0000723612-21-000005 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Feb. 12, 2021	Jun. 30, 2020
Entity Listings [Line Items]
Entity Address, Address Line One	6 Sylvan Way
Entity Address, City or Town	Parsippany,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	7054
Document Transition Report	false
Document Annual Report	true
Title of 12(b) Security	Common Stock, Par Value $.01
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Trading Symbol	CAR
Document Fiscal Period Focus	FY
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		69,842,179
Security Exchange Name	NASDAQ
City Area Code	(973)
Local Phone Number	496-4700
Entity Registrant Name	AVIS BUDGET GROUP, INC.
Entity Central Index Key	0000723612
Entity File Number	001-10308
Entity Tax Identification Number	06-0918165
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Public Float			$ 1,199,360,829

Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

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,
		2020		2019		2018
Net income (loss) for basic and diluted EPS		$	(684)	$	302	$	165

Basic weighted average shares outstanding		70.5		75.2		79.3
Options and non-vested stock		—		0.5		0.8
Diluted weighted average shares outstanding		70.5		75.7		80.1

Earnings per share:
	Basic	$	(9.71)	$	4.01	$	2.08
	Diluted	$	(9.71)	$	3.98	$	2.06

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,
	2020	2019	2018
Non-vested stock (a)	1.2	0.5	0.2

__________

(a)The weighted average grant date fair value for anti-dilutive non-vested stock for 2020, 2019 and 2018 was $26.20, $39.48 and $48.66, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

On December 22, 2017 the Tax Act made substantial changes to corporate income tax laws. Among the key provisions were a U.S. corporate tax rate reduction from 35% to 21% effective for tax years beginning January 1, 2018 and a one-time transition tax on the deemed repatriation of cumulative earnings from foreign subsidiaries and changes to U.S. taxation of foreign earnings from a worldwide to a territorial tax system effective for tax years beginning January 1, 2018. The Company recognized the effects of the Tax Act in its Consolidated Financial Statements in accordance with Staff Accounting Bulletin No. 118, which provides SEC staff guidance for the application of FASB Accounting Standards Codification Topic 740, Income Taxes, in the reporting period that the Tax Act was signed into law.

In 2017 the Company recorded a provisional income tax benefit of $317 million related to the remeasurement of its net deferred income tax liabilities as a result of the reduced corporate tax rate, and a provisional tax expense of $104 million for the one-time transition tax on the deemed repatriation of cumulative foreign subsidiary earnings.

The Company completed the accounting for the effects of the Tax Act during 2018 and recorded an additional income tax expense of $30 million for the one-time transition tax on the deemed repatriation of foreign earnings.

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


		Year Ended December 31,
		2020		2019		2018
Current
	Federal	$	(5)	$	(3)	$	(7)
	State	21		41		36
	Foreign	29		50		59
	Current income tax provision	45		88		88

Deferred
	Federal	(104)		41		63
	State	(90)		(37)		(39)
	Foreign	(123)		(107)		(10)
	Deferred income tax provision	(317)		(103)		14
Provision for (benefit from) income taxes		$	(272)	$	(15)	$	102

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


	Year Ended December 31,
	2020		2019		2018
United States	$	(590)	$	125	$	114
Foreign	(366)		162		153
Pretax income (loss)	$	(956)	$	287	$	267

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


		As of December 31,
		2020		2019
Deferred income tax assets:
	Net tax loss carryforwards	$	1,146	$	1,645
	Long-term operating lease liabilities	657		678
	Accrued liabilities and deferred revenue	237		236
	Tax credits	17		20
	Depreciation and amortization	3		17

	Provision for doubtful accounts	8		8


	Other	110		75
	Valuation allowance (a)	(204)		(214)
Deferred income tax assets		1,974		2,465

Deferred income tax liabilities:
	Operating lease right-of-use assets	649		672
	Depreciation and amortization	105		108
	Prepaid expenses	8		17
	Other	14		6
Deferred income tax liabilities		776		803
Deferred income tax assets, net		$	1,198	$	1,662

__________

(a) The valuation allowance of $204 million at December 31, 2020 relates to tax loss carryforwards and certain deferred tax assets of $195 million and $9 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. The valuation allowance of $214 million at December 31, 2019 relates to tax loss carryforwards and certain deferred tax assets of $192 million and $22 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized.

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


	As of December 31,
	2020		2019
Deferred income tax assets:
Depreciation and amortization	$	62	$	54
Other	27		48
Deferred income tax assets	89		102

Deferred income tax liabilities:
Depreciation and amortization	1,445		2,243
Other	27		48
Deferred income tax liabilities	1,472		2,291
Deferred income tax liabilities under vehicle programs, net	$	1,383	$	2,189

At December 31, 2020, the Company had U.S. federal net operating loss carryforwards of approximately $3.5 billion. The majority of the net operating loss carryforwards have an indefinite utilization period pursuant to the Tax Act and a significant remaining portion expires by 2031. Such net operating loss carryforwards are primarily related to accelerated depreciation of the Company’s U.S. vehicles. Currently, the Company does not record valuation allowances on the majority of its U.S. federal tax loss carryforwards as there are adequate deferred tax liabilities that could be realized within the carryforward period. At December 31, 2020, the Company had foreign net operating loss carryforwards of approximately $1.2 billion with an indefinite utilization period.

At December 31, 2020, the Company had undistributed earnings of certain foreign subsidiaries of approximately $0.9 billion that it has indefinitely reinvested, and on which it has not recognized deferred taxes. Estimating the amount of potential tax is not practicable because of the complexity and variety of assumptions necessary to compute the tax.

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,
		2020		2019		2018
U.S. federal statutory rate		21.0	%	21.0	%	21.0	%
Adjustments to reconcile to the effective rate:
	State and local income taxes, net of federal tax benefits	4.8		(1.7)		5.5
	Changes in valuation allowances	—		(26.9)		6.3
	Taxes on foreign operations at rates different than U.S. federal statutory rates	3.1		3.4		(5.2)


	Stock-based compensation	(0.1)		—		(0.8)

	Tax Act (benefit) expense	—		—		11.2
	Other non-deductible (non-taxable) items	(0.4)		(1.4)		1.1
	Other	—		0.4		(0.9)
		28.4	%	(5.2)	%	38.2	%

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


		2020		2019		2018
Balance, January 1		$	54	$	61	$	63
	Additions for tax positions related to current year	4		6		8

	Reductions for tax positions for prior years	(1)		(8)		(6)
	Settlements	(3)		(4)		(3)
	Statute of limitations	—		(1)		(1)
	Foreign currency translation	3		—		—
Balance, December 31		$	57	$	54	$	61

The Company does not anticipate that total unrecognized tax benefits will change significantly in 2021.

The Company is subject to taxation in the United States and various foreign jurisdictions. As of December 31, 2020, the 2017 through 2019 tax years generally remain subject to examination by the federal tax authorities. The 2014 through 2019 tax years generally remain subject to examination by various state tax authorities. In significant foreign jurisdictions, the 2013 through 2019 tax years generally remain subject to examination by their respective tax authorities.

Substantially all of the gross amount of the unrecognized tax benefits at December 31, 2020, 2019 and 2018, if recognized, would affect the Company’s provision for, or benefit from, income taxes. As of December 31, 2020, the Company’s unrecognized tax benefits were offset by tax loss carryforwards and other deferred tax assets in the amount of $38 million.

The following table presents unrecognized tax benefits:


	As of December 31,
	2020		2019
Unrecognized tax benefit in non-current income taxes payable (a)	$	24	$	57
Accrued interest payable on potential tax liabilities (b)	29		27

__________

(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, 2020 and 2019, $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, 2020, 2019 and 2018, were not significant and were recognized as a component of the provision for income taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Other Current Assets

12 Months Ended

Dec. 31, 2020

Disclosure Schedule Of Other Current Assets [Abstract]

Other Current Assets

Other current assets consisted of:


	As of December 31,
	2020		2019
Prepaid expenses	$	161	$	234
Sales and use taxes	147		173
Other	148		141
Other current assets	$	456	$	548

Property and Equipment, net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of:


	As of December 31,
	2020		2019
Land	$	49	$	48
Buildings and leasehold improvements	592		565
Capitalized software	918		789
Furniture, fixtures and equipment	417		400
Projects in process	60		180
Buses and support vehicles	86		88
	2,122		2,070
Less: Accumulated depreciation and amortization	(1,465)		(1,278)
Property and equipment, net	$	657	$	792

Depreciation and amortization expense relating to property and equipment during 2020, 2019 and 2018 was $218 million, $204 million and $191 million, respectively (including $113 million, $109 million and $92 million, respectively, of amortization expense relating to capitalized software). At December 31, 2020, the Company had payables related to property and equipment included in accounts payable and other current liabilities and in other non-current liabilities of $10 million and $3 million, respectively. At December 31, 2019, the Company had payables related to property and equipment included in accounts payable and other current liabilities and in other non-current liabilities of $16 million and $12 million, respectively. At December 31, 2018, the Company had payables related to property and equipment included in accounts payable and other current liabilities of $15 million.

Accounts Payable and Other Current Liabilities

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accounts Payable and Other Current Liabilities

Accounts payable and other current liabilities consisted of:


	As of December 31,
	2020		2019
Short-term operating lease liabilities	514		$	479
Accounts payable	394		378
Accrued sales and use taxes	215		223
Public liability and property damage insurance liabilities – current	162		178
Accrued advertising and marketing	122		191
Accrued payroll and related	117		195


Other	510		562
Accounts payable and other current liabilities	$	2,034	$	2,206

Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

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 $23 million, $32 million and $33 million during 2020, 2019 and 2018, 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,
	2020		2019		2018
Service cost (a)	$	5	$	5	$	6
Interest cost (b)	17		21		19
Expected return on plan assets (b)	(31)		(30)		(33)
Amortization of unrecognized amounts (b)	9		7		7
Net periodic (benefit) cost	$	—	$	3	$	(1)

__________

(a)For the year ended December 31, 2020, $4 million and $1 million were included in operating expenses and selling, general and administrative expenses, respectively. 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 2021 is $9 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	2020		2019
Benefit obligation at end of prior year	$	821	$	722
Service cost	5		5
Interest cost	17		21
Actuarial (gain) loss	84		87
Currency translation adjustment	26		13
Net benefits paid	(27)		(27)
Benefit obligation at end of current year	$	926	$	821

Change in Plan Assets
Fair value of assets at end of prior year	$	649	$	549
Actual return on plan assets	71		91
Employer contributions	14		21
Currency translation adjustment	14		14
Net benefits paid	(26)		(26)
Fair value of assets at end of current year	$	722	$	649


	As of December 31,
Funded Status	2020		2019
Classification of net balance sheet assets (liabilities):
Non-current assets	$	7	$	20
Current liabilities	(4)		(4)
Non-current liabilities	(207)		(188)
Net funded status	$	(204)	$	(172)

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		2020		2019		2018
Discount rate:
	Net periodic benefit cost	3.10	%	4.15	%	3.50	%
	Benefit obligation	2.25	%	3.10	%	4.15	%
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	1.95	%	2.75	%	2.55	%
	Benefit obligation	1.40	%	1.95	%	2.75	%
Long-term rate of return on plan assets		3.80	%	4.50	%	4.50	%

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 3.80% 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, 2020, plans with benefit obligations in excess of plan assets had accumulated benefit obligations of $518 million and plan assets of $307 million. 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. The accumulated benefit obligation for all plans was $916 million and $811 million as of December 31, 2020 and 2019, respectively. The Company expects to contribute approximately $4 million to the U.S. plans and $5 million to the non-U.S. plans in 2021.

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 33%-43% of the plans’ assets.

The purpose of the alternative investment component is to provide diversification and risk reduction through less correlated investment strategies with the goal of enhanced returns and downside protection. Alternative strategies will not be used if they are designed solely to enhance return and/or employ significant leverage. Diversification of asset categories, investment styles and managers is central to managing investment risk. The alternative investment component is expected to approximate 7%-17% of the plans’ assets.

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


	2020
Asset Class	Level 1		Level 2		Total
Cash equivalents and short-term investments	$	19	$	50	$	69
U.S. equities	113		56		169
Non-U.S. equities	64		103		167

Government bonds	5		1		6
Corporate bonds	105		32		137
Other assets	1		173		174
Total assets	$	307	$	415	$	722


	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

The Company estimates that future benefit payments from plan assets will be $30 million, $31 million, $31 million, $32 million, $33 million and $184 million for 2021, 2022, 2023, 2024, 2025 and 2026 to 2030, 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 year ended December 31, 2020, the Company contributed a total of $7 million and during the years ended December 31, 2019 and 2018, the Company contributed a total of $9 million in each of the periods to multiemployer plans.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Segment Information

12 Months Ended

Dec. 31, 2020

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 (loss) 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 and other legal matters, non-operational charges related to shareholder activist activity, gain on sale of equity method investment in China, COVID-19 charges and income taxes. Net charges for unprecedented personal-injury and other legal matters and gain on sale of equity method investment in China are recorded within operating expenses in the Company’s Consolidated Statement of Comprehensive Income. 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 Statement of Comprehensive Income. COVID-19 charges include unusual, direct and incremental costs due to the COVID-19 pandemic, such as minimum annual guaranteed rent in excess of concession fees for the period, overflow parking for idle vehicles and related shuttling costs, incremental cleaning supplies to sanitize vehicles and facilities and other charges, and losses associated with vehicles damaged in overflow parking lots, net of insurance proceeds, and are primarily recorded within operating expenses in the Company’s Consolidated Statement of Comprehensive Income. The Company has revised its definition of Adjusted EBITDA to exclude COVID-19 charges. The Company has not revised prior years' Adjusted EBITDA amounts because there were no other charges similar in nature to these. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

Year Ended December 31, 2020


	Americas		International		Corporate and Other (a)		Total
Revenues	$	3,965	$	1,437	$	—	$	5,402
Vehicle depreciation and lease charges, net	968		400		—		1,368
Vehicle interest, net	274		44		—		318
Adjusted EBITDA	72		(202)		(45)		(175)
Non-vehicle depreciation and amortization	185		91		10		286
Assets exclusive of assets under vehicle programs	5,510		2,754		101		8,365
Assets under vehicle programs	7,155		2,018		—		9,173
Capital expenditures (excluding vehicles)	65		29		—		94

__________

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

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.

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


		For the Year Ended December 31,
		2020		2019		2018
Adjusted EBITDA		$	(175)	$	788	$	781
Less: Non-vehicle related depreciation and amortization (a)		286		263		256
	Interest expense related to corporate debt, net	231		178		188
	Early extinguishment of corporate debt	9		12		19
	COVID-19 charges (b)	122		—		—
	Restructuring and other related charges	118		80		22
	Unprecedented personal-injury and other legal matters, net (c)	8		—		—
	Non-operational charges related to shareholder activist activity (d)	4		2		9
	Transaction-related costs, net	3		10		20

	Gain on sale of equity method investment in China (c)	—		(44)		—
Income before income taxes		$	(956)	$	287	$	267

__________

(a) Includes amortization of intangible assets recognized in purchase accounting of $66 million in 2020, $56 million in 2019 and $61 million in 2018.

(b) Includes $116 million within operating expenses, $5 million within selling, general and administrative expenses and $1 million within vehicle depreciation and lease charges, net in our Consolidated Statements of Operations. Primarily consisting of $60 million of minimum annual guaranteed rent in excess of concession fees, $48 million of incremental cleaning supplies to sanitize vehicles and facilities, overflow parking for idle vehicles and related shuttling costs and other charges, and $14 million of losses associated with vehicles damaged in overflow parking lots, net of insurance proceeds.

(d) Reported within selling, general and administrative 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
2020
Revenues	$	3,758	$	1,644	$	5,402
Assets exclusive of assets under vehicle programs	5,262		3,103		8,365
Assets under vehicle programs	6,797		2,376		9,173
Net long-lived assets	1,421		1,147		2,568

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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

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,
		2020		2019		2018
Net income (loss) for basic and diluted EPS		$	(684)	$	302	$	165

Basic weighted average shares outstanding		70.5		75.2		79.3
Options and non-vested stock		—		0.5		0.8
Diluted weighted average shares outstanding		70.5		75.7		80.1

Earnings per share:
	Basic	$	(9.71)	$	4.01	$	2.08
	Diluted	$	(9.71)	$	3.98	$	2.06

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,
	2020	2019	2018
Non-vested stock (a)	1.2	0.5	0.2

__________

(a)The weighted average grant date fair value for anti-dilutive non-vested stock for 2020, 2019 and 2018 was $26.20, $39.48 and $48.66, respectively.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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,
		2020		2019		2018
Current
	Federal	$	(5)	$	(3)	$	(7)
	State	21		41		36
	Foreign	29		50		59
	Current income tax provision	45		88		88

Deferred
	Federal	(104)		41		63
	State	(90)		(37)		(39)
	Foreign	(123)		(107)		(10)
	Deferred income tax provision	(317)		(103)		14
Provision for (benefit from) income taxes		$	(272)	$	(15)	$	102

Pretax Income (Loss) for Domestic and Foreign Operations

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


	Year Ended December 31,
	2020		2019		2018
United States	$	(590)	$	125	$	114
Foreign	(366)		162		153
Pretax income (loss)	$	(956)	$	287	$	267

Deferred Income Tax Assets and Liabilities

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


		As of December 31,
		2020		2019
Deferred income tax assets:
	Net tax loss carryforwards	$	1,146	$	1,645
	Long-term operating lease liabilities	657		678
	Accrued liabilities and deferred revenue	237		236
	Tax credits	17		20
	Depreciation and amortization	3		17

	Provision for doubtful accounts	8		8


	Other	110		75
	Valuation allowance (a)	(204)		(214)
Deferred income tax assets		1,974		2,465

Deferred income tax liabilities:
	Operating lease right-of-use assets	649		672
	Depreciation and amortization	105		108
	Prepaid expenses	8		17
	Other	14		6
Deferred income tax liabilities		776		803
Deferred income tax assets, net		$	1,198	$	1,662

__________

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,
		2020		2019		2018
U.S. federal statutory rate		21.0	%	21.0	%	21.0	%
Adjustments to reconcile to the effective rate:
	State and local income taxes, net of federal tax benefits	4.8		(1.7)		5.5
	Changes in valuation allowances	—		(26.9)		6.3
	Taxes on foreign operations at rates different than U.S. federal statutory rates	3.1		3.4		(5.2)


	Stock-based compensation	(0.1)		—		(0.8)

	Tax Act (benefit) expense	—		—		11.2
	Other non-deductible (non-taxable) items	(0.4)		(1.4)		1.1
	Other	—		0.4		(0.9)
		28.4	%	(5.2)	%	38.2	%

Changes in Gross Unrecognized Tax Benefits

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


		2020		2019		2018
Balance, January 1		$	54	$	61	$	63
	Additions for tax positions related to current year	4		6		8

	Reductions for tax positions for prior years	(1)		(8)		(6)
	Settlements	(3)		(4)		(3)
	Statute of limitations	—		(1)		(1)
	Foreign currency translation	3		—		—
Balance, December 31		$	57	$	54	$	61

Unrecognized Tax Benefits

The following table presents unrecognized tax benefits:


	As of December 31,
	2020		2019
Unrecognized tax benefit in non-current income taxes payable (a)	$	24	$	57
Accrued interest payable on potential tax liabilities (b)	29		27

__________

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,
	2020		2019
Deferred income tax assets:
Depreciation and amortization	$	62	$	54
Other	27		48
Deferred income tax assets	89		102

Deferred income tax liabilities:
Depreciation and amortization	1,445		2,243
Other	27		48
Deferred income tax liabilities	1,472		2,291
Deferred income tax liabilities under vehicle programs, net	$	1,383	$	2,189

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Schedule Of Other Current Assets [Abstract]

Schedule of Other Current Assets

. Other Current Assets

Other current assets consisted of:


	As of December 31,
	2020		2019
Prepaid expenses	$	161	$	234
Sales and use taxes	147		173
Other	148		141
Other current assets	$	456	$	548

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of:


	As of December 31,
	2020		2019
Land	$	49	$	48
Buildings and leasehold improvements	592		565
Capitalized software	918		789
Furniture, fixtures and equipment	417		400
Projects in process	60		180
Buses and support vehicles	86		88
	2,122		2,070
Less: Accumulated depreciation and amortization	(1,465)		(1,278)
Property and equipment, net	$	657	$	792

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Summary of Net Periodic Benefit Cost

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


	Year Ended December 31,
	2020		2019		2018
Service cost (a)	$	5	$	5	$	6
Interest cost (b)	17		21		19
Expected return on plan assets (b)	(31)		(30)		(33)
Amortization of unrecognized amounts (b)	9		7		7
Net periodic (benefit) cost	$	—	$	3	$	(1)

__________

(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	2020		2019
Benefit obligation at end of prior year	$	821	$	722
Service cost	5		5
Interest cost	17		21
Actuarial (gain) loss	84		87
Currency translation adjustment	26		13
Net benefits paid	(27)		(27)
Benefit obligation at end of current year	$	926	$	821

Change in Plan Assets
Fair value of assets at end of prior year	$	649	$	549
Actual return on plan assets	71		91
Employer contributions	14		21
Currency translation adjustment	14		14
Net benefits paid	(26)		(26)
Fair value of assets at end of current year	$	722	$	649

Schedule of Net Funded Status [Table Text Block]


	As of December 31,
Funded Status	2020		2019
Classification of net balance sheet assets (liabilities):
Non-current assets	$	7	$	20
Current liabilities	(4)		(4)
Non-current liabilities	(207)		(188)
Net funded status	$	(204)	$	(172)

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		2020		2019		2018
Discount rate:
	Net periodic benefit cost	3.10	%	4.15	%	3.50	%
	Benefit obligation	2.25	%	3.10	%	4.15	%
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	1.95	%	2.75	%	2.55	%
	Benefit obligation	1.40	%	1.95	%	2.75	%
Long-term rate of return on plan assets		3.80	%	4.50	%	4.50	%

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:


	2020
Asset Class	Level 1		Level 2		Total
Cash equivalents and short-term investments	$	19	$	50	$	69
U.S. equities	113		56		169
Non-U.S. equities	64		103		167

Government bonds	5		1		6
Corporate bonds	105		32		137
Other assets	1		173		174
Total assets	$	307	$	415	$	722


	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

Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Summary of Operating Segments

Year Ended December 31, 2020


	Americas		International		Corporate and Other (a)		Total
Revenues	$	3,965	$	1,437	$	—	$	5,402
Vehicle depreciation and lease charges, net	968		400		—		1,368
Vehicle interest, net	274		44		—		318
Adjusted EBITDA	72		(202)		(45)		(175)
Non-vehicle depreciation and amortization	185		91		10		286
Assets exclusive of assets under vehicle programs	5,510		2,754		101		8,365
Assets under vehicle programs	7,155		2,018		—		9,173
Capital expenditures (excluding vehicles)	65		29		—		94

__________

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

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.

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,
		2020		2019		2018
Adjusted EBITDA		$	(175)	$	788	$	781
Less: Non-vehicle related depreciation and amortization (a)		286		263		256
	Interest expense related to corporate debt, net	231		178		188
	Early extinguishment of corporate debt	9		12		19
	COVID-19 charges (b)	122		—		—
	Restructuring and other related charges	118		80		22
	Unprecedented personal-injury and other legal matters, net (c)	8		—		—
	Non-operational charges related to shareholder activist activity (d)	4		2		9
	Transaction-related costs, net	3		10		20

	Gain on sale of equity method investment in China (c)	—		(44)		—
Income before income taxes		$	(956)	$	287	$	267

__________

(a) Includes amortization of intangible assets recognized in purchase accounting of $66 million in 2020, $56 million in 2019 and $61 million in 2018.

(d) Reported within selling, general and administrative 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
2020
Revenues	$	3,758	$	1,644	$	5,402
Assets exclusive of assets under vehicle programs	5,262		3,103		8,365
Assets under vehicle programs	6,797		2,376		9,173
Net long-lived assets	1,421		1,147		2,568

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

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Line Items]
Deferred income taxes	$ 317	$ 103	$ (14)
Foreign net operating loss carryforwards	1,200
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	3	4	3
Deferred Tax Liabilities, Undistributed Foreign Earnings	900
Internal Revenue Service (IRS)
Income Tax Disclosure [Line Items]
Federal net operating loss carryforwards net of valuation allowances	$ 3,500
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			$ (104)

Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Beginning Balance	$ 54	$ 61	$ 63
Additions based on tax positions related to the current year	4	6	8
Reductions for tax positions for prior years	(1)	(8)	(6)
Settlements	(3)	(4)	(3)
Statute of limitations	0	(1)	(1)
Ending Balance	$ 57	$ 54	$ 61

Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, non-current income taxes payable	$ 24	$ 57
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 29	$ 27

Unrecognized Tax Benefits Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Unrecognized tax benefits, non-current income taxes payable	$ 24	$ 57
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	29	27
Unrecognized Tax Benefits	57	$ 54	$ 61	$ 63
Non Avis Budget Car Rental Tax Contingencies
Income Taxes [Line Items]
Unrecognized Tax Benefits	$ 13

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Accounts Payable, Other, Current	$ 232	$ 418	$ 472
Other Liabilities, Noncurrent	731	757
Depreciation and amortization expense	218	204	191
Amortization expense relating to capitalized computer software	113	$ 109	92
Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Accounts Payable, Other, Current	10		$ 15
Other Liabilities, Noncurrent	$ 3

Consolidated Statements Of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Revenues	$ 5,402	$ 9,172	$ 9,124
Expenses
Operating Costs and Expenses	3,322	4,698	4,639
Vehicle depreciation and lease charges, net	1,368	2,063	2,179
Selling, general and administrative	703	1,237	1,220
Vehicle interest, net	318	344	314
Non-vehicle related depreciation and amortization	286	263	256
Interest expense related to corporate debt, net:
Interest expense	231	178	188
Early extinguishment of debt	9	12	19
Restructuring and other related charges	118	80	22
Transaction-related costs, net	3	10	20
Total expenses	6,358	8,885	8,857
Income (Loss) before income taxes	(956)	287	267
Provision for (benefit from) income taxes	(272)	(15)	102
Net income (loss)	$ (684)	$ 302	$ 165
Earnings per share
Basic	$ (9.71)	$ 4.01	$ 2.08
Diluted	$ (9.71)	$ 3.98	$ 2.06

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ (684)	$ 302	$ 165
Other comprehensive income (loss), net of tax
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	33	12	(81)
Currency translation adjustment	(2)
Cash flow hedges:
Net unrealized holding gains (losses), net of tax of $14, $7, and $0, respectively	(39)	(20)	(2)
Reclassification of cash flow hedges to earnings, net of tax of $(3), $1, and $1, respectively	8	(3)	(2)
Minimum pension liability adjustment:
Pension and post-retirement benefits, net of tax of $12, $6, and $6, respectively	(36)	(20)	(23)
Reclassification of pension and post-retirement benefits to earnings, net of tax of $(3), $(2), and $(2), respectively	6	6	5
Other comprehensive income (loss)	(30)	(25)	(103)
Total comprehensive income (loss)	(714)	277	62
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(714)	277	62
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	$ 33	$ 12	$ (81)

Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax	$ 23	$ (6)	$ (8)
Net unrealized holding losses arising during period,tax	14	7	0
Cash flow hedges reclassified to earnings, tax	(3)	1	1
Pension and post retirement benefits, tax	12	6	6
Pension and post retirement benefits reclassified to earnings, tax	$ (3)	$ (2)	$ (2)

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 692	$ 686
Receivables (net of allowance for doubtful accounts of $60 and $52, respectively)	647	911
Other current assets	456	548
Total current assets	1,795	2,145
Property and equipment, net	657	792
Operating lease right-of-use assets	2,560	2,596
Deferred Income Tax Assets, Net	1,198	1,662
Goodwill	1,137	1,101
Other intangibles, net	774	798
Other non-current assets	244	217
Total Assets Exclusive Of Assets Under Vehicle Programs	8,365	9,311
Assets under vehicle programs:
Program cash	72	211
Vehicles, net	8,153	12,177
Receivables from vehicle manufacturers and other	281	778
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	667	649
Assets under vehicle programs	9,173	13,815
Total assets	17,538	23,126
Current liabilities:
Accounts payable and other current liabilities	2,034	2,206
Short-term debt and current portion of long-term debt	19	19
Total current liabilities	2,053	2,225
Long-term debt	4,191	3,416
Long-term operating lease liabilities	2,078	2,140
Other non-current liabilities	731	757
Total liabilities exclusive of liabilities under vehicle programs	9,053	8,538
Liabilities under vehicle programs:
Debt	1,777	3,132
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party	5,080	7,936
Deferred income taxes	1,383	2,189
Other	400	675
Total Liabilities under vehicle programs	8,640	13,932
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock, $.01 par value—authorized 10 shares; none issued and outstanding	0	0
Common stock, $.01 par value—authorized 250 shares; issued 137 shares, respectively	1	1
Additional paid-in capital	6,668	6,741
Accumulated deficit	(1,470)	(785)
Accumulated other comprehensive loss	(187)	(157)
Treasury stock, at cost—67 and 63 shares, respectively	(5,167)	(5,144)
Total stockholders’ equity	(155)	656
Total liabilities and stockholders’ equity	$ 17,538	$ 23,126

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 0	$ 52
Preferred stock,par value	$ 0.01	$ 0.01
Preferred stock,shares authorized	10,000,000	10,000,000
Preferred stock,shares issued	0	0
Preferred stock,shares outstanding	0	0
Common stock,par value	$ 0.01	$ 0.01
Common stock,shares authorized	250,000,000	250,000,000
Common stock,shares issued	137,000,000	137,000,000
Treasury stock,shares	67,000,000	63,000,000

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income (loss)	$ (684)	$ 302	$ 165
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Vehicle depreciation	1,330	1,890	1,974
Amortization of Right-Of-Use Assets	945	989	0
(Gain) loss on sale of vehicles, net	(157)	(82)	(48)
Non-vehicle related depreciation and amortization	286	263	256
Deferred income taxes	(317)	(103)	14
Stock-based compensation	9	22	24
Amortization of debt financing fees	33	31	28
Early extinguishment of debt costs	9	12	19
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Receivables	115	10	(44)
Income taxes	1	(5)	35
Accounts payable and other current liabilities	(181)	84	48
Increase (Decrease) in Operating Liabilities	(936)	(981)	0
Other, net	238	154	138
Net cash provided by operating activities	691	2,586	2,609
Investing activities
Property and equipment additions	(94)	(250)	(231)
Proceeds received on asset sales	6	11	17
Net assets acquired (net of cash acquired)	(69)	(77)	(91)
Other, net	0	81	(44)
Net cash used in investing activities exclusive of vehicle programs	(157)	(235)	(349)
Vehicle programs:
Investment in vehicles	(5,401)	(12,887)	(12,589)
Proceeds received on disposition of vehicles	8,753	10,460	9,648
Repayments of Related Party Debt	(286)	(251)	(188)
Proceeds from Related Party Debt	268	161	52
Net Cash Used In Investing Activities Of Vehicle Programs	3,334	(2,517)	(3,077)
Net cash provided by (used in) investing activities	3,177	(2,752)	(3,426)
Financing activities
Proceeds from long-term borrowings	991	402	485
Payments on long-term borrowings	(308)	(509)	(515)
Net change in short-term borrowings	0	(1)	(4)
Debt financing fees	(26)	(7)	(15)
Repurchases of common stock	(119)	(67)	(216)
Other, net	0	0	3
Net cash provided by (used in) financing activities exclusive of vehicle programs	553	(182)	(262)
Vehicle programs:
Proceeds from borrowings	13,558	19,869	17,339
Payments on borrowings	(18,138)	(19,346)	(16,385)
Debt financing fees	(18)	(23)	(25)
Net cash provided by financing activities of vehicle programs	(4,598)	500	929
Net cash provided by (used in) financing activities	(4,045)	318	667
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	42	13	(16)
Net (decrease) increase in cash and cash equivalents, program and restricted cash	(135)	165	(166)
Cash and cash equivalents, program and restricted cash, beginning of period	900	735	901
Cash and cash equivalents, program and restricted cash, end of period	765	900	735
Interest Paid, Including Capitalized Interest, Operating and Investing Activities [Abstract]
Interest Paid, Excluding Capitalized Interest, Operating Activities	503	509	497
Income Taxes Paid, Net [Abstract]
Income tax payments, net	44	93	53
Proceeds from Issuance of Common Stock	$ 15	$ 0	$ 0

Consolidated Statements Of Stockholders' Equity - USD ($) shares in Millions	Total	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Common Stock [Member]	Accumulated Deficit	AOCI Attributable to Parent [Member]
Shares, Issued			(56.3)	(137.1)
Balance	$ 573,000,000	$ 6,820,000,000	$ (5,002,000,000)	$ 1,000,000	$ (1,222,000,000)	$ (24,000,000)
Comprehensive income (loss):
Net income	165,000,000
Other comprehensive income (loss)	(103,000,000)					(103,000,000)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	62,000,000
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			0.5
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	17,000,000	(31,000,000)	$ 48,000,000
Number of Options - Exercised			0.2
Stock Issued During Period, Value, Stock Options Exercised	(2,000,000)	(17,000,000)	$ (19,000,000)
Stock Issued During Period, Value, Employee Stock Purchase Plan	0	(1,000,000)	$ (1,000,000)
Treasury Stock, Shares, Acquired			5.9
Treasury Stock, Value, Acquired, Cost Method	(200,000,000)		$ (200,000,000)
Cumulative Effect of Accounting	$ (40,000,000)				(34,000,000)	(6,000,000)
Net Income (Loss) Attributable to Parent					165,000,000
Treasury Stock, Shares, Acquired	13.0
Treasury Stock, Value, Acquired, Cost Method	$ (375,000,000)
Shares, Issued			(61.5)	(137.1)
Balance	414,000,000	6,771,000,000	$ (5,134,000,000)	$ 1,000,000	(1,091,000,000)	(133,000,000)
Net income	302,000,000				302,000,000
Other comprehensive income (loss)	(25,000,000)					(25,000,000)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	277,000,000
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			0.4
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	22,000,000	(24,000,000)	$ 46,000,000
Number of Options - Exercised			0.1
Stock Issued During Period, Value, Stock Options Exercised	0	(5,000,000)	$ (5,000,000)
Stock Issued During Period, Value, Employee Stock Purchase Plan	0	(1,000,000)	$ (1,000,000)
Treasury Stock, Shares, Acquired			2.2
Treasury Stock, Value, Acquired, Cost Method	(62,000,000)		$ (62,000,000)
Cumulative Effect of Accounting	5,000,000				4,000,000	1,000,000
Shares, Issued			(63.2)	(137.1)
Balance	656,000,000	6,741,000,000	$ (5,144,000,000)	$ 1,000,000	(785,000,000)	(157,000,000)
Net income	(684,000,000)
Other comprehensive income (loss)	(30,000,000)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(714,000,000)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			0.5
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	4,000,000	(50,000,000)	$ 54,000,000
Stock Issued During Period, Value, Employee Stock Purchase Plan	0	(1,000,000)	$ (1,000,000)
Treasury Stock, Shares, Acquired			5.0
Treasury Stock, Value, Acquired, Cost Method	(113,000,000)		$ (113,000,000)
Cumulative Effect of Accounting	(1,000,000)				(1,000,000)
Noncontrolling Interest, Increase from Sale of Parent Equity Interest	(2,000,000)	(2,000,000)
Stock Issued During Period, Value, Treasury Stock Reissued	15,000,000	(20,000,000)	$ 35,000,000
Stock Issued During Period, Shares, Treasury Stock Reissued			0.4
Shares, Issued			(67.3)	(137.1)
Balance	$ (155,000,000)	$ 6,668,000,000	$ (5,167,000,000)	$ 1,000,000	$ (1,470,000,000)	$ (187,000,000)

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying Consolidated Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, the “Company”). The Company operates the following reportable business segments: •Americas—consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which the Company does not operate directly. •International—consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which the Company does not operate directly. The Company has completed the business acquisitions discussed in Note 6 to these Consolidated Financial Statements. The operating results of the acquired businesses are included in the accompanying Consolidated Financial Statements from the dates of acquisition. The Company presents separately the financial data of its vehicle programs. These programs are distinct from the Company’s other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of the Company’s vehicle programs. The Company believes it is appropriate to segregate the financial data of its vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets. Liquidity and Management’s Plans The continuing cases of COVID-19 and the developments surrounding the pandemic have had a material negative impact on all aspects of the Company’s business. Significant events affecting travel and the overall economy have historically had an impact on vehicle rental volumes, with the full extent of the impact generally determined by the length of time the event influences travel decisions as well as general economic conditions. The COVID-19 outbreak and resulting economic conditions have had, and the Company believes will continue to have, a significant adverse impact on its operations and vehicle rental volumes, and on its financial results and liquidity, and such negative impact may continue well beyond the containment of the outbreak. The Company cannot assure its assumptions used to estimate its liquidity requirements will be correct because it has never previously experienced such a change in demand, and as a consequence, its ability to be predictive is uncertain. In addition, the duration of the pandemic is uncertain. Therefore, the Company has taken, and plans to take further actions to manage its liquidity, including reducing capital expenditures, operating expenses and the number of vehicles in its fleet. The Company has no meaningful corporate debt maturities until 2023. The Company plans to finance the routine Asset Backed Securities (“ABS”) maturities with program cash on hand, available revolving debt capacity and fleet sales. As a result, based on current operational assumptions, the Company believes it has adequate liquidity beyond the next twelve months. In April 2020, the Company entered into an amendment (the “Amendment”) to its senior credit facilities, consisting of an approximately $1.2 billion term loan maturing in 2027 and a $1.8 billion revolving credit facility maturing in 2023, which remain in place after the Amendment. The Amendment provides for relief from the quarterly-tested leverage covenant contained in the credit agreement governing the senior credit facilities until the end of a specific relief period, including a holiday from such leverage covenant through June 30, 2021, during which time (i) certain negative covenant exceptions are not available to the Company, (ii) pricing on the senior credit facilities is increased, (iii) the Company must comply with a liquidity covenant and additional reporting requirements and (iv) the Company must meet additional conditions to borrow under the revolving credit facility.

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2020
Business Combinations [Abstract]
Acquisitions	6. Acquisitions 2020 Avis and Budget Licensees During 2020, the Company completed the acquisitions of various licensees in North America and Europe, for approximately $28 million, plus $22 million for acquired fleet. These investments were in-line with the Company’s strategy to re-acquire licensees when advantageous to expand its footprint of Company-operated locations. The acquired fleet was financed under the Company’s existing financing arrangements. In connection with these acquisitions, approximately $28 million was recorded in other intangibles related to license agreements. The license agreements are being amortized over a weighted average useful life of approximately two years. The fair value of the assets acquired and liabilities assumed has not yet been finalized and is therefore subject to change. 2019 Avis and Budget Licensees In 2019, the Company completed the acquisitions of various licensees, primarily in North America, for approximately $55 million, plus $27 million for acquired fleet, of which $74 million was paid in 2019 and the remaining purchase price was primarily paid in 2020. These investments were in-line with the Company’s strategy to re-acquire licensees when advantageous to expand its footprint of Company-operated locations. The acquired fleet was financed under the Company’s existing financing arrangements. The excess of the purchase price over preliminary fair value of net assets acquired was allocated to goodwill, which was assigned to the Company’s Americas reportable segment. In connection with these acquisitions, approximately $21 million was recorded in goodwill, other intangibles of $24 million related to license agreements and $7 million related to customer relationships. The license agreements and customer relationships are being amortized over a weighted average useful life of approximately three years. The goodwill is expected to be deductible for tax purposes. Differences between the preliminary allocation of purchase price and the final allocation were not material for Avis and Budget Licensees.

Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of:


	As of December 31, 2020						As of December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements (a)	$	280	$	151	$	129	$	241	$	108	$	133
Customer relationships (b)	268		196		72		255		165		90
Other (c)	54		33		21		50		25		25
	$	602	$	380	$	222	$	546	$	298	$	248

Unamortized Intangible Assets
Goodwill	$	1,137					$	1,101
Trademarks	$	552					$	550

_________

(a)Primarily amortized over a period ranging from 1 to 40 years with a weighted average life of 18 years.

(b)Primarily amortized over a period ranging from 3 to 20 years with a weighted average life of 12 years.

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

Amortization expense relating to all intangible assets was as follows:


	Year Ended December 31,
	2020		2019		2018
License agreements	$	37	$	28	$	36
Customer relationships	23		25		24
Other	5		6		5
Total	$	65	$	59	$	65

Based on the Company’s amortizable intangible assets at December 31, 2020, the Company expects related amortization expense of approximately $59 million for 2021, $35 million for 2022, $26 million for 2023, $23 million for 2024 and $18 million for 2025 excluding effects of currency exchange rates.

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


		Americas		International		Total Company

Gross goodwill as of January 1, 2019		$	2,126	$	1,084	$	3,210
	Accumulated impairment losses as of January 1, 2019	(1,587)		(531)		(2,118)
Goodwill as of January 1, 2019		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
	Currency translation adjustments and other	(1)		37		36
Goodwill as of December 31, 2020		$	553	$	584	$	1,137

Vehicle Rental Activities

12 Months Ended

Dec. 31, 2020

Disclosure Components Of Companys Vehicles [Abstract]

Vehicle Rental Activities

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


	As of December 31,
	2020		2019
Rental vehicles	$	9,210	$	13,461
Less: Accumulated depreciation	(1,337)		(1,621)
	7,873		11,840
Vehicles held for sale	280		337
Vehicles, net	$	8,153	$	12,177

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


	Year Ended December 31,
	2020		2019		2018
Depreciation expense	$	1,330	$	1,890	$	1,974
Lease charges	195		255		253
(Gain) loss on sale of vehicles, net	(157)		(82)		(48)
Vehicle depreciation and lease charges, net	$	1,368	$	2,063	$	2,179

At December 31, 2020, 2019 and 2018, the Company had payables related to vehicle purchases included in liabilities under vehicle programs - other of $232 million, $418 million and $472 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $162 million, $576 million and $622 million, respectively.

Long-term Debt and Borrowing Arrangements

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

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,
		2020		2019
5½% Senior Notes	April 2023	—		200
6⅜% Senior Notes	April 2024	350		350
4⅛% euro-denominated Senior Notes	November 2024	366		336
5¼% Senior Notes	March 2025	375		375
4½% euro-denominated Senior Notes	May 2025	305		280
10½% Senior Secured Notes	May 2025	487		—
4¾% euro-denominated Senior Notes	January 2026	428		393
5¾% Senior Notes	July 2027	724		400
Floating Rate Term Loan (a)	August 2027	1,199		1,112
Other (b)		24		28
Deferred financing fees		(48)		(39)
Total		4,210		3,435
Less: Short-term debt and current portion of long-term debt		19		19
Long-term debt		$	4,191	$	3,416

__________

(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 2027. In February 2020, the Company amended its Floating Rate Term Loan and extended its maturity term to 2027. The Company increased the outstanding borrowing principal amount of the Floating Rate Term Loan to $1.2 billion and on April 1, 2020 used the additional loan amount to redeem $100 million of its outstanding 5½% Senior Notes due 2023. As of December 31, 2020, the loan bears interest at one-month LIBOR plus 2.25%, for an aggregate rate of 2.40%; 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 4.58%.

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.

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 had 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.

During 2020 and 2019, the Company redeemed $200 million principal amount of these notes for $202 million and $475 million principal amount of these notes for $483 million, respectively, 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, with interest payable semi-annually. The Company used the net proceeds from the offering to redeem $400 million principal amount of its 5½% Senior Notes due April 2023. In August 2020, the Company issued $350 million of additional 5¾% Senior Notes due July 2027, at 92% of face value, under the indenture governing its existing 5¾% Senior Notes. The Company used the proceeds from this offering to redeem the outstanding $100 million in aggregate principal amount of its 5½% Senior Notes due 2023, with the remainder being used for general corporate purposes.

10½% Senior Secured Notes due 2025. In May 2020, the Company issued $500 million of 10½% Senior Secured Notes due May 2025, at 97% of face value, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part prior to May 15, 2022 at a redemption price equal to 100% of principal amount plus accrued interest and a make-whole premium. The Company has the right to redeem these notes in whole or in part on or after May 15, 2022 at specified redemption prices plus accrued interest. The notes are guaranteed on a senior unsecured basis by the Company and on a senior secured basis by certain of the Company’s subsidiaries. The Company used the proceeds from this offering for general corporate purposes.

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, 2020, 2019 and 2018, the Company recorded $9 million, $12 million and $19 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, 2020:


Year	Amount
2021	$	19
2022	18
2023	18
2024	732
2025	1,182
Thereafter	2,289
	$	4,258

Committed Credit Facilities And Available Funding Arrangements

At December 31, 2020, 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	$	—	$	1,171	$	629

__________

(a)The senior revolving credit facility bears interest at one-month LIBOR plus 250 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.

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 and/or liens 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 which has been amended to provide a holiday from such leverage covenant through June 30, 2021 (See Note 1 - Basis of Presentation). As of December 31, 2020, the Company was in compliance with the financial covenants governing its indebtedness.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
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 February 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 Georgia Supreme Court granted the plaintiffs’ application to review the state appellate court’s reversal of the judgement entered at the trial court. The Georgia Supreme Court heard oral arguments in December 2020. 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, including class actions, 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 $35 million in excess of amounts accrued as of December 31, 2020; 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 $8.7 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, 2020, the Company had approximately $177 million of purchase obligations, which extend through 2026. Concentrations Concentrations of credit risk at December 31, 2020, 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 $25 million and $15 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 $30 million and $27 million at December 31, 2020 and 2019, 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, 2020

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Cash Dividend Payments

During 2020, 2019 and 2018, 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 2020, 2019 and 2018, the Company repurchased approximately 13 million shares of common stock at a cost of approximately $375 million under the program. As of December 31, 2020, approximately $76 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.

Share Issuances

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. The Company issued the common stock from treasury shares.

Accumulated Other Comprehensive Income (Loss)

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


	Currency Translation Adjustments (a)		Net Unrealized Gains (Losses) on Cash Flow Hedges (b)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Minimum Pension Liability Adjustment (c)		Accumulated Other Comprehensive Income (Loss)
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	—		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)
Other comprehensive income (loss) before reclassifications	33		(39)		—		(36)		(42)
Amounts reclassified from accumulated other comprehensive income (loss)	(2)		8		—		6		12
Net current-period other comprehensive income (loss)	31		(31)		—		(30)		(30)
Balance, December 31, 2020	$	40	$	(51)	$	—	$	(176)	$	(187)

__________

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 $14 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 year ended December 31, 2020, the amount reclassified from accumulated other comprehensive income (loss) into restructuring and other related charges.

(b)For the years ended December 31, 2020, 2019 and 2018, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $9 million ($6 million, net of tax), $4 million ($3 million, net of tax) and $3 million ($2 million, net of tax), respectively. For the year ended December 31, 2020, the amounts reclassified from accumulated other comprehensive income (loss) into vehicle interest expense was $2 million ($2 million, net of tax).

(c)For the years ended December 31, 2020, 2019 and 2018, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $9 million ($6 million, net of tax), $8 million ($6 million, net of tax) and $7 million ($5 million, net of tax), respectively

Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

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 4.5 million shares available as of December 31, 2020. 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.

In June 2020, the Company granted market-based RSUs that vest based on absolute stock price attainment. The grant date fair value of this award is estimated using a Monte Carlo simulation model. The weighted average assumptions used in the model are outlined in the table below. During the years ended December 31, 2019 and 2018 the Company did not issue any stock unit awards containing a market condition.


						2020
Expected volatility of stock price						91%
Risk-free interest rate						0.18%
Valuation period						3 years
Dividend yield						—%

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, 2020		847	$	36.99
		Granted (a)	798	23.14
		Vested (b)	(435)	37.13
		Forfeited	(140)	30.36
	Outstanding and expected to vest at December 31, 2020 (c)		1,070	$	27.47	0.9	$	40
Performance-based and market-based RSUs
	Outstanding at January 1, 2020		1,061	$	38.89
		Granted (a)	552	21.06
		Vested (b)	(73)	36.64
		Forfeited	(552)	32.97
	Outstanding at December 31, 2020		988	$	32.41	1.4	$	37
	Outstanding and expected to vest at December 31, 2020 (c)		38	$	20.70	2.5	$	1

__________

(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 2019 was $34.14 and $34.56, respectively, and the weighted-average fair value of time-based RSUs and performance-based RSUs granted in 2018 was $48.41 and $48.52, respectively.

(b)The total fair value of RSUs vested during 2020, 2019 and 2018 was $19 million, $18 million and $20 million, respectively.

(c)Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $17 million and will be recognized over a weighted average vesting period of 1.0 years.

Stock Options

There were no stock options outstanding as of December 31, 2020. Stock options exercised during 2019 and 2018 had intrinsic values of $1 million and $8 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 2020, 2019 and 2018, the Company granted 34,000, 40,000 and 34,000 awards, respectively, to non-employee directors.

Stock-Compensation Expense

During 2020, 2019 and 2018, the Company recorded stock-based compensation expense of $9 million ($7 million, net of tax), $22 million ($17 million, net of tax) and $24 million ($18 million, net of tax), respectively.

Financial Instruments

12 Months Ended

Dec. 31, 2020

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 $19 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, 2020 or 2019, 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,
	2020		2019
Foreign exchange contracts	$	1,386	$	1,518
Interest rate caps (a)	8,871		8,625
Interest rate swaps	1,950		1,500

__________

(a)Represents $6.0 billion of interest rate caps sold, partially offset by approximately $2.9 billion of interest rate caps purchased at December 31, 2020 and $5.9 billion of interest rate caps sold, partially offset by approximately $2.7 billion of interest rate caps purchased at December 31, 2019. These amounts exclude $3.1 billion and $3.2 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary at December 31, 2020 and 2019, respectively.

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


		As of December 31, 2020				As of December 31, 2019
		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)	$	—	$	69	$	—	$	27
Derivatives not designated as hedging instruments
	Foreign exchange contracts (c)	3		11		5		10
	Interest rate caps (b)	—		—		—		1

	Total	$	3	$	80	$	5	$	38

__________

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,
		2020		2019		2018
Financial instruments designated as hedging instruments (a)
	Interest rate swaps (b)	$	(31)	$	(23)	$	(4)
	Euro-denominated notes (c)	(67)		17		24
Financial instruments not designated as hedging instruments (d)
	Foreign exchange contracts (e)	(5)		(7)		31
	Interest rate caps (f)	—		(1)		(3)
	Commodity contracts (g)	(6)		3		—
Total		$	(109)	$	(11)	$	48

__________

(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, 2020, included a $3 million loss in interest expense and a $2 million loss included in operating expenses. 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 in interest expense and a $12 million gain 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, 2020				As of December 31, 2019
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
	Short-term debt and current portion of long-term debt	$	19	$	18	$	19	$	19
	Long-term debt	4,191		4,337		3,416		3,572

Debt under vehicle programs
	Vehicle-backed debt due to Avis Budget Rental Car Funding	$	5,080	$	5,317	$	7,936	$	8,077
	Vehicle-backed debt	1,775		1,796		3,129		3,142
	Interest rate swaps and interest rate caps (a)	2		2		3		3

___________

(a)Derivatives in liability position.

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

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,
2020	$	52	$	73	$	3	$	(68)	$	60
2019	39		41		—		(28)		52
2018	36		34		(2)		(29)		39

Tax Valuation Allowance:
Year Ended December 31,
2020	$	214	$	(1)	$	(6)	$	—	$	207
2019	311		(95)		(2)		—		214
2018	331		(3)		(17)		—		311

__________

(a)Other adjustments relate to currency translation adjustments.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Principles of Consolidation

The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and all entities in which it has a direct or indirect controlling financial interest and variable interest entities for which the Company has determined it is the primary beneficiary. Intercompany transactions have been eliminated in consolidation.

Use of Estimates and Assumptions

The use of estimates and assumptions as determined by management is required in the preparation of the Consolidated Financial Statements in conformity with GAAP. These estimates are based on management’s evaluation of historical trends and other information available when the Consolidated Financial Statements are prepared and may affect the amounts reported and related disclosures. Actual results could differ from those estimates.

Revenue Recognition

The Company derives revenues primarily by providing vehicle rentals and other related products and mobility services to commercial and leisure customers, as well as through licensing of its rental brands. Other related products and mobility services include sales of collision and loss damage waivers under which a customer is relieved from financial responsibility arising from vehicle damage incurred during the rental; products and services for driving convenience such as fuel service options, roadside safety net, electronic toll collection, tablet rentals, access to satellite radio, portable navigation units and child safety seat rentals; and rentals of other supplemental items including automobile towing equipment and other moving accessories and supplies. The Company also receives payment from customers for certain operating expenses that it incurs, including airport concession fees that are paid by the Company in exchange for the right to operate at airports and other locations, as well as vehicle licensing fees. In addition, the Company collects membership fees in connection with its car sharing business.

Beginning January 1, 2018, the Company recognized revenue when obligations under the terms of a contract with the customer were satisfied; generally this occurred evenly over the contract (over time); when control of the promised products or services was transferred to the customer. Revenue was measured as the amount of consideration the Company expected to be entitled to receive in exchange for transferring products or services. Certain customers may have received cash-based rebates, which were accounted for as variable consideration. The Company estimated these rebates based on the expected amount to be provided to customers and reduced revenue recognized. Vehicle rental and rental-related revenues were recognized evenly over the period of rental.

Beginning January 1, 2019, the Company combined all lease and non-lease components of its vehicle rental contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease. For the years ended December 31, 2020 and 2019, vehicle rentals and other related products and mobility services are recognized evenly over the period of rental, which is on average five and four days, respectively. (See Note 3–Leases).

Licensing revenues principally consist of royalties paid by the Company’s licensees and are recorded as the licensees’ revenues are earned (over the rental period). The Company renews license agreements in the normal course of business and occasionally terminates, purchases or sells license agreements. In connection with ongoing fees that the Company receives from its licensees pursuant to license agreements, the Company is required to provide certain services, such as training, marketing and the operation of reservation systems.

The Company excludes from the measurement of its transaction price any tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction and collected from a customer. As a result, revenue is recorded net of such taxes collected. Revenues and expenses associated with gasoline, airport concessions and vehicle licensing are recorded on a gross basis within revenues and operating expenses. Membership fees related to the Company’s car sharing business are generally nonrefundable, are deferred and recognized ratably over the period of membership.

Effective January 1, 2019, revenues are recognized under ASU 2016-02, “Leases (Topic 842),” with the exception of royalty fee revenue derived from the Company licensees and revenue related to the Company’s customer loyalty program, which were approximately $159 million and $144 million for the years ended December 31, 2020 and 2019, respectively.

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


	Year Ended December 31,
	2020		2019
Americas	$	3,965	$	6,352
Europe, Middle East and Africa	1,127		2,222
Asia and Australasia	310		598
Total revenues	$	5,402	$	9,172

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


	Year Ended December 31,
	2020		2019
Avis	$	2,961	$	5,250
Budget	1,908		3,179
Other	533		743
Total revenues	$	5,402	$	9,172

________

Other includes Zipcar and other operating brands.

Deferred Revenue

The Company records deferred revenues when cash payments are received in advance of satisfying its performance obligations, including amounts that are refundable. In addition, certain customers earn loyalty points on rentals, for which the Company defers a portion of its rental revenues generally equivalent to the estimated retail value of points expected to be redeemed. The Company estimates points that will never be redeemed based upon actual redemption and expiration patterns. Currently loyalty points expire after 12 months of member inactivity. Future changes to expiration assumptions or expiration policy, or to program rules, may result in changes to deferred revenue as well as recognized revenues from the program.

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


	Year Ended December 31,
	2020		2019
Balance, January 1	$	59	$	64
Revenue deferred	26		17
Revenue recognized	(51)		(22)
Balance, December 31	$	34	$	59

_______

At December 31, 2020 and 2019, $17 million and $22 million was included in accounts payable and other current liabilities, respectively, and $17 million and $37 million, respectively, in other non-current liabilities. Non-current amounts are expected to be recognized as revenue within two to three years.

Currency Translations and Transactions

Currency TranslationAssets and liabilities of foreign operations are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the prevailing monthly average rate of exchange. The related translation adjustments are reflected in accumulated other comprehensive income (loss) in the stockholders’ equity section of the Consolidated Balance Sheets and in the Consolidated Statements of Comprehensive Income. The accumulated currency translation adjustment as of December 31, 2020 and 2019 were gains of $40 million and $9 million, respectively. The Company has designated its euro-denominated Notes as a hedge of its investment in euro-denominated foreign operations and, accordingly, records the effective portion of gains or losses on this net investment hedge in accumulated other comprehensive income (loss) as part of currency translation adjustmentsCurrency TransactionsCurrency gains and losses resulting from foreign currency transactions are generally included in operating expenses within the Consolidated Statements of Operations; however, the net gain or loss of currency transactions on intercompany loans and the unrealized gain or loss on intercompany loan hedges are included within interest expense related to corporate debt, net.

Cash and Cash Equivalents, Program Cash and Restricted Cash

The Company considers highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Program cash primarily represents amounts specifically designated to purchase assets under vehicle programs and/or to repay the related debt, as such the Company considers it a restricted cash equivalent. 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,
	2020		2019
Cash and cash equivalents	$	692	$	686
Program cash	72		211
Restricted cash (a)	1		3
Total cash and cash equivalents, program and restricted cash	$	765	$	900

_________

(a)Included within other current assets

Property and Equipment

Property and equipment (including leasehold improvements) are stated at cost, net of accumulated depreciation and amortization. Depreciation (non-vehicle related) is computed utilizing the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the term of the lease or the estimated useful lives of the improvements. 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

The Company capitalizes the costs of software developed for internal use when the preliminary project stage is completed and management (i) commits to funding the project and (ii) believes it is probable that the project will be completed and the software will be used to perform the function intended. The software developed or obtained for internal use is amortized on a straight-line basis commencing when such software is ready for its intended use. The net carrying value of software developed or obtained for internal use was $265 million and $261 million as of December 31, 2020 and 2019, respectively

Goodwill and Other Intangible Assets

Goodwill represents the excess, if any, of the fair value of the consideration transferred by the acquirer and the fair value of any non-controlling interest remaining in the acquiree, if any, over the fair values of the identifiable net assets acquired. The Company does not amortize goodwill, but assesses it for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amounts of their respective reporting units exceed their fair values. The Company performs its annual impairment assessment in the fourth quarter of each year at the reporting unit level. The Company assesses goodwill for such impairment by comparing the carrying value of each reporting unit to its fair value using the present value of expected future cash flows. When appropriate, comparative market multiples and other factors are used to corroborate the discounted cash flow results.

Other intangible assets, primarily trademarks, with indefinite lives are not amortized but are evaluated annually for impairment and whenever events or changes in circumstances indicate that the carrying amount of this asset may exceed its fair value. If the carrying value of an other intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Other intangible assets with finite lives are amortized over their estimated useful lives and are evaluated each reporting period to determine if circumstances warrant a revision to these lives.

Impairment of Long-Lived Assets

Impairment of Long-Lived AssetsThe Company is required to assess long-lived assets for impairment whenever circumstances indicate impairment may have occurred. This analysis is performed by comparing the respective carrying values of the assets to the undiscounted expected future cash flows to be generated from such assets. Property and equipment is evaluated separately at the lowest level of identifiable cash flows. If such analysis indicates that the carrying value of these assets is not recoverable, the carrying value of such assets is reduced to fair value.

Vehicles

Vehicles are stated at cost, net of accumulated depreciation. The initial cost of the vehicles is recorded net of incentives and allowances from manufacturers. The Company acquires a portion of its rental vehicles pursuant to repurchase and guaranteed depreciation programs established by automobile manufacturers. Under these programs, the manufacturers agree to repurchase vehicles at a specified price and date, or guarantee the depreciation rate for a specified period of time, subject to certain eligibility criteria (such as car condition and mileage requirements). The Company depreciates vehicles such that the net book value on the date of return to the manufacturers is intended to equal the contractual guaranteed residual values, thereby minimizing any gain or loss.

Rental vehicles acquired outside of manufacturer repurchase and guaranteed depreciation programs are depreciated based upon their estimated residual values at their expected dates of disposition, after giving effect to anticipated conditions in the used car market. Any adjustments to depreciation are made prospectively.

The estimation of residual values requires the Company to make assumptions regarding the age and mileage of the car at the time of disposal, as well as expected used vehicle auction market conditions. The Company regularly evaluates estimated residual values and adjusts depreciation rates as appropriate. Differences between actual residual values and those estimated result in a gain or loss on disposal and are recorded as part of vehicle depreciation at the time of sale. Vehicle-related interest expense amounts are net of vehicle-related interest income of $12 million, $15 million and $15 million for 2020, 2019 and 2018, respectively.

Advertising Expenses

Advertising costs are generally expensed in the period incurred and are recorded within selling, general and administrative expense in the Company’s Consolidated Statements of Operations. During 2020, 2019 and 2018, advertising costs were approximately $54 million, $121 million and $116 million, respectively.

Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. For information regarding the accounting for the effects of the Tax Cuts and Jobs Act (the “Tax Act”), see Note 9-Income Taxes. As a result of the provisions of the Tax Act, the Company accounts for Global Intangible Low-Taxed Income (“GILTI”) as a component of current period income tax expense in the year incurred.

The Company records net deferred tax assets to the extent it believes that it is more likely than not that these assets will be realized. In making such determination, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent results of operations. In the event the Company were to determine that it would be able to realize the deferred income tax assets in the future in excess of their net recorded amount, the Company would adjust the valuation allowance, which would reduce the provision for income taxes.

Fair Value Measurements

The Company measures the fair value of assets and liabilities and discloses the source for such fair value measurements. Financial assets and liabilities are classified as follows: Level 1, which refers to assets and liabilities valued using quoted prices from active markets for identical assets or liabilities; Level 2, which refers to assets and liabilities for which significant other observable market inputs are readily available; and Level 3, which are valued based on significant unobservable inputs.

The fair value of the Company’s financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (Level 1 inputs). In some cases where quoted market prices are not available, prices are derived by considering the yield of the benchmark security that was issued to initially price the instruments and adjusting this rate by the credit spread that market participants would demand for the instruments as of the measurement date (Level 2 inputs). In situations where long-term borrowings are part of a conduit facility backed by short-term floating rate debt, the Company has determined that its carrying value approximates the fair value of this debt (Level 2 inputs). The carrying amounts of cash and cash equivalents, available-for-sale securities, accounts receivable, program cash and accounts payable and accrued liabilities approximate fair value due to the short-term maturities of these assets and liabilities.

The Company’s derivative assets and liabilities consist principally of currency exchange contracts, interest rate swaps, interest rate caps and commodity contracts, and are carried at fair value based on significant observable inputs (Level 2 inputs). Derivatives entered into by the Company are typically executed over-the-counter and are valued using internal valuation techniques, as no quoted market prices exist for such instruments. The valuation technique and inputs depend on the type of derivative and the nature of the underlying exposure. The Company principally uses discounted cash flows to value these instruments. These models take into account a variety of factors including, where applicable, maturity, currency exchange rates, interest rate yield curves of the Company and counterparties, credit curves, counterparty creditworthiness and commodity prices. These factors are applied on a consistent basis and are based upon observable inputs where available.

Derivative Instruments

Derivative instruments are used as part of the Company’s overall strategy to manage exposure to market risks associated with fluctuations in currency exchange rates, interest rates and gasoline costs. As a matter of policy, derivatives are not used for trading or speculative purposes.

All derivatives are recorded at fair value either as assets or liabilities. Changes in fair value of derivatives not designated as hedging instruments are recognized currently in earnings within the same line item as the hedged item. The changes in fair value of a derivative that is designated as either a cash flow or net investment hedge is recorded as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects

earnings and is presented in the same income statement line item as the earnings effect of the hedged item. Amounts related to our derivative instruments are recognized in the Consolidated Statements of Cash Flows consistent with the nature of the hedged item (principally operating activities).

Investments

Joint venture investments are typically accounted for under the equity method of accounting. Under this method, the Company records its proportional share of the joint venture’s net income or loss within operating expenses in the Consolidated Statements of Operations. The Company assesses equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Any difference between the carrying value of the equity method investment and its estimated fair value is recognized as an impairment charge if the loss in value is deemed other than temporary. As of December 31, 2020 and 2019, the Company had investments in joint ventures with a carrying value of $63 million and $56 million, respectively, recorded within other non-current assets on the Consolidated Balance Sheets.

Aggregate realized gains and losses on equity investments and dividend income are recorded within operating expenses on the Consolidated Statements of Operations. During 2020, 2019 and 2018, the amounts realized from the sale of equity investments and dividend income was $5 million, $10 million and $5 million, respectively.

Divestitures

The Company classifies long-lived assets and liabilities to be disposed of as held for sale in the period in which they are available for immediate sale in their present condition and the sale is probable and expected to be completed within one year. The Company initially measures assets and liabilities held for sale at the lower of their carrying value or fair value less costs to sell and assesses their fair value each reporting period until disposed. When the divestiture represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results, the disposal is presented as a discontinued operation.

During 2018, the Company entered into a definitive stock purchase agreement to sell the Company’s 50% equity method investment in Anji Car Rental & Leasing Company Limited (“China”), located in China, to Shanghai Automotive Industry Sales Company, Ltd., a 50% owner of China. Upon receiving clearance from applicable regulatory authorities in China during 2019, the Company completed the sale for $64 million, net of cross-border withholding taxes and recorded a $44 million gain within operating expenses. China’s operations are reported within the Company’s International segment.

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

The Company classifies investments without readily determinable fair values that are not accounted for under the equity method as nonmarketable equity securities. The accounting guidance requires nonmarketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. The Company applies the measurement alternative, which allows these investments to be recorded at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar

investments of the same issuer. Any changes in value are recorded within operating expenses. As of December 31, 2020 and 2019, the Company had investments in nonmarketable equity securities recorded within other non-current assets with a carrying value of $8 million, respectively. The Company realized a $12 million gain from the sale of a nonmarketable equity security during the year ended December 31, 2019. There were no material adjustments made to the carrying amounts of nonmarketable equity securities during the years ended December 31, 2020 and 2019.

Self-Insurance Reserves

The Consolidated Balance Sheets include $396 million and $441 million of liabilities associated with retained risks of liability to third parties as of December 31, 2020 and 2019, respectively. Such liabilities relate primarily to public liability and third-party property damage claims, as well as claims arising from the sale of ancillary insurance products including, but not limited to, supplemental liability, personal effects protection and personal accident insurance. These obligations represent an estimate for both reported claims not yet paid and claims incurred but not yet reported. The estimated reserve requirements for such claims are recorded on an undiscounted basis utilizing actuarial methodologies and various assumptions which include, but are not limited to, the Company’s historical loss experience and projected loss development factors. The required liability is also subject to adjustment in the future based upon changes in claims experience, including changes in the number of incidents for which the Company is ultimately liable and changes in the cost per incident. These amounts are included within accounts payable and other current liabilities and other non-current liabilities.

The Consolidated Balance Sheets also include liabilities of approximately $53 million and $56 million as of December 31, 2020 and 2019, respectively, related to workers’ compensation, health and welfare and other employee benefit programs. The liabilities represent an estimate for both reported claims not yet paid and claims incurred but not yet reported, utilizing actuarial methodologies similar to those described above. These amounts are included within accounts payable and other current liabilities and other non-current liabilities.

Share-based Compensation

Stock-Based Compensation

Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense on a straight-line basis over the vesting period. The Company’s policy is to record compensation expense for stock options, and restricted stock units that are time- and performance-based, for the portion of the award that vests. Compensation expense related to market-based restricted stock units is recognized provided that the requisite service is rendered, regardless of when, if ever, the market condition is satisfied. We estimate the fair value of restricted stock units using the market price of the Company’s common stock on the date of grant. We estimate the fair value of stock-based and cash unit awards containing a market condition using a Monte Carlo simulation model. Key inputs and assumptions used in the Monte Carlo simulation model include the stock price of the award on the grant date, the expected term, the risk-free interest rate over the expected term, the expected annual dividend yield and the expected stock price volatility. The expected volatility is based on a combination of the historical and implied volatility of the Company’s publicly traded, near-the-money stock options, and the valuation period is based on the vesting period of the awards. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant and, since the Company does not currently pay or plan to pay a dividend on its common stock, the expected dividend yield was zero.

Business Combinations

The Company uses the acquisition method of accounting for business combinations, which requires that the assets acquired and liabilities assumed be recorded at their respective fair values at the date of acquisition. Assets acquired and liabilities assumed in a business combination that arise from contingencies are recognized if fair value can be reasonably estimated at the acquisition date. The excess, if any, of (i) the fair value of the consideration transferred by the acquirer and the fair value of any non-controlling interest remaining in the acquiree, over (ii) the fair values of the identifiable net assets acquired is recorded as goodwill. Gains and losses on the re-acquisition of license agreements are recorded in the Consolidated

Statements of Operations within transaction-related costs, net, upon completion of the respective acquisition. Costs incurred to effect a business combination are expensed as incurred, except for the cost to issue debt related to the acquisition.

The Company records contingent consideration resulting from a business combination at its fair value on the acquisition date. The fair value of the contingent consideration is generally estimated by utilizing a Monte Carlo simulation technique, based on a range of possible future results (Level 3). Any changes in contingent consideration are recorded in transaction-related costs, net.

Transaction-related Costs

Transaction-related Costs, net

Transaction-related costs, net are classified separately in the Consolidated Statements of Operations. These costs are comprised of expenses related to acquisition-related activities such as due-diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with those of the Company, including the implementation of best practices and process improvements, non-cash gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions.

New and Recently Issued Accounting Standards

Adoption of New Accounting Pronouncements

Intangibles—Goodwill and Other—Internal-Use Software

On January 1, 2020, as the result of a new accounting pronouncement, the Company adopted Accounting Standard Update (“ASU”) 2018-15 “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement That Is a Service Contract,” which provides guidance for determining when the arrangement includes a software license. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The amendments in this Update also require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, to present the expense in the same line in its statement of operations as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in its statement of cash flows in the same manner as payments made for fees associated with the hosting element. The entity is also required to present the capitalized implementation costs in its balance sheet in the same line that a prepayment for the fees of the associated hosting arrangement would be presented. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Financial Statements.

Fair Value Measurement

On January 1, 2020, as the result of a new accounting pronouncement, the Company adopted ASU 2018-13, “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement,” which adds, removes, and modifies disclosure requirements related to fair value measurements. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Financial Statements.

Measurement of Credit Losses on Financial Instruments

On January 1, 2020, as the result of a new accounting pronouncement, the Company adopted ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” and related updates which sets forth a current expected credit loss impairment model for financial assets that replaces the current incurred loss model. This model requires a financial asset (or group of financial assets), including trade receivables, measured at amortized cost to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Financial Statements.

Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities

During first quarter 2020, the Company early adopted the Securities and Exchange Commission’s (the “SEC”), “Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities” rules, which simplify the disclosure requirements related to the Company’s registered securities under Rule 3-10 of Regulation S-X. The final rule also allows for the simplified disclosure to be included within Management’s Discussion and Analysis of Financial Condition and Results of Operations. During third quarter 2020, the Company redeemed its remaining $100 million of publicly registered debt securities (see Note 11—Long-term corporate debt and borrowing arrangements for details). The Company’s remaining outstanding debt securities were issued in private placements exempt

from the registration requirements of the federal securities laws, and therefore, such disclosure is not required.

Topic 842: Accounting for Lease Concessions during COVID-19 Pandemic

In April 2020, the Financial Accounting Standards Board (“FASB”) issued a question-and-answer document to address questions on the application of the lease accounting guidance for lease concessions related to the effects of the COVID-19 pandemic. The FASB provided for companies to make an election to account for this rent relief in the current period and not trigger a lease modification under Topic 842 - Leases. The Company made this election.

Financial Disclosures, Selected Financial Data and Supplementary Financial Information

In February 2021, the Company early adopted the SEC’s, Selected Financial Data and Supplementary Financial Information rule amendments for Regulation S-K Items 301 and 302(a), which eliminates the requirement for five years of selected financial data and replaces the requirement for two years of tabular selected quarterly financial information with a principles-based requirement to only disclose if material retrospective changes occur.

Recently Issued Accounting Pronouncements

Simplifying the Accounting for Income Taxes

On January 1, 2021, as the result of a new accounting pronouncement, the Company adopted ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions and improving the application of existing guidance. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Financial Statements.

Compensation—Retirement Benefits—Defined Benefit Plans

On January 1, 2021, as the result of a new accounting pronouncement, the Company adopted ASU 2018-14, “Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans,” which adds, removes, and clarifies disclosure requirements related to defined benefit pension and other postretirement plans. These changes are part of the FASB’s disclosure framework project, which the Board launched in 2014 to improve the effectiveness of disclosures in notes to financial statements. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Financial Statements.

Securities Owned Not Readily Marketable, Policy

12 million

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Disaggregation of Revenue [Table Text Block]

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


	Year Ended December 31,
	2020		2019
Americas	$	3,965	$	6,352
Europe, Middle East and Africa	1,127		2,222
Asia and Australasia	310		598
Total revenues	$	5,402	$	9,172

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


	Year Ended December 31,
	2020		2019
Avis	$	2,961	$	5,250
Budget	1,908		3,179
Other	533		743
Total revenues	$	5,402	$	9,172

________

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,
	2020		2019
Balance, January 1	$	59	$	64
Revenue deferred	26		17
Revenue recognized	(51)		(22)
Balance, December 31	$	34	$	59

_______

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,
	2020		2019
Cash and cash equivalents	$	692	$	686
Program cash	72		211
Restricted cash (a)	1		3
Total cash and cash equivalents, program and restricted cash	$	765	$	900

_________

(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, 2020

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, 2020		Year Ended December 31, 2019
Americas	$	3,864	$	6,303
Europe, Middle East and Africa	1,080		2,141
Asia and Australasia	299		584
Total lease revenues	$	5,243	$	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, 2020		Year Ended December 31, 2019
Avis	$	2,851	$	5,163
Budget	1,878		3,129
Other	514		736
Total lease revenues	$	5,243	$	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, 2020		Year Ended December 31, 2019
Property leases (a)
Operating lease expense	$	575	$	722
Variable lease expense	152		274
Sublease income	(6)		(8)
Total property lease expense	$	721	$	988

Vehicle leases
Finance lease expense:
Amortization of ROU assets (b)	$	33	$	42
Interest on lease liabilities (c)	3		4
Operating lease expense (b)	195		255
Total vehicle lease expense	$	231	$	301

__________

(a) Primarily included in operating expenses and includes $60 million of minimum annual guaranteed rent in excess of concession fees as defined in our rental concession agreement for the year ended December 31, 2020.

(b) Included in vehicle depreciation and lease charges, 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, 2020			As of December 31, 2019
Property leases
Operating lease ROU assets	$	2,560		$	2,596

Short-term operating lease liabilities (a)	$	514		$	479
Long-term operating lease liabilities	2,078			2,140
Operating lease liabilities	$	2,592		$	2,619

Weighted average remaining lease term	8.4 years			8.9 years
Weighted average discount rate	3.86		%	4.31		%

Vehicle leases
Finance
Finance lease ROU assets, gross	$	304		$	337
Accumulated amortization	(42)			(56)
Finance lease ROU assets, net (b)	$	262		$	281

Short-term vehicle finance lease liabilities	$	86		$	95
Long-term vehicle finance lease liabilities	140			157
Vehicle finance lease liabilities (c)	$	226		$	252

Weighted average remaining lease term	1.8 years			2.0 years
Weighted average discount rate	1.99		%	1.67		%

Operating
Vehicle operating lease ROU assets (d)	$	113		$	195

Short-term vehicle operating lease liabilities	$	82		$	124
Long-term vehicle operating lease liabilities	31			71
Vehicle operating lease liabilities (e)	$	113		$	195

Weighted average remaining lease term	1.5 years			1.8 years
Weighted average discount rate	2.90		%	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, 2020		Year Ended December 31, 2019
Cash payments for lease liabilities within operating activities:
Property operating leases	$	740	$	733
Vehicle operating leases	196		248
Vehicle finance leases	3		4
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	294		266
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases (a)	666		531
Vehicle operating leases (a)	111		262
Vehicle finance leases	257		304

_________

(a) For the year ended December 31, 2019, 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, 2020 are as follows:


	Property Operating Leases		Vehicle Finance Leases		Vehicle Operating Leases
Within 1 year	$	602	$	86	$	84
Between 1 and 2 years	475		49		23
Between 2 and 3 years	416		91		8
Between 3 and 4 years	296		—		1
Between 4 and 5 years	223		—		—
Thereafter	1,081		—		—
Total lease payments	3,093		226		116
Less: Imputed interest	(501)		—		(3)
Total	$	2,592	$	226	$	113

Restructuring (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Summary of Changes to Restructuring-Related Liabilities

The following tables summarize the change to our restructuring-related liabilities and identifies the amounts recorded within the Company’s reporting segments for restructuring charges and corresponding payments and utilizations:


	Personnel Related		Facility Related		Other (a)		Total
Balance at January 1, 2018	$	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
Restructuring expense:
2020 Optimization	73		3		3		79
Brazil	1		1		(2)		—
T19	—		—		14		14

Restructuring payment/utilization:
2020 Optimization	(68)		(2)		(1)		(71)
Brazil	—		(1)		2		1
T19	(5)		—		(15)		(20)


Balance as of December 31, 2020	$	4	$	2	$	3	$	9

__________

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


	Americas		International		Total
Balance at January 1, 2018	$	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
Restructuring expense:
2020 Optimization	31		48		79
T19	14		—		14
Restructuring payment/utilization:
2020 Optimization Plan	(29)		(42)		(71)
Brazil	1		—		1
T19	(16)		(4)		(20)
Balance as of December 31, 2020	$	3	$	6	$	9

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of:


	As of December 31, 2020						As of December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements (a)	$	280	$	151	$	129	$	241	$	108	$	133
Customer relationships (b)	268		196		72		255		165		90
Other (c)	54		33		21		50		25		25
	$	602	$	380	$	222	$	546	$	298	$	248

Unamortized Intangible Assets
Goodwill	$	1,137					$	1,101
Trademarks	$	552					$	550

_________

(a)Primarily amortized over a period ranging from 1 to 40 years with a weighted average life of 18 years.

(b)Primarily amortized over a period ranging from 3 to 20 years with a weighted average life of 12 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,
	2020		2019		2018
License agreements	$	37	$	28	$	36
Customer relationships	23		25		24
Other	5		6		5
Total	$	65	$	59	$	65

Schedule of Goodwill

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


		Americas		International		Total Company

Gross goodwill as of January 1, 2019		$	2,126	$	1,084	$	3,210
	Accumulated impairment losses as of January 1, 2019	(1,587)		(531)		(2,118)
Goodwill as of January 1, 2019		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
	Currency translation adjustments and other	(1)		37		36
Goodwill as of December 31, 2020		$	553	$	584	$	1,137

Vehicle Rental Activities (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019
Rental vehicles	$	9,210	$	13,461
Less: Accumulated depreciation	(1,337)		(1,621)
	7,873		11,840
Vehicles held for sale	280		337
Vehicles, net	$	8,153	$	12,177

Components of Vehicle Depreciation and Lease Charges

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


	Year Ended December 31,
	2020		2019		2018
Depreciation expense	$	1,330	$	1,890	$	1,974
Lease charges	195		255		253
(Gain) loss on sale of vehicles, net	(157)		(82)		(48)
Vehicle depreciation and lease charges, net	$	1,368	$	2,063	$	2,179

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

12 Months Ended

Dec. 31, 2020

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,
	2020		2019
Short-term operating lease liabilities	514		$	479
Accounts payable	394		378
Accrued sales and use taxes	215		223
Public liability and property damage insurance liabilities – current	162		178
Accrued advertising and marketing	122		191
Accrued payroll and related	117		195


Other	510		562
Accounts payable and other current liabilities	$	2,034	$	2,206

Long-term Debt and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

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, 2020:


Year	Amount
2021	$	19
2022	18
2023	18
2024	732
2025	1,182
Thereafter	2,289
	$	4,258

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

Long-term debt and other borrowing arrangements consisted of:


	Maturity Date	As of December 31,
		2020		2019
5½% Senior Notes	April 2023	—		200
6⅜% Senior Notes	April 2024	350		350
4⅛% euro-denominated Senior Notes	November 2024	366		336
5¼% Senior Notes	March 2025	375		375
4½% euro-denominated Senior Notes	May 2025	305		280
10½% Senior Secured Notes	May 2025	487		—
4¾% euro-denominated Senior Notes	January 2026	428		393
5¾% Senior Notes	July 2027	724		400
Floating Rate Term Loan (a)	August 2027	1,199		1,112
Other (b)		24		28
Deferred financing fees		(48)		(39)
Total		4,210		3,435
Less: Short-term debt and current portion of long-term debt		19		19
Long-term debt		$	4,191	$	3,416

__________

(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, 2020, 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	$	—	$	1,171	$	629

__________

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-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
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

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,
	2020		2019
Americas – Debt due to Avis Budget Rental Car Funding (a)	$	5,116	$	7,975
Americas – Debt borrowings (a)	509		827
International – Debt borrowings (a)	1,115		2,100
International – Finance leases	162		215

Deferred financing fees (b)	(45)		(49)
Total	$	6,857	$	11,068

__________

(a)Decreases reflect reduced borrowings resulting from reductions in the Company's global rental fleet.

(b)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2020 and 2019 were $36 million and $40 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, 2020:


	Debt under Vehicle Programs (a)
2021 (b)	$	1,626
2022 (c)	2,444
2023 (d)	1,224
2024	885
2025	621
Thereafter	102
	$	6,902

Schedule Of Available Funding Under Vehicle Program

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, 2020:


	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding	$	7,921	$	5,116	$	2,805
Americas – Debt borrowings	759		509		250
International – Debt borrowings	2,884		1,115		1,769
International – Finance leases	221		162		59
Total	$	11,785	$	6,902	$	4,883

__________

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

(b)The outstanding debt is collateralized by vehicles and related assets of $6.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.7 billion for Americas - Debt borrowings; $1.4 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Accumulated Other Comprehensive Income

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


	Currency Translation Adjustments (a)		Net Unrealized Gains (Losses) on Cash Flow Hedges (b)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Minimum Pension Liability Adjustment (c)		Accumulated Other Comprehensive Income (Loss)
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	—		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)
Other comprehensive income (loss) before reclassifications	33		(39)		—		(36)		(42)
Amounts reclassified from accumulated other comprehensive income (loss)	(2)		8		—		6		12
Net current-period other comprehensive income (loss)	31		(31)		—		(30)		(30)
Balance, December 31, 2020	$	40	$	(51)	$	—	$	(176)	$	(187)

__________

(a)For the year ended December 31, 2020, the amount reclassified from accumulated other comprehensive income (loss) into restructuring and other related charges.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020		847	$	36.99
		Granted (a)	798	23.14
		Vested (b)	(435)	37.13
		Forfeited	(140)	30.36
	Outstanding and expected to vest at December 31, 2020 (c)		1,070	$	27.47	0.9	$	40
Performance-based and market-based RSUs
	Outstanding at January 1, 2020		1,061	$	38.89
		Granted (a)	552	21.06
		Vested (b)	(73)	36.64
		Forfeited	(552)	32.97
	Outstanding at December 31, 2020		988	$	32.41	1.4	$	37
	Outstanding and expected to vest at December 31, 2020 (c)		38	$	20.70	2.5	$	1

__________

(b)The total fair value of RSUs vested during 2020, 2019 and 2018 was $19 million, $18 million and $20 million, respectively.

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

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

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019
Foreign exchange contracts	$	1,386	$	1,518
Interest rate caps (a)	8,871		8,625
Interest rate swaps	1,950		1,500

__________

Fair Value of Derivative Instruments

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


		As of December 31, 2020				As of December 31, 2019
		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)	$	—	$	69	$	—	$	27
Derivatives not designated as hedging instruments
	Foreign exchange contracts (c)	3		11		5		10
	Interest rate caps (b)	—		—		—		1

	Total	$	3	$	80	$	5	$	38

__________

(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,
		2020		2019		2018
Financial instruments designated as hedging instruments (a)
	Interest rate swaps (b)	$	(31)	$	(23)	$	(4)
	Euro-denominated notes (c)	(67)		17		24
Financial instruments not designated as hedging instruments (d)
	Foreign exchange contracts (e)	(5)		(7)		31
	Interest rate caps (f)	—		(1)		(3)
	Commodity contracts (g)	(6)		3		—
Total		$	(109)	$	(11)	$	48

__________

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

(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.

(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, 2020				As of December 31, 2019
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
	Short-term debt and current portion of long-term debt	$	19	$	18	$	19	$	19
	Long-term debt	4,191		4,337		3,416		3,572

Debt under vehicle programs
	Vehicle-backed debt due to Avis Budget Rental Car Funding	$	5,080	$	5,317	$	7,936	$	8,077
	Vehicle-backed debt	1,775		1,796		3,129		3,142
	Interest rate swaps and interest rate caps (a)	2		2		3		3

___________

(a)Derivatives in liability position.

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary Of Significant Accounting Policies [Line Items]
Advertising Expense	$ 54	$ 121	$ 116
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	63	56
Other related Revenue	159	144
Equity Securities without Readily Determinable Fair Value, Amount	8
Revenues	5,402	9,172	9,124
Currency translation adjustment	40	9	(3)	$ 71
Net carrying value of software developed	265	261
Vehicle interest income	12	15	15
Retained risks of liability to third parties	396	441
Workers compensation liabilities	53	56
Operating Costs and Expenses	3,322	4,698	4,639
Costs and Expenses	6,358	8,885	8,857
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(956)	287	267
Income Tax Expense (Benefit)	(272)	(15)	102
Net income	(684)	302	165
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(714)	277	62
Total Assets Exclusive Of Assets Under Vehicle Programs	8,365	9,311
Assets	17,538	23,126
Accounts Payable and Accrued Liabilities, Current	2,034	2,206
Liabilities, Current	2,053	2,225
Other Liabilities, Noncurrent	731	757
Total Liabilities Exclusive Of Liabilities Under Vehicle Programs	9,053	8,538
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	2,560	2,596
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	765	900	735	$ 901
Customer Loyalty [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred Revenue	34	59	$ 64
Deferred Revenue, Additions	26	17
Deferred Revenue, Revenue Recognized	51	22
Deferred Revenue, Current	17	22
Deferred Revenue, Noncurrent	17	37
Property leases [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating Lease, Right-of-Use Asset	2,560	2,596
Vehicle leases [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating Lease, Right-of-Use Asset	$ 113	$ 195

Summary of Significant Accounting Policies Detail of Cash and Cash Equivalents, Program and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents, Program and Restricted Cash [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 692	$ 686
Program Cash	72	211
Restricted Cash and Cash Equivalents	1	3
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 765	$ 900	$ 735	$ 901

Schedule of Estimated Useful Lives (Detail)	12 Months Ended
Schedule of Estimated Useful Lives (Detail)	Dec. 31, 2020
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 5,402	$ 9,172	$ 9,124
Avis [Member]
Disaggregation of Revenue [Line Items]
Revenues	2,961	5,250
Budget [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,908	3,179
Other Brands [Member]
Disaggregation of Revenue [Line Items]
Revenues	533	743
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues	3,965	6,352
Europe, Middle east, Africa [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,127	2,222
Asia and Australasia [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 310	$ 598

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 22
-Subparagraph (a)
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Summary of Significant Accounting Policies Deferred Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Other related Revenue	$ 159	$ 144
Customer Loyalty [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Deferred Revenue, Current	17	22
Deferred Revenue	34	59	$ 64
Deferred Revenue, Additions	26	17
Deferred Revenue, Revenue Recognized	(51)	(22)
Deferred Revenue, Noncurrent	$ 17	$ 37

Leases (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income	$ 5,243	$ 9,028
Lessee, Lease, Description [Line Items]
Vehicle Lease Charges	$ 195	255	$ 253
Supplemental balance sheet information related to leases [Line Items]
Document Period End Date	Dec. 31, 2020
Operating Lease, Residual Value of Leased Asset	$ 202	314
Operating Lease, Right-of-Use Asset	2,560	2,596
Operating Lease, Liability, Noncurrent	2,078	2,140
Americas [Member]
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income	3,864	6,303
EMEA [Member]
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income	1,080	2,141
Asia and Australasia [Member]
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income	299	584
Avis [Member]
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income	2,851	5,163
Budget [Member]
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income	1,878	3,129
Other Brands [Member]
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income	514	736
Property leases [Member]
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	575	722
Variable Lease, Cost	152	274
Sublease Income	(6)	(8)
Lease, Cost	$ 721	$ 988
Supplemental balance sheet information related to leases [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	8 years 4 months 24 days	8 years 10 months 24 days
Operating Lease, Right-of-Use Asset	$ 2,560	$ 2,596
Operating Lease, Liability, Current	514	479
Operating Lease, Liability, Noncurrent	2,078	2,140
Operating Lease, Liability	$ 2,592	$ 2,619
Operating Lease, Weighted Average Discount Rate, Percent	3.86%	4.31%
Supplemental cash flow information related to leases [Line Items]
Operating Lease, Payments	$ 740	$ 733
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	666	531
Maturities of lease liabilities [Line Items]
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months	602
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two	475
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three	416
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four	296
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five	223
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five	1,081
Lessee, Operating Lease, Liability, Payments, Due	3,093
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	501
Vehicle leases [Member]
Lessee, Lease, Description [Line Items]
Lease, Cost	231	301
Finance Lease, Right-of-Use Asset, Amortization	33	42
Finance Lease, Interest Expense	$ 3	$ 4
Supplemental balance sheet information related to leases [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	1 year 6 months	1 year 9 months 18 days
Operating Lease, Right-of-Use Asset	$ 113	$ 195
Operating Lease, Liability, Current	82	124
Operating Lease, Liability, Noncurrent	31	71
Operating Lease, Liability	$ 113	$ 195
Operating Lease, Weighted Average Discount Rate, Percent	2.90%	3.08%
Finance Lease, Right-of-Use Asset, Gross	$ 304	$ 337
Finance Lease, Right-of-Use Asset, Accumulated Amortization	(42)	(56)
Finance Lease, Right-of-Use Asset	262	281
Finance Lease, Liability, Current	86	95
Finance Lease, Liability, Noncurrent	140	157
Finance Lease, Liability	$ 226	$ 252
Finance Lease, Weighted Average Remaining Lease Term	1 year 9 months 18 days	2 years
Finance Lease, Weighted Average Discount Rate, Percent	1.99%	1.67%
Supplemental cash flow information related to leases [Line Items]
Operating Lease, Payments	$ 196	$ 248
Finance Lease, Interest Payment on Liability	3	4
Finance Lease, Principal Payments	294	266
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	111	262
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	257	$ 304
Maturities of lease liabilities [Line Items]
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months	84
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months	86
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two	23
Finance Lease, Liability, Payments, Due in Rolling Year Two	49
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three	8
Finance Lease, Liability, Payments, Due in Rolling Year Three	91
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four	1
Finance Lease, Liability, Payments, Due in Rolling Year Four	0
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	116
Finance Lease, Liability, Payment, Due	226
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	3
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net income (loss) for basic and diluted EPS	$ (684)	$ 302	$ 165
Basic weighted average shares outstanding	70.5	75.2	79.3
Options, warrants and non-vested stock	0.0	0.5	0.8
Diluted weighted average shares outstanding	70.5	75.7	80.1
Earnings (loss) per share:
Basic	$ (9.71)	$ 4.01	$ 2.08
Diluted	$ (9.71)	$ 3.98	$ 2.06

- Definition

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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- Definition

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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- Definition

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

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+ Details

Outstanding Common Stock Equivalents That Were Anti-Dilutive (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	1.2	0.5	0.2

Outstanding Common Stock Equivalents That Were Anti-Dilutive Tickmarks (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Anti-dilutive Non-Vested Stock Weighted Average Grant Date Fair Value	$ 26.20	$ 39.48	$ 48.66

Restructuring - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) Employee	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 118	$ 80	$ 22
Charges related to voluntary termination program, Number of Positions Eliminated \| Employee	400
T19 Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 14	55
Payments for Restructuring	(20)	(51)
Brazil Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0	7
Restructuring and Related Cost, Number of Positions Eliminated \| Employee	22
Payments for Restructuring	$ (1)	$ (6)
Restructuring and Related Cost, Expected Cost Remaining	2
2020 Optimization
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 79
Restructuring and Related Cost, Expected Number of Positions Eliminated \| Employee	4,300
Payments for Restructuring	$ (71)

Restructuring Restructuring Other Related Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Charges related to voluntary termination program	$ 18
John F. North III [Member]
Restructuring Cost and Reserve [Line Items]
Other Nonrecurring Expense	5
Michael K. Tucker [Member]
Restructuring Cost and Reserve [Line Items]
Other Nonrecurring Expense	2
Larry D. De Shon [Member]
Restructuring Cost and Reserve [Line Items]
Other Nonrecurring Expense	$ 1	$ 14
Mark J. Servodidio [Member]
Restructuring Cost and Reserve [Line Items]
Other Nonrecurring Expense		$ 4

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 1,137	$ 1,101	$ 1,092
2019 Avis and Budget Licensees [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	55
Business Acquisition Purchase Price Allocation Vehicles, Net	27
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

Schedule of Intangible Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 602	$ 546
Accumulated Amortization	380	298
Net Carrying Amount	222	248
Goodwill	1,137	1,101	$ 1,092
Licensing Agreements [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	280	241
Accumulated Amortization	151	108
Net Carrying Amount	129	133
Customer Relationships [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	268	255
Accumulated Amortization	196	165
Net Carrying Amount	72	90
Other Intangible Assets [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	54	50
Accumulated Amortization	33	25
Net Carrying Amount	21	25
Goodwill
Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	1,137	1,101
Trademarks
Finite And Indefinite Lived Intangible Assets [Line Items]
Trademarks	$ 552	$ 550
Minimum [Member] \| Licensing Agreements [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
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	18 years
Weighted Average [Member] \| Customer Relationships [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	12 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 65	$ 59	$ 65
Licensing Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense	37	28	36
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense	23	25	24
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 5	$ 6	$ 5

Intangible Assets - Additional Information (Detail) $ in Millions	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Assets, Amortization Expense, Next Rolling Twelve Months	$ 59
Finite-Lived Intangible Assets, Amortization Expense, Year Two	35
Finite-Lived Intangible Assets, Amortization Expense, Year Three	26
Finite-Lived Intangible Assets, Amortization Expense, Year Four	23
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 18

Schedule of Goodwill (Detail) - USD ($) $ in Millions	12 Months Ended
Schedule of Goodwill (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Line Items]
Gross goodwill			$ 3,210
Goodwill [Roll Forward]
Goodwill	$ 1,101	$ 1,092
Goodwill, Impaired, Accumulated Impairment Loss			(2,118)
Acquisition		21
Adjustments to the allocation of purchase price	36	(12)
Goodwill	1,137	1,101
Americas
Goodwill [Line Items]
Gross goodwill			2,126
Goodwill [Roll Forward]
Goodwill	554	539
Goodwill, Impaired, Accumulated Impairment Loss			(1,587)
Acquisition		21
Adjustments to the allocation of purchase price	(1)	(6)
Goodwill	553	554
International
Goodwill [Line Items]
Gross goodwill			1,084
Goodwill [Roll Forward]
Goodwill	547	553
Goodwill, Impaired, Accumulated Impairment Loss			$ (531)
Acquisition		0
Adjustments to the allocation of purchase price	37	(6)
Goodwill	$ 584	$ 547

Components of Company's Vehicles (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure Components Of Companys Vehicles [Abstract]
Rental vehicles	$ 9,210	$ 13,461
Less: Accumulated depreciation	(1,337)	(1,621)
Rental Vehicles Net, Total	7,873	11,840
Vehicles held for sale	280	337
Vehicles, net	$ 8,153	$ 12,177

Components Of Vehicle Depreciation And Lease Charges (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Vehicle Depreciation and Lease Charges, Net [Line Items]
Depreciation expense	$ 1,330	$ 1,890	$ 1,974
Lease charges	195	255	253
(Gain) loss on sale of vehicles, net	(157)	(82)	(48)
Vehicle depreciation and lease charges, net	1,368	2,063	2,179
Accounts Payable, Other, Current	232	418	472
Receivables due from former subsidiaries	$ 162	$ 576	$ 622

Provision for (Benefit from) Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current
Federal	$ (5)	$ (3)	$ (7)
State	21	41	36
Foreign	29	50	59
Current income tax provision (benefit)	45	88	88
Deferred
Federal	(104)	41	63
State	(90)	(37)	(39)
Foreign	(123)	(107)	(10)
Deferred income tax provision	(317)	(103)	14
Provision for (benefit from) income taxes	$ (272)	(15)	102
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			$ 104

Pretax Income (Loss) for Domestic and Foreign Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
United States	$ (590)	$ 125	$ 114
Foreign	(366)	162	153
Income (Loss) before income taxes	$ (956)	$ 287	$ 267

Income Taxes Pretax Income (Loss) for Domestic and Foreign Operations Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Gains (Losses) on Extinguishment of Debt	$ (9)	$ (12)	$ (19)

Deferred Income Tax Assets And Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred Income Tax Assets And Liabilities [Line Items]
Net tax loss carryforwards	$ 1,146	$ 1,645
Operating Lease, Liability, Noncurrent	657	678
Accrued liabilities and deferred income	237	236
Tax credits	17	20
Depreciation and amortization	3	17
Provision for doubtful accounts	8	8
Other	110	75
Deferred Tax Assets, Valuation Allowance	204	214
Deferred Tax Assets, Net of Valuation Allowance	1,974	2,465
Operating Lease, Right-of-Use Asset	649	672
Depreciation and amortization	105	108
Deferred Tax Liabilities, Prepaid Expenses	8	17
Other	14	6
Deferred Tax Liabilities, Net	776	803
Deferred Tax Assets, Net	1,198	1,662
Deferred Income Tax Assets and Liabilities Additional Information (Detail) [Abstract]
Deferred Tax Assets, Valuation Allowance	204	214
Deferred Tax Assets Operating Loss Carryforward With Valuation Against It	195	192
Deferred Tax Assets State And Local	9	22
Vehicle Programs
Deferred Income Tax Assets And Liabilities [Line Items]
Depreciation and amortization	62	54
Depreciation and amortization	1,445	2,243
Other Assets [Member]
Deferred Income Tax Assets And Liabilities [Line Items]
Other	27	48
Other Liabilities [Member]
Deferred Income Tax Assets And Liabilities [Line Items]
Other	27	48
Liability [Member]
Deferred Income Tax Assets And Liabilities [Line Items]
Deferred Tax Liabilities, Net	1,472	2,291
Vehicle programs, net [Member]
Deferred Income Tax Assets And Liabilities [Line Items]
Deferred Tax Liabilities, Net	1,383	2,189
Deferred Tax Asset [Domain]
Deferred Income Tax Assets And Liabilities [Line Items]
Deferred Tax Assets, Net	$ 89	$ 102

Reconciliation of U.S Federal Income Tax Statutory Rate and Effective Income Tax Rate (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	$ 3	$ 4	$ 3
Changes in valuation allowances	0.00%	(26.90%)	6.30%
U.S. federal statutory rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal tax benefits	4.80%	(1.70%)	5.50%
Taxes on foreign operations at rates different than statutory U.S. federal rates	3.10%	3.40%	(5.20%)
Effective Income Tax Rate Reconciliation, Stock-based Compensation, Percent	(0.10%)	0.00%	(0.80%)
Effective Income Tax Rate Reconciliation, 2017 Tax Reform Act Impact, Percent, Total	0.00%	0.00%	11.20%
Other non-deductible expenses	(0.40%)	(1.40%)	1.10%
Other	0.00%	0.40%	(0.90%)
Effective Income Tax Rate, Continuing Operations, Total	28.40%	(5.20%)	38.20%

Schedule of Other Current Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure Schedule Of Other Current Assets [Abstract]
Prepaid expenses	$ 161	$ 234
Sales and use tax	147	173
Other	148	141
Total other current assets	$ 456	$ 548

Schedule of Property and Equipment Net (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Land	$ 49	$ 48
Buildings and leasehold improvements	592	565
Capitalized software	918	789
Furniture, fixtures and equipment	417	400
Buses and support vehicles	86	88
Projects in process	60	180
Property and Equipment, gross	2,122	2,070
Less: Accumulated depreciation and amortization	(1,465)	(1,278)
Property, Plant and Equipment, Net, Total	$ 657	$ 792

Schedule of Accounts Payable and Other Current Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounts Payable and Other Current Liabilities [Abstract]
Accounts payable	$ 394	$ 378
Accrued sales and use taxes	215	223
Employee-related Liabilities, Current	117	195
Accrued marketing and commissions, current	122	191
Public liability and property damage insurance liabilities – current	162	178
Other	510	562
Accounts payable and other current liabilities	$ 2,034	$ 2,206

Schedule of Long-Term Debt (Detail) € in Millions	12 Months Ended
Schedule of Long-Term Debt (Detail) € in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2020 EUR (€)	Sep. 30, 2020 USD ($)	Aug. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 EUR (€)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 EUR (€)	Jun. 30, 2018 EUR (€)	Dec. 31, 2017 USD ($)	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Other	$ 24,000,000				$ 28,000,000
Total	4,258,000,000
Short Term Debt And Current Portion Of Long Term Debt	19,000,000				19,000,000
Less: Short-term debt and current portion of long-term debt					19,000,000
Long-term debt	$ 4,191,000,000				$ 3,416,000,000
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	$ 200,000,000			$ 100,000,000	$ 475,000,000		$ 400,000,000					$ 175,000,000
Maturity Dates	April 2023
Long-term Debt, Gross	$ 0				$ 200,000,000
Debt Instrument, Repurchase Amount	$ 202,000,000						$ 483,000,000
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	$ 366,000,000				$ 336,000,000
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	$ 305,000,000				$ 280,000,000
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	$ 428,000,000				$ 393,000,000
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			$ 350,000,000		400,000,000
Long-term Debt, Gross	$ 724,000,000				400,000,000
Senior Notes [Member] \| Ten and One over Two Senior Secured Notes [Member]
Debt Instrument [Line Items]
Maturity Dates	May 2025
Long-term Debt, Gross	$ 487,000,000				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]
Debt Instrument, Face Amount	$ 1,200,000,000
Derivative, Fixed Interest Rate	2.25%	2.25%
Maturity Dates	August 2027
Long-term Debt, Gross	$ 1,199,000,000				1,112,000,000
Percentage Of Margin Aggregate Interest Rate	2.40%
Senior Notes and Loans Payable [Member]
Debt Instrument [Line Items]
Deferred Finance Costs, Net	$ (48,000,000)				(39,000,000)
Total	4,210,000,000				$ 3,435,000,000
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	4.58%	4.58%

Long-Term Debt And Borrowing Arrangements - Additional Information (Detail) € in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2020 EUR (€)	Sep. 30, 2020 USD ($)	Aug. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Document Period End Date	Dec. 31, 2020
Gain (Loss) on Extinguishment of Debt	$ (9,000,000)	$ (12,000,000)	$ (19,000,000)
Loans Payable [Member] \| Floating Rate Term Loan Due March Two Thousand Twenty Five [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate	2.25%				2.25%
Debt Instrument, Face Amount	$ 1,200,000,000
Percentage Of Margin Aggregate Interest Rate	2.40%
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	$ 200,000,000	475,000,000					$ 100,000,000	$ 400,000,000		$ 175,000,000
Debt Instrument, Repurchase Amount	202,000,000							$ 483,000,000
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				$ 350,000,000
Senior Notes [Member] \| Ten And One Over Two Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500,000,000
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	4.58%				4.58%

Contractual Maturities of Company's Corporate Debt (Detail) $ in Millions	Dec. 31, 2020 USD ($)
Long-Term Debt And Borrowing Arrangements [Abstract]
2016	$ 19
2017	18
2018	18
2019	732
2020	1,182
Thereafter	2,289
Total	$ 4,258

Schedule of Committed Credit Facilities (Detail) - Revolving Credit Facility Maturing 2018 $ in Millions	Dec. 31, 2020 USD ($)
Line of Credit Facility [Line Items]
Total Capacity	$ 1,800
Outstanding Borrowings	0
Letters of Credit Issued	1,171
Available Capacity	$ 629

- Definition

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
	Dec. 31, 2020
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, 2020	Dec. 31, 2019
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Interest rate on capital leases	1.16%	1.25%
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	$ 6,400
Debt under vehicle programs	6,857	$ 11,068
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
Debt under vehicle programs	5,116	7,975
Deferred Finance Costs, Net	$ (35)	$ (36)
Americas Debt Borrowings [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt, Weighted Average Interest Rate	2.98%	2.87%
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	$ 900
Debt under vehicle programs	$ 509	$ 827
International Debt Borrowings
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt, Weighted Average Interest Rate	2.17%	1.87%
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	$ 2,300
Debt under vehicle programs	1,115	$ 2,100
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	162	215
Debt Under Vehicle Programs [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt under vehicle programs	6,902
Deferred Finance Costs, Net	$ (45)	$ (49)

Debt Under Vehicle Programs And Borrowing Arrangements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended	36 Months Ended
	Dec. 31, 2014	Dec. 31, 2019	Dec. 31, 2020
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%	3.17%
European Rental Fleet Securitization [Member]
Debt Instrument [Line Items]
Newly Issued European Credit Facility	$ 500	$ 1,700
Americas Debt Borrowings [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate		2.87%	2.98%
International Debt Borrowings
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate		1.87%	2.17%
Debt Due To Rental Car Funding August 2025 [Member]
Debt Instrument [Line Items]
Asset-Backed Securities, at Carrying Value			$ 700
Debt Due To Rental Car Funding February 2026 [Member]
Debt Instrument [Line Items]
Asset-Backed Securities, at Carrying Value			$ 650

Schedule Of Contractual Maturities (Detail) $ in Millions	Dec. 31, 2020 USD ($)
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
2016	$ 19
2017	18
2018	18
2019	732
2020	1,182
Thereafter	2,289
Vehicle Programs
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
2016	1,626
2017	2,444
2018	1,224
2019	885
2020	621
Thereafter	102
Total	$ 6,902

Schedule Of Available Funding Under Vehicle Programs (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	$ 6,400
Debt under vehicle programs	$ 6,857	$ 11,068
Avis Budget Rental Car Funding Program [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt, Weighted Average Interest Rate	3.17%	3.16%
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	7,921
Debt under vehicle programs	5,116	$ 7,975
Available Capacity	$ 2,805
Americas Debt Borrowings [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt, Weighted Average Interest Rate	2.98%	2.87%
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	$ 900
Total Capacity	759
Debt under vehicle programs	509	$ 827
Available Capacity	$ 250
International Debt Borrowings
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt, Weighted Average Interest Rate	2.17%	1.87%
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	$ 2,300
Total Capacity	2,884
Debt under vehicle programs	1,115	$ 2,100
Available Capacity	1,769
International Capital Leases
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	200
Total Capacity	221
Debt under vehicle programs	162	$ 215
Available Capacity	59
Debt Under Vehicle Programs [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Total Capacity	11,785
Debt under vehicle programs	6,902
Available Capacity	$ 4,883

Commitments And Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Commitments And Contingencies [Line Items]
Loss Contingency Accrual		$ 12
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 35
Vehicle purchase commitments over the next 12 months	8,700
Aggregate purchase obligations	177
Receivables due from former subsidiaries	162	576	$ 622
Liabilities accrued for asset retirement obligations	30	$ 27
Realogy
Schedule Of Commitments And Contingencies [Line Items]
Receivables due from former subsidiaries	25
Wyndham
Schedule Of Commitments And Contingencies [Line Items]
Receivables due from former subsidiaries	$ 15

Stockholders' Equity - Additional Information (Detail) shares in Millions, $ in Millions	12 Months Ended			36 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($) shares
Stockholders Equity [Line Items]
Stock Repurchase Program, Authorized Amount	$ 1,800			$ 1,800
Treasury Stock, Shares, Acquired \| shares				13.0
Treasury Stock, Value, Acquired, Cost Method	113	$ 62	$ 200	$ 375
Option Premiums Paid		16
Stock Repurchase Program, Remaining Authorized Repurchase Amount	76			$ 76
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	8	(3)	(2)
Less: Pension and post-retirement benefits reclassified to earnings, net of tax of $(2), $(1) and $(6), respectively	(6)	$ (6)	(5)
Open Option Contracts Written, Number of Shares \| shares		0.6
Proceeds from Issuance of Common Stock	15	$ 0	0
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	(67)	17	24
Corporate Interest Expense [Member]
Stockholders Equity [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	9	4	3
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	$ 6	$ 3	$ 2

Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	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	$ 9	$ (3)	$ 71
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	31	12	(81)
Currency Translation Adjustment, Ending Balance	40	9	(3)	$ 71
Net Unrealized Gains (Losses) on Cash Flow Hedges, Beginning Balance	(20)	2	5
Net unrealized holding gains (losses), net of tax of $14, $7, and $0, respectively	(39)	(20)	(2)
Net Unrealized Gains (Losses) on Cash Flow Hedges, Period change		(23)	(4)
Net Unrealized Gains (Losses) on Cash Flow Hedges, Ending Balance	(51)	(20)	2	5
Minimum Pension Liability Adjustment, Beginning Balance	(146)	(132)	(102)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax	(36)	(20)	(23)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax	6	6	5
Minimum Pension Liability Adjustment, Period change	(30)	(14)	(18)
Minimum Pension Liability Adjustment, Ending Balance	(176)	(146)	(132)	(102)
Accumulated Other Comprehensive Income (Loss), Beginning Balance	(157)	(133)	(24)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent before reclassifications	(42)	(28)	(106)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	12	3	3
Accumulated Other Comprehensive Income (Loss), Period change	(30)	(25)	(103)
Accumulated Other Comprehensive Income (Loss), Ending Balance	(187)	(157)	(133)	(24)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	8	(3)	(2)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax	9	8	7
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax	(2)	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	33	12	(81)
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent				2
Cumulative Effect, Period of Adoption, Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Currency Translation Adjustment, Beginning Balance		0	7
Currency Translation Adjustment, Ending Balance			0	7
Net Unrealized Gains (Losses) on Cash Flow Hedges, Beginning Balance		1	1
Net Unrealized Gains (Losses) on Cash Flow Hedges, Ending Balance			1	1
Minimum Pension Liability Adjustment, Beginning Balance		0	12
Minimum Pension Liability Adjustment, Ending Balance			0	12
Accumulated Other Comprehensive Income (Loss), Beginning Balance		1	(6)
Accumulated Other Comprehensive Income (Loss), Ending Balance			1	(6)
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent				(2)
Cumulative Effect, Period of Adoption, Adjusted Balance
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
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)
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	6	3	2
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	9	4	3
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	(67)	$ 17	$ 24
Derivatives used in Net Investment Hedge, Net of Tax	$ 14

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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	34,000	40,000	34,000
Maximum number of shares reserved for grant of awards	22,500,000
Shares available for grant under the plan	4,500,000
Aggregate Intrinsic Value - Exercised		$ 1	$ 8
Share-based Payment Arrangement, Expense	$ 9	22	24
Share-based Payment Arrangement, Expense, after Tax	$ 7	$ 17	$ 18
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	91.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.18%
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%

Stock-Based Compensation - Stock Unit Valuation Assumptions (Detail)	12 Months Ended
	Dec. 31, 2020
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, 2020	Dec. 31, 2019	Dec. 31, 2018
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
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	1,070
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	847
Number of RSUs - Granted	798
Number of RSUs - Vested	(435)
Number of RSUs - Forfeited/expired	(140)
Number of RSUs - Balance at end of year		847
Weighted Average Grant Price, Balance at beginning of year	$ 36.99
Weighted Average Grant Price - Vested	37.13
Weighted Average Grant Price - Forfeited/expired	30.36
Weighted Average Grant Price - Granted	23.14	$ 34.14	$ 48.41
Weighted Average Grant Price, Balance at end of year		$ 36.99
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Grant Date Fair Value	$ 27.47
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term	10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Expected to Vest	$ 40
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 4 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Number of Shares Outstanding	38
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	1,061
Number of RSUs - Granted	552
Number of RSUs - Vested	(73)
Number of RSUs - Forfeited/expired	(552)
Number of RSUs - Balance at end of year	988	1,061
Weighted Average Grant Price, Balance at beginning of year	$ 38.89
Weighted Average Grant Price - Vested	36.64
Weighted Average Grant Price - Forfeited/expired	32.97
Weighted Average Grant Price - Granted	21.06	$ 34.56	$ 48.52
Weighted Average Grant Price, Balance at end of year	32.41	$ 38.89
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Grant Date Fair Value	$ 20.70
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term	2 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 37
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Expected to Vest	$ 1

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Value, Restricted Stock Award, Gross	$ 19	$ 18	$ 20
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value		$ 1	$ 8
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 17
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	1 year
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	435
Weighted Average Grant Price - Granted	$ 23.14	$ 34.14	$ 48.41
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	10 months 24 days
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	73
Number Of Restricted Stock Units Target Award Vested Range Maximum	20.00%
Weighted Average Grant Price - Granted	$ 21.06	$ 34.56	$ 48.52
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 37
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	2 years 6 months

Stock-Based Compensation - Annual Activity Of Stock Options (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
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

Stock-Based Compensation - Annual Activity Of Stock Options Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Deferred Compensation Arrangement with Individual, Shares Issued	34,000	40,000	34,000
Aggregate Intrinsic Value - Exercised		$ 1	$ 8

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Multiemployer Plan, Employer Contribution, Cost	$ 7	$ 9	$ 9
Contributions	23	32	$ 33
Amortized from accumulated other comprehensive income into net periodic benefit cost	9
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets	307	276
Defined Benefit Plan, Accumulated Benefit Obligation	916	$ 811
Estimated future benefit payments, 2014	30
Estimated future benefit payments, 2015	31
Estimated future benefit payments, 2016	31
Estimated future benefit payments, 2017	32
Estimated future benefit payments, 2018	33
Estimated future benefit payments, 2019 to 2023	$ 184
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	$ 4
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Long-term rate of return on plan assets	3.80%	4.50%	4.50%
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 5

Summary Of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 5	$ 5	$ 6
Interest cost	17	21	19
Expected return on plan assets	(31)	(30)	(33)
Defined Benefit Plan Amortization Of Unrecognized Amounts	9	7	7
Net periodic benefit cost	0	3	(1)
Employee Benefit Plans [Abstract]
Defined Benefit Plan, Benefit Obligation	926	821	722
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	(84)	(87)
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)	26	13
Defined Benefit Plan, Plan Assets, Amount	722	649	$ 549
Actual return on plan assets	71	91
Employer contributions	14	21
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss)	14	14
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	$ 1

Summary of Funded Status of Pension Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Defined Benefit Plan, Accumulated Benefit Obligation	$ 916	$ 811
Assets for Plan Benefits, Defined Benefit Plan	(7)	(20)
Liability, Defined Benefit Plan, Current	(4)	(4)
Liability, Defined Benefit Plan, Noncurrent	(207)	(188)
Employee Benefit Plans [Abstract]
Benefit obligation at end of prior year	821	722
Service cost	5	5	$ 6
Interest cost	17	21	19
Actuarial loss	84	87
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)	26	13
Benefit obligation at end of current year	926	821	722
Fair value of assets at end of prior year	649	549
Actual return on plan assets	71	91
Employer contributions	14	21
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss)	14	14
Net benefits paid	(26)	(26)
Fair value of assets at end of current year	722	649	549
Total unfunded status at end of year (recognized in other non-current liabilities in the Consolidated Balance Sheets)	(204)	(172)
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	31	30	33
Defined Benefit Plan Amortization Of Unrecognized Amounts	9	7	7
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	0	3	$ (1)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	27	27
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets	307	276
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation	$ 518	$ 466

Summary Of Assumptions Used To Determine Pension Obligations And Pension Costs (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Maximum [Member] \| Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage	43.00%
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	33.00%
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	$ 4
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	3.10%	4.15%	3.50%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	2.25%	3.10%	4.15%
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	$ 5
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	1.95%	2.75%	2.55%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	1.40%	1.95%	2.75%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	3.80%	4.50%	4.50%

Summary Of Defined Benefit Pension Plans' Assets Fair Value (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 722	$ 649	$ 549
Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	69	70
US Stock
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	169	152
Non US Stock
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	167	158
Non US Government Securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	6	7
Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	137	116
Other Assets
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	174	146
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	307	277
Fair Value, Inputs, Level 1 [Member] \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	19	16
Fair Value, Inputs, Level 1 [Member] \| US Stock
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	113	100
Fair Value, Inputs, Level 1 [Member] \| Non US Stock
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	64	59
Fair Value, Inputs, Level 1 [Member] \| Non US Government Securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	5	4
Fair Value, Inputs, Level 1 [Member] \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	105	96
Fair Value, Inputs, Level 1 [Member] \| Other Assets
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	1	2
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	415	372
Fair Value, Inputs, Level 2 [Member] \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	50	54
Fair Value, Inputs, Level 2 [Member] \| US Stock
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	56	52
Fair Value, Inputs, Level 2 [Member] \| Non US Stock
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	103	99
Fair Value, Inputs, Level 2 [Member] \| Non US Government Securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	1	3
Fair Value, Inputs, Level 2 [Member] \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	32	20
Fair Value, Inputs, Level 2 [Member] \| Other Assets
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 173	$ 144

Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
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	$ 19
Document Period End Date	Dec. 31, 2020
Interest Rate Caps Sold
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	$ 6,000	$ 5,900
Purchase [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	2,900	2,700
Interest Rate Cap [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	8,871	8,625
Interest Rate Cap [Member] \| Subsidiary Issuers
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	3,100	3,200
Interest Rate Swap [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	1,950	1,500
Currency Swap [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	$ 1,386	$ 1,518

Schedule Of Effect Of Derivatives Recognized (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 3	$ 5
Derivatives not designated as hedging instruments	109	11	$ (48)
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	80	38
Interest Expense [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivatives not designated as hedging instruments	3	(11)	19
Operating Expense [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivatives not designated as hedging instruments	2	(4)	(12)
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	0
Interest rate swaps	(31)	(23)	(4)
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	69	27
Designated as Hedging Instrument \| Foreign Exchange Forward [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Interest rate swaps	(67)	17	24
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	5	7	(31)
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	3	5
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	11	10
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	0	1	3
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	0	1
Not Designated as Hedging Instrument \| Commodity Contract
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivatives not designated as hedging instruments	$ 6	$ (3)	$ 0

Schedule Of Carrying Amounts And Estimated Fair Values (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Short-term debt and current portion of long-term debt		$ 19
Reported Value Measurement [Member]
Debt Instrument [Line Items]
Short-term debt and current portion of long-term debt	$ 19	19
Long-term debt, excluding convertible debt	4,191	3,416
Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding	5,080	7,936
Vehicle-backed debt	1,775	3,129
Interest rate swaps and interest rate contracts	2	3
Estimate of Fair Value Measurement [Member]
Debt Instrument [Line Items]
Short-term debt and current portion of long-term debt	18	19
Long-term debt, excluding convertible debt	4,337	3,572
Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding	5,317	8,077
Vehicle-backed debt	1,796	3,142
Interest rate swaps and interest rate contracts	$ 2	$ 3

Summary of Segments Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 5,402	$ 9,172	$ 9,124
Vehicle depreciation and lease charges, net	1,368	2,063	2,179
Vehicle interest, net	(318)	(344)	(314)
Adjusted EBITDA	(175)	788	781
Non-vehicle depreciation and amortization	286	263	256
Assets exclusive of assets under vehicle programs	8,365	9,311	6,370
Assets under vehicle programs	9,173	13,815	12,779
Capital expenditures (excluding vehicles)	94	250	231
International
Segment Reporting Information [Line Items]
Revenues	1,437	2,820	2,938
Vehicle depreciation and lease charges, net	400	601	611
Vehicle interest, net	(44)	(60)	(62)
Adjusted EBITDA	(202)	203	287
Non-vehicle depreciation and amortization	91	94	104
Assets exclusive of assets under vehicle programs	2,754	2,995	2,495
Assets under vehicle programs	2,018	3,307	3,109
Capital expenditures (excluding vehicles)	29	62	76
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	0
Vehicle depreciation and lease charges, net	0
Vehicle interest, net	0
Adjusted EBITDA	(45)	(67)	(64)
Non-vehicle depreciation and amortization	10	8
Assets exclusive of assets under vehicle programs	101	90	93
Assets under vehicle programs	0
Capital expenditures (excluding vehicles)	0	26	21
Americas
Segment Reporting Information [Line Items]
Revenues	3,965	6,352	6,186
Vehicle depreciation and lease charges, net	968	1,462	1,568
Vehicle interest, net	(274)	(284)	(252)
Adjusted EBITDA	72	652	558
Non-vehicle depreciation and amortization	185	161	152
Assets exclusive of assets under vehicle programs	5,510	6,226	3,782
Assets under vehicle programs	7,155	10,508	9,670
Capital expenditures (excluding vehicles)	65	162	134
Acquisition-related Costs [Member]
Segment Reporting Information [Line Items]
Non-vehicle depreciation and amortization	$ 66	$ 56	$ 61

Reconciliation of Adjusted EBITDA to Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Acquired Indefinite-lived Intangible Assets [Line Items]
Non-vehicle depreciation and amortization	$ 286	$ 263	$ 256
COVID-19 Charges	122
Charges for legal matter	8
Non-operational charges related to shareholder activist activity	4	2	9
Equity Method Investment, Realized Gain (Loss) on Disposal		(44)
Acquisition-related Costs [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Non-vehicle depreciation and amortization	$ 66	$ 56	$ 61

Summary of Geographic Segment Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 5,402	$ 9,172	$ 9,124
Assets exclusive of assets under vehicle programs	8,365	9,311	6,370
Assets under vehicle programs	9,173	13,815	12,779
Long-Lived Assets	2,568	2,691	2,653
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	3,758	5,867	5,708
Assets exclusive of assets under vehicle programs	5,262	5,830	3,494
Assets under vehicle programs	6,797	9,824	9,021
Long-Lived Assets	1,421	1,536	1,476
All Other Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,644	3,305	3,416
Assets exclusive of assets under vehicle programs	3,103	3,481	2,876
Assets under vehicle programs	2,376	3,991	3,758
Long-Lived Assets	$ 1,147	$ 1,155	$ 1,177

- Definition

+ References

+ Details

Valuation And Qualifying Accounts (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for Doubtful Accounts
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 52	$ 39	$ 36
Expensed	(73)	(41)	(34)
Other Adjustments	(3)	0	2
Deductions	(68)	(28)	(29)
Balance at End of Period	60	52	39
Tax Valuation Allowance
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	214	311	331
Expensed	(1)	(95)	3
Other Adjustments	6	(2)	17
Deductions	0	0	0
Balance at End of Period	$ 207	$ 214	$ 311