginning Balance	0	2	1
Net unrealized gains (losses) on available-for-sale securities, net of tax of $0, $0, and $(1), respectively	0	0	1
Less: Realized losses on available-for-sale securities reclassified to earnings, net of tax of $0, $0 and $1, respectively	0	0	0
Net unrealized gains on available-for-sale securities, net of tax of $0, $0 and $0, respectively	0	0	1
Net Unrealized Gains (Losses) on Available- For-Sale Securities, Ending Balance	0	0	2
Minimum Pension Liability Adjustment, Beginning Balance	(132)	(102)	(118)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax	(20)	(23)	11
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax	6	5	5
Minimum Pension Liability Adjustment, Period change	(14)	(18)	16
Minimum Pension Liability Adjustment, Ending Balance	(146)	(132)	(102)
Accumulated Other Comprehensive Income (Loss), Beginning Balance	(133)	(24)	(154)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent before reclassifications	(28)	(106)	123
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3	3	7
Accumulated Other Comprehensive Income (Loss), Period change	(25)	(103)	130
Accumulated Other Comprehensive Income (Loss), Ending Balance	(157)	(133)	(24)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	(3)	(2)	2
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax	8	7	8
Corporate Interest Expense [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	3	2	2
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	4	3	4
Foreign Exchange Forward [Member] \| Designated as Hedging Instrument
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	17	24	(50)
Derivatives used in Net Investment Hedge, Net of Tax	81
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		0	7
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		1	1
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		0	(2)
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		0	(12)
AOCI Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		1	(6)
Adjustments for New Accounting Pronouncement [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Currency Translation Adjustment, Beginning Balance	(3)	78
Currency Translation Adjustment, Ending Balance		(3)	78
Net Unrealized Gains (Losses) on Cash Flow Hedges, Beginning Balance	3	6
Net Unrealized Gains (Losses) on Cash Flow Hedges, Ending Balance		3	6
Net Unrealized Gains (Losses) on Available- For-Sale Securities, Beginning Balance	0	0
Net Unrealized Gains (Losses) on Available- For-Sale Securities, Ending Balance		0	0
Minimum Pension Liability Adjustment, Beginning Balance	132	(114)
Minimum Pension Liability Adjustment, Ending Balance		132	(114)
Accumulated Other Comprehensive Income (Loss), Beginning Balance	$ (132)	(30)
Accumulated Other Comprehensive Income (Loss), Ending Balance		$ (132)	$ (30)

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Percentage In Annual Base Salary, Min	50.00%
Deferred Compensation Arrangement with Individual, Shares Issued	40,000	34,000	36,000
Maximum number of shares reserved for grant of awards	22,500,000
Shares available for grant under the plan	5,300,000
Aggregate Intrinsic Value - Exercised	$ 1	$ 8	$ 21
Share-based Payment Arrangement, Expense	22	24	10
Share-based Payment Arrangement, Expense, after Tax	$ 17	$ 18	$ 7

Stock-Based Compensation - Stock Unit Valuation Assumptions (Detail)	12 Months Ended
	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Percentage In Annual Base Salary, Min	50.00%
Share Based Compensation Percentage In Annual Base Salary, Max	100.00%

Stock-Based Compensation - Annual Activity Of Stock Units and Cash Units (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term	1 year 2 months 12 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Number of Shares Outstanding	847
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of RSUs - Balance at beginning of year	838
Number of RSUs - Granted	608
Number of RSUs - Vested	(502)
Number of RSUs - Forfeited/expired	(97)
Number of RSUs - Balance at end of year		838
Weighted Average Grant Price, Balance at beginning of year	$ 38.67
Weighted Average Grant Price - Vested	36.00
Weighted Average Grant Price - Forfeited/expired	38.73
Weighted Average Grant Price - Granted	34.14	$ 48.41	$ 35.32
Weighted Average Grant Price, Balance at end of year		$ 38.67
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Grant Date Fair Value	$ 36.99
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Expected to Vest	$ 27
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	1 year 1 month 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Number of Shares Outstanding	412
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of RSUs - Balance at beginning of year	1,169
Number of RSUs - Granted	570
Number of RSUs - Vested	0
Number of RSUs - Forfeited/expired	(678)
Number of RSUs - Balance at end of year	1,061	1,169
Weighted Average Grant Price, Balance at beginning of year	$ 35.14
Weighted Average Grant Price - Vested	0
Weighted Average Grant Price - Forfeited/expired	28.79
Weighted Average Grant Price - Granted	34.56	$ 48.52	$ 35.21
Weighted Average Grant Price, Balance at end of year	38.89	$ 35.14
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Grant Date Fair Value	$ 40.61
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term	1 year 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 34
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Expected to Vest	$ 13

Stock-Based Compensation - Annual Activity Of Stock Units and Cash Units Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Value, Restricted Stock Award, Gross	$ 18	$ 20	$ 23
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	1	$ 8	$ 21
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 25
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	1 year 2 months 12 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	502
Weighted Average Grant Price - Granted	$ 34.14	$ 48.41	$ 35.32
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	1 year
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	0
Number Of Restricted Stock Units Target Award Vested Range Maximum	20.00%
Weighted Average Grant Price - Granted	$ 34.56	$ 48.52	$ 35.21
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 34
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	1 year 6 months

Stock-Based Compensation - Annual Activity Of Stock Options (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Aggregate Intrinsic Value - Exercised	$ 1	$ 8	$ 21

Stock-Based Compensation - Annual Activity Of Stock Options Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement [Abstract]
Deferred Compensation Arrangement with Individual, Shares Issued	40,000	34,000	36,000
Aggregate Intrinsic Value - Exercised	$ 1	$ 8	$ 21

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Contributions	$ 32	$ 33	$ 36
Amortized from accumulated other comprehensive income into net periodic benefit cost	7
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets	276	234
Defined Benefit Plan, Accumulated Benefit Obligation	811	713
Estimated future benefit payments, 2014	28
Estimated future benefit payments, 2015	28
Estimated future benefit payments, 2016	30
Estimated future benefit payments, 2017	31
Estimated future benefit payments, 2018	31
Estimated future benefit payments, 2019 to 2023	175
Contribution to multiemployer plans	$ 9	$ 9	$ 9
Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Long-term rate of return on plan assets	7.00%	7.00%	7.00%
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 10
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Long-term rate of return on plan assets	4.50%	4.50%	4.70%
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 1

Summary Of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 5	$ 6	$ 5
Interest cost	21	19	19
Expected return on plan assets	(30)	(33)	(30)
Defined Benefit Plan Amortization Of Unrecognized Amounts	7	7	8
Net periodic benefit cost	3	(1)	2
Employee Benefit Plans [Abstract]
Defined Benefit Plan, Benefit Obligation	821	722	779
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	(87)	32
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)	13	(24)
Defined Benefit Plan, Plan Assets, Amount	649	549	$ 614
Actual return on plan assets	91	(29)
Employer contributions	21	11
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss)	14	(21)
Operating Expense [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	4	4
Selling, General and Administrative Expenses [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 2

Summary of Funded Status of Pension Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Defined Benefit Plan, Accumulated Benefit Obligation	$ 811	$ 713
Assets for Plan Benefits, Defined Benefit Plan	(20)	(18)
Liability, Defined Benefit Plan, Current	(4)	(4)
Liability, Defined Benefit Plan, Noncurrent	(188)	(187)
Employee Benefit Plans [Abstract]
Benefit obligation at end of prior year	722	779
Service cost	5	6	$ 5
Interest cost	21	19	19
Actuarial loss	87	(32)
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)	13	(24)
Benefit obligation at end of current year	821	722	779
Fair value of assets at end of prior year	549	614
Actual return on plan assets	91	(29)
Employer contributions	21	11
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss)	14	(21)
Net benefits paid	(26)	(26)
Fair value of assets at end of current year	649	549	614
Total unfunded status at end of year (recognized in other non-current liabilities in the Consolidated Balance Sheets)	(172)	(173)
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	30	33	30
Defined Benefit Plan Amortization Of Unrecognized Amounts	7	7	8
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	3	(1)	$ 2
Defined Benefit Plan, Benefit Obligation, Benefits Paid	27	26
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets	276	234
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation	$ 466	$ 423

Summary Of Assumptions Used To Determine Pension Obligations And Pension Costs (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Maximum [Member] \| Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage	60.00%
Maximum [Member] \| Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage	60.00%
Minimum [Member] \| Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage	40.00%
Minimum [Member] \| Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage	40.00%
United States
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 10
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	4.15%	3.50%	3.90%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	3.10%	4.15%	3.50%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	7.00%	7.00%	7.00%
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 1
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	2.75%	2.55%	2.45%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	1.95%	2.75%	2.55%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	4.50%	4.50%	4.70%

Summary Of Defined Benefit Pension Plans' Assets Fair Value (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 649	$ 549	$ 614
Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	70	35
US Stock
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	152	124
Non US Stock
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	158	129
Real Estate [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount		17
Non US Government Securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	7	11
Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	116	120
Other Assets
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	146	113
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	277	235
Fair Value, Inputs, Level 1 [Member] \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	16	10
Fair Value, Inputs, Level 1 [Member] \| US Stock
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	100	82
Fair Value, Inputs, Level 1 [Member] \| Non US Stock
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	59	49
Fair Value, Inputs, Level 1 [Member] \| Real Estate [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount		0
Fair Value, Inputs, Level 1 [Member] \| Non US Government Securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	4	3
Fair Value, Inputs, Level 1 [Member] \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	96	89
Fair Value, Inputs, Level 1 [Member] \| Other Assets
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	2	2
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	372	314
Fair Value, Inputs, Level 2 [Member] \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	54	25
Fair Value, Inputs, Level 2 [Member] \| US Stock
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	52	42
Fair Value, Inputs, Level 2 [Member] \| Non US Stock
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	99	80
Fair Value, Inputs, Level 2 [Member] \| Real Estate [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount		17
Fair Value, Inputs, Level 2 [Member] \| Non US Government Securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	3	8
Fair Value, Inputs, Level 2 [Member] \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	20	31
Fair Value, Inputs, Level 2 [Member] \| Other Assets
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 144	$ 111

Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 3
Document Period End Date	Dec. 31, 2019
Interest Rate Caps Sold
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	$ 5,900	$ 5,700
Purchase [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	2,700	2,700
Interest Rate Cap [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	8,625	8,431
Interest Rate Cap [Member] \| Subsidiary Issuers
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	3,200	3,000
Interest Rate Swap [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	1,500	1,500
Currency Swap [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	$ 1,518	$ 1,235

Schedule Of Effect Of Derivatives Recognized (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 5	$ 17
Derivatives not designated as hedging instruments	11	(48)	$ 91
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	38	22
Interest Expense [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivatives not designated as hedging instruments	11	(19)	23
Operating Expense [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivatives not designated as hedging instruments	4	(12)	(19)
Designated as Hedging Instrument \| Interest Rate Swap [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	0	12
Interest rate swaps	(23)	(4)	3
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	27	8
Designated as Hedging Instrument \| Foreign Exchange Forward [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Interest rate swaps	17	24	(50)
Not Designated as Hedging Instrument \| Foreign Exchange Forward [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivatives not designated as hedging instruments	7	(31)	42
Not Designated as Hedging Instrument \| Currency Swap [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	5	5
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	10	11
Not Designated as Hedging Instrument \| Interest Rate Contract
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	0	0
Derivatives not designated as hedging instruments	1	3	1
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	1	2
Not Designated as Hedging Instrument \| Commodity Contract
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	0	0
Derivatives not designated as hedging instruments	(3)	0	$ 1
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	$ 0	$ 1

Schedule Of Carrying Amounts And Estimated Fair Values (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Short-term debt and current portion of long-term debt		$ 23
Reported Value Measurement [Member]
Debt Instrument [Line Items]
Short-term debt and current portion of long-term debt	$ 19	23
Long-term debt, excluding convertible debt	3,416	3,528
Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding	7,936	7,358
Vehicle-backed debt	3,129	2,871
Interest rate swaps and interest rate contracts	3	3
Estimate of Fair Value Measurement [Member]
Debt Instrument [Line Items]
Short-term debt and current portion of long-term debt	19	23
Long-term debt, excluding convertible debt	3,572	3,462
Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding	8,077	7,383
Vehicle-backed debt	3,142	2,881
Interest rate swaps and interest rate contracts	$ 3	$ 3

Summary of Segments Information (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Revenues	$ 2,162	$ 2,753	$ 2,337	$ 1,920	$ 2,050	$ 2,778	$ 2,328	$ 1,968	$ 9,172	$ 9,124	$ 8,848
Vehicle depreciation and lease charges, net									2,063	2,179	2,221
Vehicle interest, net									(344)	(314)	(286)
Adjusted EBITDA									788	781	735
Non-vehicle depreciation and amortization									263	256	259
Assets exclusive of assets under vehicle programs	9,311				6,370				9,311	6,370	5,820
Assets under vehicle programs	13,815				12,779				13,815	12,779	11,879
Capital expenditures (excluding vehicles)									250	231	197
Americas
Segment Reporting Information [Line Items]
Revenues									6,352	6,186	6,100
Vehicle depreciation and lease charges, net									1,462	1,568	1,671
Vehicle interest, net									(284)	(252)	(226)
Adjusted EBITDA									652	558	486
Non-vehicle depreciation and amortization									161	152	168
Assets exclusive of assets under vehicle programs	6,226				3,782				6,226	3,782	3,388
Assets under vehicle programs	10,508				9,670				10,508	9,670	9,017
Capital expenditures (excluding vehicles)									162	134	122
International
Segment Reporting Information [Line Items]
Revenues									2,820	2,938	2,748
Vehicle depreciation and lease charges, net									601	611	550
Vehicle interest, net									(60)	(62)	(60)
Adjusted EBITDA									203	287	305
Non-vehicle depreciation and amortization									94	104	91
Assets exclusive of assets under vehicle programs	2,995				2,495				2,995	2,495	2,353
Assets under vehicle programs	3,307				3,109				3,307	3,109	2,862
Capital expenditures (excluding vehicles)									62	76	62
Corporate and Other
Segment Reporting Information [Line Items]
Revenues									0
Vehicle depreciation and lease charges, net									0
Vehicle interest, net									0
Adjusted EBITDA									(67)	(64)	(56)
Non-vehicle depreciation and amortization									8
Assets exclusive of assets under vehicle programs	90				$ 93				90	93	79
Assets under vehicle programs	$ 0								0
Capital expenditures (excluding vehicles)									26	21	13
Acquisition-related Costs [Member]
Segment Reporting Information [Line Items]
Non-vehicle depreciation and amortization									$ 56	$ 61	$ 58

Reconciliation of Adjusted EBITDA to Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Acquired Indefinite-lived Intangible Assets [Line Items]
Adjusted EBITDA	$ 788	$ 781	$ 735
Non-vehicle depreciation and amortization	263	256	259
Interest expense related to corporate debt, net	(178)	(188)	(188)
Early extinguishment of debt	12	19	3
Restructuring Charges	80	22	63
Transaction-related costs, net	10	20	23
Non-operational charges related to shareholder activist activity	2	9	0
Impairment	0	0	2
Charges for legal matter	0	0	(14)
Income before income taxes	287	267	211
Acquisition-related Costs [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Non-vehicle depreciation and amortization	$ 56	$ 61	$ 58

Summary of Geographic Segment Information (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 2,162	$ 2,753	$ 2,337	$ 1,920	$ 2,050	$ 2,778	$ 2,328	$ 1,968	$ 9,172	$ 9,124	$ 8,848
Assets exclusive of assets under vehicle programs	9,311				6,370				9,311	6,370	5,820
Assets under vehicle programs	13,815				12,779				13,815	12,779	11,879
Long-Lived Assets	2,691				2,653				2,691	2,653	2,627
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									5,867	5,708	5,629
Assets exclusive of assets under vehicle programs	5,830				3,494				5,830	3,494	3,069
Assets under vehicle programs	9,824				9,021				9,824	9,021	8,192
Long-Lived Assets	1,536				1,476				1,536	1,476	1,451
All Other Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									3,305	3,416	3,219
Assets exclusive of assets under vehicle programs	3,481				2,876				3,481	2,876	2,751
Assets under vehicle programs	3,991				3,758				3,991	3,758	3,687
Long-Lived Assets	$ 1,155				$ 1,177				$ 1,155	$ 1,177	$ 1,176

Guarantor and Non-Guarantor Consolidating Financial Statements Cash and cash equivalents, program cash and restricted cash (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash and cash equivalents	$ 686	$ 615
Program cash	211	115
Restricted Cash and Cash Equivalents	3	5
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	900	735	$ 901	$ 720
Non-Guarantor Subsidiaries
Cash and cash equivalents	673	601
Program cash	211	115
Restricted Cash and Cash Equivalents	3	5
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 887	$ 721	$ 883	$ 705

Consolidating Condensed Statements of Operations (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 2,162	$ 2,753	$ 2,337	$ 1,920	$ 2,050	$ 2,778	$ 2,328	$ 1,968	$ 9,172	$ 9,124	$ 8,848
Operating									4,698	4,639	4,472
Vehicle depreciation and lease charges, net									2,063	2,179	2,221
Selling, general and administrative									1,237	1,220	1,120
Vehicle interest, net									344	314	286
Non-vehicle related depreciation and amortization									263	256	259
Interest expense									178	188	188
Intercompany interest expense (income)									0	0	0
Early extinguishment of debt									12	19	3
Restructuring Charges									80	22	63
Transaction-related costs, net									10	20	23
Impairment of Intangible Assets (Excluding Goodwill)											2
Total expenses									8,885	8,857	8,637
Income before income taxes									287	267	211
Provision for (benefit from) income taxes									(15)	102	(150)
Equity in earnings (loss) of subsidiaries									0	0	0
Net income	$ 142	$ 189	$ 62	$ (91)	$ 13	$ 213	$ 26	$ (87)	302	165	361
Total comprehensive income									277	62	491
Payments for (Proceeds from) Other Investing Activities									81	(44)	5
Net Cash Provided by (Used in) Investing Activities									(2,752)	(3,426)	(2,204)
Parent Company
Condensed Financial Statements, Captions [Line Items]
Revenues									0	0	0
Operating									2	4	3
Vehicle depreciation and lease charges, net									0	0	0
Selling, general and administrative									50	48	39
Vehicle interest, net									0	0	0
Non-vehicle related depreciation and amortization									0	0	0
Interest expense									0	0	0
Intercompany interest expense (income)									(12)	(12)	(12)
Early extinguishment of debt									0	0	0
Restructuring Charges									18	0	0
Transaction-related costs, net									0	0	0
Impairment of Intangible Assets (Excluding Goodwill)											0
Total expenses									58	40	30
Income before income taxes									(58)	(40)	(30)
Provision for (benefit from) income taxes									(12)	(10)	(5)
Equity in earnings (loss) of subsidiaries									348	195	386
Net income									302	165	361
Total comprehensive income									277	62	491
Payments for (Proceeds from) Other Investing Activities									0	0	100
Net Cash Provided by (Used in) Investing Activities									0	0	100
Subsidiary Issuers
Condensed Financial Statements, Captions [Line Items]
Revenues									0	0	0
Operating									0	7	20
Vehicle depreciation and lease charges, net									0	0	0
Selling, general and administrative									17	11	8
Vehicle interest, net									3	0	0
Non-vehicle related depreciation and amortization									10	1	1
Interest expense									131	153	157
Intercompany interest expense (income)									10	(11)	95
Early extinguishment of debt									12	19	4
Restructuring Charges									0	0	7
Transaction-related costs, net									4	1	1
Impairment of Intangible Assets (Excluding Goodwill)											0
Total expenses									187	181	293
Income before income taxes									(187)	(181)	(293)
Provision for (benefit from) income taxes									(220)	(48)	267
Equity in earnings (loss) of subsidiaries									315	328	946
Net income									348	195	386
Total comprehensive income									323	92	515
Payments for (Proceeds from) Other Investing Activities									(75)	(8)	110
Net Cash Provided by (Used in) Investing Activities									(224)	(33)	106
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues									5,613	5,431	5,312
Operating									2,788	2,668	2,598
Vehicle depreciation and lease charges, net									2,188	2,162	2,226
Selling, general and administrative									700	662	619
Vehicle interest, net									269	229	199
Non-vehicle related depreciation and amortization									153	145	160
Interest expense									2	3	1
Intercompany interest expense (income)									59	26	23
Early extinguishment of debt									0	0	0
Restructuring Charges									38	11	44
Transaction-related costs, net									(6)	4	3
Impairment of Intangible Assets (Excluding Goodwill)											2
Total expenses									6,191	5,910	5,875
Income before income taxes									(578)	(479)	(563)
Provision for (benefit from) income taxes									(24)	93	(527)
Equity in earnings (loss) of subsidiaries									869	900	982
Net income									315	328	946
Total comprehensive income									312	228	1,073
Payments for (Proceeds from) Other Investing Activities									12	0	110
Net Cash Provided by (Used in) Investing Activities									(134)	(95)	24
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues									5,923	6,006	5,931
Operating									1,908	1,960	1,851
Vehicle depreciation and lease charges, net									1,969	2,102	2,183
Selling, general and administrative									470	499	454
Vehicle interest, net									342	313	294
Non-vehicle related depreciation and amortization									100	110	98
Interest expense									45	32	30
Intercompany interest expense (income)									(57)	(3)	(106)
Early extinguishment of debt									0	0	(1)
Restructuring Charges									24	11	12
Transaction-related costs, net									12	15	19
Impairment of Intangible Assets (Excluding Goodwill)											0
Total expenses									4,813	5,039	4,834
Income before income taxes									1,110	967	1,097
Provision for (benefit from) income taxes									241	67	115
Equity in earnings (loss) of subsidiaries									0	0	0
Net income									869	900	982
Total comprehensive income									860	806	1,103
Payments for (Proceeds from) Other Investing Activities									69	(36)	5
Net Cash Provided by (Used in) Investing Activities									(2,469)	(3,702)	(2,378)
Eliminations
Condensed Financial Statements, Captions [Line Items]
Revenues									(2,364)	(2,313)	(2,395)
Operating									0	0	0
Vehicle depreciation and lease charges, net									(2,094)	(2,085)	(2,188)
Selling, general and administrative									0	0	0
Vehicle interest, net									(270)	(228)	(207)
Non-vehicle related depreciation and amortization									0	0	0
Interest expense									0	0	0
Intercompany interest expense (income)									0	0	0
Early extinguishment of debt									0	0	0
Restructuring Charges									0	0	0
Transaction-related costs, net									0	0	0
Impairment of Intangible Assets (Excluding Goodwill)											0
Total expenses									(2,364)	(2,313)	(2,395)
Income before income taxes									0	0	0
Provision for (benefit from) income taxes									0	0	0
Equity in earnings (loss) of subsidiaries									(1,532)	(1,423)	(2,314)
Net income									(1,532)	(1,423)	(2,314)
Total comprehensive income									(1,495)	(1,126)	(2,691)
Payments for (Proceeds from) Other Investing Activities									75	0	(320)
Net Cash Provided by (Used in) Investing Activities									$ 75	$ 404	$ (56)

Consolidating Condensed Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 686	$ 615
Receivables, net	911	955
Other current assets	548	604
Total current assets	2,145	2,174
Property and equipment, net	792	736
Operating Lease, Right-of-Use Asset	2,596	0
Deferred income taxes	1,662	1,301
Goodwill	1,101	1,092	$ 1,073
Other intangibles, net	798	825
Other non-current assets	217	242
Intercompany receivables (payables)	0	0
Investment in subsidiaries	0	0
Total assets exclusive of assets under vehicle programs	9,311	6,370
Assets under vehicle programs:
Program cash	211	115
Vehicles, net	12,177	11,474
Receivables from vehicle manufacturers and other	778	631
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	649	559
Assets under vehicle programs	13,815	12,779	11,879
Total assets	23,126	19,149
Current liabilities:
Accounts payable and other current liabilities	2,206	1,693
Short-term debt and current portion of long-term debt	19	23
Total current liabilities	2,225	1,716
Long-term debt	3,416	3,528
Operating Lease, Liability, Noncurrent	2,140	0
Other non-current liabilities	757	767
Due to Related Parties, Noncurrent	0	0
Total liabilities exclusive of liabilities under vehicle programs	8,538	6,011
Liabilities under vehicle programs:
Debt	3,132	2,874
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	7,936	7,358
Deferred Income Taxes	2,189	1,961
Other	675	531
Total Liabilities under vehicle programs	13,932	12,724
Total stockholders’ equity	656	414	$ 573	$ 221
Total liabilities and stockholders’ equity	23,126	19,149
Parent Company
Current assets:
Cash and cash equivalents	1	1
Receivables, net	0	0
Other current assets	0	5
Total current assets	1	6
Property and equipment, net	0	0
Operating Lease, Right-of-Use Asset	0
Deferred income taxes	13	13
Goodwill	0	0
Other intangibles, net	0	0
Other non-current assets	47	47
Intercompany receivables (payables)	172	159
Investment in subsidiaries	483	246
Total assets exclusive of assets under vehicle programs	716	471
Assets under vehicle programs:
Program cash	0	0
Vehicles, net	0	0
Receivables from vehicle manufacturers and other	0	0
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	0	0
Assets under vehicle programs	0	0
Total assets	716	471
Current liabilities:
Accounts payable and other current liabilities	20	16
Short-term debt and current portion of long-term debt	0	0
Total current liabilities	20	16
Long-term debt	0	0
Operating Lease, Liability, Noncurrent	0
Other non-current liabilities	40	41
Due to Related Parties, Noncurrent	0	0
Total liabilities exclusive of liabilities under vehicle programs	60	57
Liabilities under vehicle programs:
Debt	0	0
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	0	0
Deferred Income Taxes	0	0
Other	0	0
Total Liabilities under vehicle programs	0	0
Total stockholders’ equity	656	414
Total liabilities and stockholders’ equity	716	471
Subsidiary Issuers
Current assets:
Cash and cash equivalents	12	12
Receivables, net	0	0
Other current assets	115	112
Total current assets	127	124
Property and equipment, net	234	199
Operating Lease, Right-of-Use Asset	778
Deferred income taxes	1,238	1,015
Goodwill	0	0
Other intangibles, net	24	26
Other non-current assets	32	39
Intercompany receivables (payables)	427	404
Investment in subsidiaries	5,070	4,786
Total assets exclusive of assets under vehicle programs	7,930	6,593
Assets under vehicle programs:
Program cash	0	0
Vehicles, net	191	55
Receivables from vehicle manufacturers and other	4	2
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	0	0
Assets under vehicle programs	195	57
Total assets	8,125	6,650
Current liabilities:
Accounts payable and other current liabilities	338	246
Short-term debt and current portion of long-term debt	17	18
Total current liabilities	355	264
Long-term debt	2,417	2,501
Operating Lease, Liability, Noncurrent	698
Other non-current liabilities	99	87
Due to Related Parties, Noncurrent	3,913	3,524
Total liabilities exclusive of liabilities under vehicle programs	7,482	6,376
Liabilities under vehicle programs:
Debt	160	28
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	0	0
Deferred Income Taxes	0	0
Other	0	0
Total Liabilities under vehicle programs	160	28
Total stockholders’ equity	483	246
Total liabilities and stockholders’ equity	8,125	6,650
Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	0	1
Receivables, net	262	239
Other current assets	95	116
Total current assets	357	356
Property and equipment, net	338	319
Operating Lease, Right-of-Use Asset	1,174
Deferred income taxes	222	207
Goodwill	471	471
Other intangibles, net	481	475
Other non-current assets	15	16
Intercompany receivables (payables)	2,715	2,104
Investment in subsidiaries	3,778	3,852
Total assets exclusive of assets under vehicle programs	9,551	7,800
Assets under vehicle programs:
Program cash	0	0
Vehicles, net	54	54
Receivables from vehicle manufacturers and other	99	0
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	0	0
Assets under vehicle programs	153	54
Total assets	9,704	7,854
Current liabilities:
Accounts payable and other current liabilities	867	582
Short-term debt and current portion of long-term debt	2	3
Total current liabilities	869	585
Long-term debt	1	3
Operating Lease, Liability, Noncurrent	971
Other non-current liabilities	215	257
Due to Related Parties, Noncurrent	427	404
Total liabilities exclusive of liabilities under vehicle programs	2,483	1,249
Liabilities under vehicle programs:
Debt	38	49
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	0	0
Deferred Income Taxes	2,014	1,770
Other	99	0
Total Liabilities under vehicle programs	2,151	1,819
Total stockholders’ equity	5,070	4,786
Total liabilities and stockholders’ equity	9,704	7,854
Non-Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	673	601
Receivables, net	649	716
Other current assets	338	371
Total current assets	1,660	1,688
Property and equipment, net	220	218
Operating Lease, Right-of-Use Asset	644
Deferred income taxes	189	66
Goodwill	630	621
Other intangibles, net	293	324
Other non-current assets	123	140
Intercompany receivables (payables)	1,028	1,262
Investment in subsidiaries	0	0
Total assets exclusive of assets under vehicle programs	4,787	4,319
Assets under vehicle programs:
Program cash	211	115
Vehicles, net	11,932	11,365
Receivables from vehicle manufacturers and other	675	629
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	649	559
Assets under vehicle programs	13,467	12,668
Total assets	18,254	16,987
Current liabilities:
Accounts payable and other current liabilities	981	849
Short-term debt and current portion of long-term debt	0	2
Total current liabilities	981	851
Long-term debt	998	1,024
Operating Lease, Liability, Noncurrent	471
Other non-current liabilities	403	382
Due to Related Parties, Noncurrent	2	1
Total liabilities exclusive of liabilities under vehicle programs	2,855	2,258
Liabilities under vehicle programs:
Debt	2,934	2,797
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	7,936	7,358
Deferred Income Taxes	175	191
Other	576	531
Total Liabilities under vehicle programs	11,621	10,877
Total stockholders’ equity	3,778	3,852
Total liabilities and stockholders’ equity	18,254	16,987
Eliminations
Current assets:
Cash and cash equivalents	0	0
Receivables, net	0	0
Other current assets	0	0
Total current assets	0	0
Property and equipment, net	0	0
Operating Lease, Right-of-Use Asset	0
Deferred income taxes	0	0
Goodwill	0	0
Other intangibles, net	0	0
Other non-current assets	0	0
Intercompany receivables (payables)	(4,342)	(3,929)
Investment in subsidiaries	(9,331)	(8,884)
Total assets exclusive of assets under vehicle programs	(13,673)	(12,813)
Assets under vehicle programs:
Program cash	0	0
Vehicles, net	0	0
Receivables from vehicle manufacturers and other	0	0
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	0	0
Assets under vehicle programs	0	0
Total assets	(13,673)	(12,813)
Current liabilities:
Accounts payable and other current liabilities	0	0
Short-term debt and current portion of long-term debt	0	0
Total current liabilities	0	0
Long-term debt	0	0
Operating Lease, Liability, Noncurrent	0
Other non-current liabilities	0	0
Due to Related Parties, Noncurrent	(4,342)	(3,929)
Total liabilities exclusive of liabilities under vehicle programs	(4,342)	(3,929)
Liabilities under vehicle programs:
Debt	0	0
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	0	0
Deferred Income Taxes	0	0
Other	0	0
Total Liabilities under vehicle programs	0	0
Total stockholders’ equity	(9,331)	(8,884)
Total liabilities and stockholders’ equity	$ (13,673)	$ (12,813)

Consolidating Condensed Statements of Cash Flows (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 900	$ 735	$ 901	$ 720
Net cash provided by (used in) operating activities	2,586	2,609	2,648
Investing activities
Property and equipment additions	(250)	(231)	(197)
Proceeds received on asset sales	11	17	8
Net assets acquired (net of cash acquired)	(77)	(91)	(21)
intercompany loan receipts		0	0
Other, net	81	(44)	5
Net cash used in investing activities exclusive of vehicle programs	(235)	(349)	(205)
Vehicle programs:
Investment In Vehicles	(12,887)	(12,589)	(11,538)
Proceeds received on disposition of vehicles	10,460	9,648	9,600
Repayments of Related Party Debt	(251)	(188)	(61)
Proceeds from Related Party Debt	161	52	0
Net Cash Used In Investing Activities Of Vehicle Programs	2,517	3,077	1,999
Net Cash Provided by (Used in) Investing Activities	(2,752)	(3,426)	(2,204)
Financing activities
Proceeds from borrowings	402	485	589
Principal payments on borrowings	(509)	(515)	(602)
Proceeds from (Repayments of) Short-term Debt	(1)	(4)	(4)
Debt financing fees	(7)	(15)	(9)
Payments for Repurchase of Common Stock	(67)	(216)	(210)
Intercompany loan borrowings		0	0
Other, net	0	3	1
Net cash used in financing activities exclusive of vehicle programs	(182)	(262)	(235)
Vehicle programs:
Proceeds from borrowings	19,869	17,339	17,212
Principal payments on borrowings	(19,346)	(16,385)	(17,269)
Debt financing fees	(23)	(25)	(16)
Net cash provided by financing activities of vehicle programs	500	929	(73)
Net cash provided by (used in) financing activities	318	667	(308)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	13	(16)	45
Net increase (decrease) in cash and cash equivalents, program and restricted cash	165	(166)	181
Parent Company
Condensed Financial Statements, Captions [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	1	1	4	3
Net cash provided by (used in) operating activities	67	210	110
Investing activities
Property and equipment additions	0	0	0
Proceeds received on asset sales	0	0	0
Net assets acquired (net of cash acquired)	0	0	0
intercompany loan receipts		0	0
Other, net	0	0	100
Net cash used in investing activities exclusive of vehicle programs	0	0	100
Vehicle programs:
Investment In Vehicles	0	0	0
Proceeds received on disposition of vehicles	0	0	0
Repayments of Related Party Debt	0	0	0
Proceeds from Related Party Debt	0	0
Net Cash Used In Investing Activities Of Vehicle Programs	0	0	0
Net Cash Provided by (Used in) Investing Activities	0	0	100
Financing activities
Proceeds from borrowings	0	0	0
Principal payments on borrowings	0	0	0
Proceeds from (Repayments of) Short-term Debt	0	0	0
Debt financing fees	0	0	0
Payments for Repurchase of Common Stock	(67)	(216)	(210)
Intercompany loan borrowings		0	0
Other, net	0	3	1
Net cash used in financing activities exclusive of vehicle programs	(67)	(213)	(209)
Vehicle programs:
Proceeds from borrowings	0	0	0
Principal payments on borrowings	0	0	0
Debt financing fees	0	0	0
Net cash provided by financing activities of vehicle programs	0	0	0
Net cash provided by (used in) financing activities	(67)	(213)	(209)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	0	0	0
Net increase (decrease) in cash and cash equivalents, program and restricted cash	0	(3)	1
Subsidiary Issuers
Condensed Financial Statements, Captions [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	12	12	14	12
Net cash provided by (used in) operating activities	293	235	(89)
Investing activities
Property and equipment additions	(79)	(64)	(49)
Proceeds received on asset sales	1	2	1
Net assets acquired (net of cash acquired)	(1)	(3)	(1)
intercompany loan receipts		0	0
Other, net	(75)	(8)	110
Net cash used in investing activities exclusive of vehicle programs	(154)	(73)	61
Vehicle programs:
Investment In Vehicles	(118)	(2)	(1)
Proceeds received on disposition of vehicles	48	42	46
Repayments of Related Party Debt	0	0	0
Proceeds from Related Party Debt	0	0
Net Cash Used In Investing Activities Of Vehicle Programs	70	(40)	(45)
Net Cash Provided by (Used in) Investing Activities	(224)	(33)	106
Financing activities
Proceeds from borrowings	400	81	325
Principal payments on borrowings	(502)	(510)	(406)
Proceeds from (Repayments of) Short-term Debt	0	0	0
Debt financing fees	(7)	(9)	(5)
Payments for Repurchase of Common Stock	0	0	0
Intercompany loan borrowings		404	264
Other, net	(61)	(167)	(192)
Net cash used in financing activities exclusive of vehicle programs	(170)	(201)	(14)
Vehicle programs:
Proceeds from borrowings	114	0	0
Principal payments on borrowings	(13)	(3)	(1)
Debt financing fees	0	0	0
Net cash provided by financing activities of vehicle programs	101	(3)	(1)
Net cash provided by (used in) financing activities	(69)	(204)	(15)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	0	0	0
Net increase (decrease) in cash and cash equivalents, program and restricted cash	0	(2)	2
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	0	1	0	0
Net cash provided by (used in) operating activities	246	193	97
Investing activities
Property and equipment additions	(100)	(88)	(81)
Proceeds received on asset sales	0	4	0
Net assets acquired (net of cash acquired)	(24)	(10)	(5)
intercompany loan receipts		0	0
Other, net	12	0	110
Net cash used in investing activities exclusive of vehicle programs	(112)	(94)	24
Vehicle programs:
Investment In Vehicles	(22)	(1)	0
Proceeds received on disposition of vehicles	0	0	0
Repayments of Related Party Debt	0	0	0
Proceeds from Related Party Debt	0	0
Net Cash Used In Investing Activities Of Vehicle Programs	22	1	0
Net Cash Provided by (Used in) Investing Activities	(134)	(95)	24
Financing activities
Proceeds from borrowings	0	0	0
Principal payments on borrowings	(3)	(3)	(2)
Proceeds from (Repayments of) Short-term Debt	0	0	0
Debt financing fees	0	0	0
Payments for Repurchase of Common Stock	0	0	0
Intercompany loan borrowings		0	0
Other, net	(98)	(85)	(110)
Net cash used in financing activities exclusive of vehicle programs	(101)	(88)	(112)
Vehicle programs:
Proceeds from borrowings	0	0	0
Principal payments on borrowings	(12)	(9)	(9)
Debt financing fees	0	0	0
Net cash provided by financing activities of vehicle programs	(12)	(9)	(9)
Net cash provided by (used in) financing activities	(113)	(97)	(121)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	0	0	0
Net increase (decrease) in cash and cash equivalents, program and restricted cash	(1)	1	0
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	887	721	883	705
Net cash provided by (used in) operating activities	2,394	2,380	2,697
Investing activities
Property and equipment additions	(71)	(79)	(67)
Proceeds received on asset sales	10	11	7
Net assets acquired (net of cash acquired)	(52)	(78)	(15)
intercompany loan receipts		(404)	(264)
Other, net	69	(36)	5
Net cash used in investing activities exclusive of vehicle programs	(44)	(586)	(334)
Vehicle programs:
Investment In Vehicles	(12,747)	(12,586)	(11,537)
Proceeds received on disposition of vehicles	10,412	9,606	9,554
Repayments of Related Party Debt	(251)	(188)	(61)
Proceeds from Related Party Debt	161	52
Net Cash Used In Investing Activities Of Vehicle Programs	2,425	3,116	2,044
Net Cash Provided by (Used in) Investing Activities	(2,469)	(3,702)	(2,378)
Financing activities
Proceeds from borrowings	2	404	264
Principal payments on borrowings	(4)	(2)	(194)
Proceeds from (Repayments of) Short-term Debt	(1)	(4)	(4)
Debt financing fees	0	(6)	(4)
Payments for Repurchase of Common Stock	0	0	0
Intercompany loan borrowings		0	0
Other, net	(180)	(157)	(185)
Net cash used in financing activities exclusive of vehicle programs	(183)	235	(123)
Vehicle programs:
Proceeds from borrowings	19,755	17,339	17,212
Principal payments on borrowings	(19,321)	(16,373)	(17,259)
Debt financing fees	(23)	(25)	(16)
Net cash provided by financing activities of vehicle programs	411	941	(63)
Net cash provided by (used in) financing activities	228	1,176	(186)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	13	(16)	45
Net increase (decrease) in cash and cash equivalents, program and restricted cash	166	(162)	178
Eliminations
Condensed Financial Statements, Captions [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	0	0	0	$ 0
Net cash provided by (used in) operating activities	(414)	(409)	(167)
Investing activities
Property and equipment additions	0	0	0
Proceeds received on asset sales	0	0	0
Net assets acquired (net of cash acquired)	0	0	0
intercompany loan receipts		404	264
Other, net	75	0	(320)
Net cash used in investing activities exclusive of vehicle programs	75	404	(56)
Vehicle programs:
Investment In Vehicles	0	0	0
Proceeds received on disposition of vehicles	0	0	0
Repayments of Related Party Debt	0	0	0
Proceeds from Related Party Debt	0	0
Net Cash Used In Investing Activities Of Vehicle Programs	0	0	0
Net Cash Provided by (Used in) Investing Activities	75	404	(56)
Financing activities
Proceeds from borrowings	0	0	0
Principal payments on borrowings	0	0	0
Proceeds from (Repayments of) Short-term Debt	0	0	0
Debt financing fees	0	0	0
Payments for Repurchase of Common Stock	0	0	0
Intercompany loan borrowings		(404)	(264)
Other, net	339	409	487
Net cash used in financing activities exclusive of vehicle programs	339	5	223
Vehicle programs:
Proceeds from borrowings	0	0	0
Principal payments on borrowings	0	0	0
Debt financing fees	0	0	0
Net cash provided by financing activities of vehicle programs	0	0	0
Net cash provided by (used in) financing activities	339	5	223
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	0	0	0
Net increase (decrease) in cash and cash equivalents, program and restricted cash	$ 0	$ 0	$ 0

Schedule Of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Line Items]
Deferred Income Tax Expense (Benefit)									$ 103	$ (14)	$ 192
Revenues	$ 2,162	$ 2,753	$ 2,337	$ 1,920	$ 2,050	$ 2,778	$ 2,328	$ 1,968	9,172	9,124	8,848
Net income	$ 142	$ 189	$ 62	$ (91)	$ 13	$ 213	$ 26	$ (87)	$ 302	$ 165	$ 361
Basic Net income (loss) (in dollars per share)	$ 1.92	$ 2.52	$ 0.81	$ (1.20)	$ 0.16	$ 2.71	$ 0.33	$ (1.08)	$ 4.01	$ 2.08	$ 4.32
Basic weighted average shares outstanding	73.9	75.2	76.0	75.8	76.9	78.8	80.7	81.0	75.2	79.3	83.4
Diluted Net income (loss) (in dollars per share)	$ 1.90	$ 2.50	$ 0.81	$ (1.20)	$ 0.16	$ 2.68	$ 0.32	$ (1.08)	$ 3.98	$ 2.06	$ 4.25
Diluted weighted average shares outstanding	74.4	75.7	76.4	75.8	77.6	79.5	81.5	81.0	75.7	80.1	84.8
Provision adjustment due to anticipated repatriation of foreign earnings [Member]
Income Tax Disclosure [Line Items]
Deferred Income Tax Expense (Benefit)		$ (30)									$ (104)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.