0000723612-22-000006 | 10-K | XBRL Viewer

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Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies In 2006, we completed the spin-offs of our Realogy and Wyndham subsidiaries. We do 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 us in relation to our consolidated financial position or liquidity, as Realogy and Wyndham each have agreed to assume responsibility for these liabilities. We are also named in litigation that is primarily related to the businesses of our former subsidiaries, including Realogy and Wyndham. We are entitled to indemnification from such entities for any liability resulting from such litigation. In February 2017, following state court trials in Georgia, we were found liable for damages in two cases brought by plaintiffs who were injured in a vehicle accident allegedly caused by an employee of our independent contractor who was acting outside of the scope of employment. In fourth quarter 2019, we appealed both verdicts resulting in a reversal of the opinions rendered. The Georgia Supreme Court granted the plaintiffs’ application to review the appellate court’s reversal of the judgments entered at the trial court. The Georgia Supreme Court heard oral arguments in December 2020, and on May 3, 2021 issued a decision affirming the appellate court’s judgements. Following the issuance of this decision, plaintiffs filed motions for reconsideration, which were denied in June 2021. We have reversed a previously recognized liability related to these cases, net of recoverable insurance proceeds, of approximately $12 million within operating expenses. In November 2011, Jose Mendez v. Avis Budget Group Inc., et al. was filed in U.S. District Court for the District of New Jersey. The plaintiff seeks to represent a purported nationwide class and two sub-classes of certain renters of vehicles from our Avis and Budget subsidiaries from April 2007 through December 2015. The plaintiff seeks damages in connection with claims relating to our electronic toll service, including that administrative fees and toll charges were not properly disclosed to customers and/or were excessive. Plaintiff’s motion for class certification was approved by the Court in November 2017. The parties are currently engaged in settlement discussions. We have been named as a defendant in other purported consumer class action law suits, including a class action filed against us in Florida seeking damages in connection with a breach of contract claim and two purported class action suits filed against us in New Jersey, one related to fines and fees charged to car renters by us for violations incurred during the course of their rental and another related to ancillary charges at our Payless subsidiary. In the Florida lawsuit, a motion for preliminary approval of a proposed settlement has been filed with the Court. We are currently involved, and in the future may be involved, in claims and/or legal proceedings, including class actions, and governmental inquiries that are incidental to our 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 we believe that our accruals are adequate and/or that we have valid defenses in these matters, unfavorable resolutions could occur. We estimate that the potential exposure resulting from adverse outcomes of current 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, 2021. We do not believe that the impact should result in a material liability to us in relation to our consolidated financial condition or results of operations. Commitments to Purchase Vehicles We maintain agreements with vehicle manufacturers under which we have agreed to purchase approximately $5.9 billion of vehicles from manufacturers over the next 12 months, a $2.8 billion decrease compared to December 31, 2020, 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, we make 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, 2021, we had approximately $149 million of purchase obligations, which extend through 2026. Concentrations Concentrations of credit risk at December 31, 2021, include (i) risks related to our 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 we have not yet received payment from the manufacturers and (ii) risks related to Realogy and Wyndham, including receivables of $26 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 We maintain 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. Our asset retirement obligations, which are measured at discounted fair values, are primarily related to the removal of underground gasoline storage tanks at our rental facilities. The liability accrued for asset retirement obligations was $28 million and $30 million at December 31, 2021 and 2020, respectively. Standard Guarantees/Indemnifications In the ordinary course of business, we enter into numerous agreements that contain standard guarantees and indemnities whereby we agree 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 we could be required to make under these guarantees, nor are we 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 us, we maintains insurance coverage that mitigates our potential exposure.

Income Taxes - Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 57	$ 54	$ 61
Additions for tax positions related to current year	4	4	6
Additions for tax positions for prior years	3	0	0
Reductions for tax positions for prior years	(3)	(1)	(8)
Settlements	0	(3)	(4)
Statute of limitations	0	0	(1)
Foreign currency translation	(3)
Foreign currency translation		3	0
Ending Balance	$ 58	$ 57	$ 54

Debt under Vehicle Programs and Borrowing Arrangements - Schedule Of Debt Under Vehicle Programs (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding Borrowings	$ 11,438
Deferred financing fees	(48)	$ (48)
Total	11,390	6,857
Americas – Debt due to Avis Budget Rental Car Funding
Debt Instrument [Line Items]
Outstanding Borrowings		5,116
Americas – Debt due to Avis Budget Rental Car Funding \| Affiliated Entity
Debt Instrument [Line Items]
Outstanding Borrowings	8,889
Americas – Debt borrowings
Debt Instrument [Line Items]
Outstanding Borrowings	612	509
International – Debt borrowings
Debt Instrument [Line Items]
Outstanding Borrowings	1,757	1,115
International – Finance leases
Debt Instrument [Line Items]
Outstanding Borrowings	177	162
Other
Debt Instrument [Line Items]
Outstanding Borrowings	3	0
Deferred financing fees
Debt Instrument [Line Items]
Deferred financing fees	(48)	(45)
Deferred financing fees \| Vehicle-backed debt due to Avis Budget Rental Car Funding
Debt Instrument [Line Items]
Deferred financing fees	$ (41)	$ (36)

Other Current Assets

12 Months Ended

Dec. 31, 2021

Assets, Current [Abstract]

Other Current Assets

Other current assets consisted of:


	As of December 31,
	2021		2020
Sales and use taxes	$	238	$	147
Prepaid expenses	205		161
Other	95		148
Other current assets	$	538	$	456

Financial Instruments - Additional Information (Detail) $ in Millions	Dec. 31, 2021 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Estimated loss	$ 18

Intangible Assets - Additional Information (Detail) $ in Millions	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 47
2023	28
2024	23
2025	16
2026	$ 15

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Operating Lease, Lease Income

The following table presents our lease revenues disaggregated by geography:


	Year Ended December 31,
	2021		2020		2019
Americas	$	7,501	$	3,864	$	6,303
Europe, Middle East and Africa	1,343		1,080		2,141
Asia and Australasia	342		299		584
Total lease revenues	$	9,186	$	5,243	$	9,028

The following table presents our lease revenues disaggregated by brand:


	Year Ended December 31,
	2021		2020		2019
Avis	$	4,828	$	2,851	$	5,163
Budget	3,674		1,878		3,129
Other	684		514		736
Total lease revenues	$	9,186	$	5,243	$	9,028

________

Other includes Zipcar and other operating brands.

The Components of Lease Expense

The components of lease expense are as follows:


	Year Ended December 31,
	2021		2020		2019
Property leases (a)
Operating lease expense	$	561	$	575	$	722
Variable lease expense	433		152		274
Sublease income	(6)		(6)		(8)
Total property lease expense	$	988	$	721	$	988

Vehicle leases
Finance lease expense:
Amortization of ROU assets (b)	$	37	$	33	$	42
Interest on lease liabilities (c)	4		3		4
Operating lease expense (b)	156		195		255
Total vehicle lease expense	$	197	$	231	$	301

__________

(a) Primarily included in operating expenses and includes $(2) million and $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, 2021 and 2020, respectively.

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

Supplemental cash flow information related to leases is as follows:


	Year Ended December 31,
	2021		2020		2019
Cash payments for lease liabilities within operating activities:
Property operating leases	$	639	$	740	$	733
Vehicle operating leases	162		196		248
Vehicle finance leases	4		3		4
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	193		294		266
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases (a)	484		666		531
Vehicle operating leases (a)	115		111		262
Vehicle finance leases	223		257		304

_________

(a) For the year ended December 31, 2019, ROU assets obtained in exchange for lease liabilities since initial recognition.

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:


	As of December 31,
	2021			2020
Property leases
Operating lease ROU assets	$	2,368		$	2,560

Short-term operating lease liabilities (a)	$	496		$	514
Long-term operating lease liabilities	1,910			2,078
Operating lease liabilities	$	2,406		$	2,592

Weighted average remaining lease term	8.8 years			8.4 years
Weighted average discount rate	3.84		%	3.86		%

Vehicle leases
Finance
Finance lease ROU assets, gross	$	353		$	304
Accumulated amortization	(72)			(42)
Finance lease ROU assets, net (b)	$	281		$	262

Short-term vehicle finance lease liabilities	$	126		$	86
Long-term vehicle finance lease liabilities	116			140
Vehicle finance lease liabilities (c)	$	242		$	226

Weighted average remaining lease term	2.2 years			1.8 years
Weighted average discount rate	1.97		%	1.99		%

Operating
Vehicle operating lease ROU assets (d)	$	63		$	113

Short-term vehicle operating lease liabilities	$	50		$	82
Long-term vehicle operating lease liabilities	14			31
Vehicle operating lease liabilities (e)	$	64		$	113

Weighted average remaining lease term	1.3 years			1.5 years
Weighted average discount rate	2.66		%	2.90		%

_________

(a) Included in Accounts payable and other current liabilities.

(b) Included in Vehicles, net within Assets under vehicle programs.

(d) Included in Receivables from vehicle manufacturers and other within Assets under vehicle programs.

(e) Included in Other within Liabilities under vehicle programs.

Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2021 are as follows:


	Property Operating Leases		Vehicle Finance Leases		Vehicle Operating Leases
Within 1 year	$	577	$	126	$	51
Between 1 and 2 years	466		5		13
Between 2 and 3 years	335		95		1
Between 3 and 4 years	255		16		—
Between 4 and 5 years	202		—		—
Thereafter	1,056		—		—
Total lease payments	2,891		242		65
Less: Imputed interest	(485)		—		(1)
Total	$	2,406	$	242	$	64

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

The following table presents our revenues disaggregated by geography:


	Year Ended December 31,
	2021		2020		2019
Americas	$	7,557	$	3,965	$	6,352
Europe, Middle East and Africa	1,400		1,127		2,222
Asia and Australasia	356		310		598
Total revenues	$	9,313	$	5,402	$	9,172

The following table presents our revenues disaggregated by brand:


	Year Ended December 31,
	2021		2020		2019
Avis	$	4,894	$	2,961	$	5,250
Budget	3,715		1,908		3,179
Other	704		533		743
Total revenues	$	9,313	$	5,402	$	9,172

________

Other includes Zipcar and other operating brands.

Changes in Deferred Revenue

The following table presents changes in deferred revenue associated with our customer loyalty program:


	Year Ended December 31,
	2021		2020
Balance, January 1	$	34	$	59
Revenue deferred	49		26
Revenue recognized	(33)		(51)
Balance, December 31	$	50	$	34

_______

At December 31, 2021 and 2020, $33 million and $17 million was included in accounts payable and other current liabilities, respectively, and $17 million and $17 million, respectively, in other non-current liabilities. Non-current amounts are expected to be recognized as revenue within two to three years.

Schedule of Cash and Cash Equivalents

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,
	2021		2020
Cash and cash equivalents	$	534	$	692
Program cash	89		72
Restricted cash (a)	3		1
Total cash and cash equivalents, program and restricted cash	$	626	$	765

_________

(a)Included within other current assets.

Restrictions on Cash and Cash Equivalents


	As of December 31,
	2021		2020
Cash and cash equivalents	$	534	$	692
Program cash	89		72
Restricted cash (a)	3		1
Total cash and cash equivalents, program and restricted cash	$	626	$	765

_________

(a)Included within other current assets.

Schedule of Property and Equipment, Net

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

Property and equipment, net consisted of:


	As of December 31,
	2021		2020
Land	$	50	$	49
Buildings and leasehold improvements	525		592
Capitalized software	932		918
Furniture, fixtures and equipment	426		417
Projects in process	84		60
Buses and support vehicles	80		86
	2,097		2,122
Less: Accumulated depreciation and amortization	(1,560)		(1,465)
Property and equipment, net	$	537	$	657

Debt under Vehicle Programs And Borrowing Arrangements - Additional Information (Detail) € in Millions, $ in Millions	12 Months Ended	96 Months Ended
	Dec. 31, 2013 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	May 31, 2021 USD ($)	Dec. 31, 2020	Aug. 31, 2020 USD ($)
Debt Instrument [Line Items]
Leasing’s vehicles and related assets			$ 10,500
Weighted average discount rate			1.25%				1.16%
Debt Due To Rental Car Funding August 2025
Debt Instrument [Line Items]
Asset-backed securities, at carrying value								$ 700
Debt Due To Rental Car Funding February 2026
Debt Instrument [Line Items]
Asset-backed securities, at carrying value						$ 650
Debt Due To Rental Car Funding August 2026
Debt Instrument [Line Items]
Asset-backed securities, at carrying value						$ 800
Avis Budget Rental Car Funding Program March 2024
Debt Instrument [Line Items]
Asset-backed securities, at carrying value					$ 96
Avis Budget Rental Car Funding Program September 2024
Debt Instrument [Line Items]
Asset-backed securities, at carrying value					105
Avis Budget Rental Car Funding Program August 2025
Debt Instrument [Line Items]
Asset-backed securities, at carrying value					$ 103
Debt Due To Rental Car Funding February2027
Debt Instrument [Line Items]
Asset-backed securities, at carrying value				$ 650
Avis Budget Rental Car Funding Program
Debt Instrument [Line Items]
Weighted average interest rate			2.66%				3.17%
Americas – Debt borrowings
Debt Instrument [Line Items]
Weighted average interest rate			2.64%				2.98%
European Rental Fleet Securitization
Debt Instrument [Line Items]
Debt instrument, term	3 years
European credit facility \| €	€ 500	€ 1,700
International – Debt borrowings
Debt Instrument [Line Items]
Weighted average interest rate			1.66%				2.17%

Long-term Corporate Debt and Borrowing Arrangements - Additional Information (Detail)		1 Months Ended			12 Months Ended
	Apr. 01, 2020 USD ($)	Aug. 31, 2021	May 31, 2021	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2021 USD ($)	Jul. 30, 2021 USD ($)	Apr. 01, 2021	Aug. 31, 2020 USD ($)	May 31, 2020 USD ($)	Apr. 30, 2020 USD ($)	Jul. 31, 2019 USD ($)	Oct. 31, 2018 EUR (€)	Apr. 30, 2017 EUR (€)	Mar. 31, 2017 EUR (€)	Oct. 31, 2016 EUR (€)	Sep. 30, 2016 EUR (€)	May 31, 2016 USD ($)	Mar. 31, 2016 USD ($)	Apr. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)
Debt Instrument [Line Items]
Early extinguishment of debt					$ (136,000,000)	$ (9,000,000)	$ (12,000,000)
Line of credit balance					14,004,000,000
Loans Payable \| Floating Rate Term Loan
Debt Instrument [Line Items]
Face amount					$ 1,200,000,000
Fixed interest rate					1.75%
Percentage of margin aggregate interest rate					1.86%
Loans Payable \| 5.5% Senior Notes Due 2023
Debt Instrument [Line Items]
Repayments of debt	$ 100,000,000
Senior Notes \| 5.5% Senior Notes Due 2023
Debt Instrument [Line Items]
Face amount											$ 100,000,000			$ 400,000,000
Debt instrument interest percentage										5.50%	5.50%			5.50%
Senior Notes \| 6.375% Senior Notes
Debt Instrument [Line Items]
Repayments of debt				$ 356,000,000
Debt instrument interest percentage				6.375%	6.375%																6.375%
Repurchased face amount																					$ 350,000,000
Senior Notes \| 4.875% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage																				4.875%
Repurchased face amount																				$ 300,000,000
Senior Notes \| 4.125% euro-denominated Senior Notes
Debt Instrument [Line Items]
Face amount \| €																			€ 300,000,000
Debt instrument interest percentage					4.125%														4.125%
Senior Notes \| 6% euro-denominated Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage																6.00%		6.00%
Repurchased face amount \| €																€ 175,000,000		€ 275,000,000
Repurchase amount \| €																€ 180,000,000
Senior Notes \| 5.250% Senior Notes
Debt Instrument [Line Items]
Face amount																							$ 375,000,000
Repayments of debt				$ 142,000,000
Debt instrument interest percentage				5.25%	5.25%			5.25%															5.25%
Repurchased face amount								$ 235,000,000
Repurchase amount								$ 239,000,000
Senior Notes \| 9.75%Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage																						9.75%
Repurchased face amount																						$ 223,000,000
Senior Notes \| 4.500% euro-denominated Senior Notes
Debt Instrument [Line Items]
Face amount \| €																	€ 250,000,000
Debt instrument interest percentage					4.50%												4.50%
Senior Notes \| 4.750% euro-denominated Senior Notes
Debt Instrument [Line Items]
Face amount \| €															€ 350,000,000
Debt instrument interest percentage					4.75%										4.75%
Senior Notes \| 5.125% Senior Notes Due 2022
Debt Instrument [Line Items]
Debt instrument interest percentage															5.125%
Repurchase amount \| €															€ 410,000,000
Senior Notes \| 5.750% Senior Notes
Debt Instrument [Line Items]
Face amount											$ 350,000,000			$ 400,000,000
Debt instrument interest percentage					5.75%						5.75%			5.75%
Issued percentage of face value		92.00%
Senior Notes \| 10.500% Senior Secured Notes
Debt Instrument [Line Items]
Face amount												$ 500,000,000
Repayments of debt				$ 599,000,000
Debt instrument interest percentage				10.50%	10.50%							10.50%
Issued percentage of face value			97.00%
Redemption price, percentage			100.00%
Senior Notes \| 5.375% Senior Notes
Debt Instrument [Line Items]
Face amount				$ 600,000,000
Debt instrument interest percentage				5.375%	5.375%
Senior Notes \| 4.750% Senior Notes
Debt Instrument [Line Items]
Face amount				$ 500,000,000
Debt instrument interest percentage				4.75%	4.75%
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit balance									$ 1,950,000,000				$ 1,800,000,000
Interest rate swaps \| Loans Payable \| Floating Rate Term Loan
Debt Instrument [Line Items]
Fixed interest rate					4.75%
Amount of hedged item					$ 700,000,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Currency translation adjustments, tax	$ (20)	$ 23	$ (6)
Net unrealized holding gains (losses), tax	(6)	14	7
Reclassification of cash flow hedges to earnings, tax	(5)	(3)	1
Pension and post-retirement benefits, tax	(13)	12	6
Reclassification of pension and post-retirement benefits to earnings, tax	$ (2)	$ (3)	$ (2)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision for (Benefit From) Income Taxes

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


		Year Ended December 31,
		2021		2020		2019
Current
	Federal	$	—	$	(5)	$	(3)
	State	35		21		41
	Foreign	12		29		50
	Current income tax provision	47		45		88

Deferred
	Federal	309		(104)		41
	State	78		(90)		(37)
	Foreign	(9)		(123)		(107)
	Deferred income tax provision (benefit)	378		(317)		(103)
Provision for (benefit from) income taxes		$	425	$	(272)	$	(15)

Pretax Income (Loss) for Domestic and Foreign Operations

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


	Year Ended December 31,
	2021		2020		2019
United States	$	1,529	$	(590)	$	125
Foreign	179		(366)		162
Pretax income (loss)	$	1,708	$	(956)	$	287

Deferred Income Tax Assets and Liabilities

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


		As of December 31,
		2021		2020
Deferred income tax assets:
	Net tax loss carryforwards	$	1,480	$	1,146
	Long-term operating lease liabilities	625		657
	Accrued liabilities and deferred revenue	272		237
	Tax credits	11		17
	Depreciation and amortization	19		3

	Provision for doubtful accounts	18		8


	Other	100		110
	Valuation allowance (a)	(167)		(204)
Deferred income tax assets		2,358		1,974

Deferred income tax liabilities:
	Operating lease right-of-use assets	614		649
	Depreciation and amortization	102		105
	Prepaid expenses	23		8
	Other	4		14
Deferred income tax liabilities		743		776
Deferred income tax assets, net		$	1,615	$	1,198

__________

(a) The valuation allowance of $167 million at December 31, 2021 relates to tax loss carryforwards and certain deferred tax assets of $163 million and $4 million, respectively. The valuation allowance will be reduced when and if we determine it is more likely than not that the related deferred income tax assets will be realized. 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 we determine it is more likely than not that the related deferred income tax assets will be realized. The decrease in valuation allowance as compared to the year ended December 31, 2020 relates to the expiration of certain federal net operating loss carryforwards for which the deferred income tax asset was not more likely than not to be realized. As of December 31, 2021, the net operating loss deferred tax asset and corresponding valuation allowance were reduced.

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


	As of December 31,
	2021		2020
Deferred income tax assets:
Depreciation and amortization	$	80	$	62
Other	19		27
Deferred income tax assets	99		89

Deferred income tax liabilities:
Depreciation and amortization	2,321		1,445
Other	20		27
Deferred income tax liabilities	2,341		1,472
Deferred income tax liabilities under vehicle programs, net	$	2,242	$	1,383

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 our effective income tax rate is as follows:


		Year Ended December 31,
		2021		2020		2019
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	5.5		4.8		(1.7)
	Changes in valuation allowances	(0.6)		—		(26.9)
	Taxes on foreign operations at rates different than U.S. federal statutory rates	(2.0)		3.1		3.4


	Stock-based compensation	(0.3)		(0.1)		—


	Other non-deductible (non-taxable) items	0.6		(0.4)		(1.4)
	Other	0.7		—		0.4
		24.9	%	28.4	%	(5.2)	%

Changes in Gross Unrecognized Tax Benefits

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


		2021		2020		2019
Balance, January 1		$	57	$	54	$	61
	Additions for tax positions related to current year	4		4		6
	Additions for tax positions for prior years	3		—		—
	Reductions for tax positions for prior years	(3)		(1)		(8)
	Settlements	—		(3)		(4)
	Statute of limitations	—		—		(1)
	Foreign currency translation	(3)		3		—
Balance, December 31		$	58	$	57	$	54

Unrecognized Tax Benefits

The following table presents unrecognized tax benefits:


	As of December 31,
	2021		2020
Unrecognized tax benefit in non-current income taxes payable (a)	$	30	$	24
Accrued interest payable on potential tax liabilities (b)	29		29

__________

(a)Pursuant to the agreements governing the disposition of certain subsidiaries in 2006, we are entitled to indemnification for certain predisposition tax contingencies. As of December 31, 2021 and 2020, $13 million, respectively, of unrecognized tax benefits are related to tax contingencies for which we believe it is entitled to indemnification.

(b)We recognize 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, 2021, 2020 and 2019, were not significant and were recognized as a component of the provision for income taxes.

Long-term Corporate Debt and Borrowing Arrangements - Schedule of Long-Term Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Aug. 31, 2020	May 31, 2020	Jul. 31, 2019	Oct. 31, 2018	Mar. 31, 2017	Sep. 30, 2016	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Deferred financing fees	$ (48)			$ (48)
Total	4,009			4,210
Less: Short-term debt and current portion of long-term debt	19			19
Long-term debt	3,990			4,191
Other Long-Term Debt
Debt Instrument [Line Items]
Long-term debt	$ 19			24
Senior Notes \| 6.375% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	6.375%		6.375%								6.375%
Long-term debt	$ 0			350
Senior Notes \| 4.125% euro-denominated Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	4.125%									4.125%
Long-term debt	$ 341			366
Senior Notes \| 5.250% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	5.25%	5.25%	5.25%									5.25%
Long-term debt	$ 0			375
Senior Notes \| 4.500% euro-denominated Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	4.50%								4.50%
Long-term debt	$ 284			305
Senior Notes \| 10.500% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	10.50%		10.50%			10.50%
Long-term debt	$ 0			487
Senior Notes \| 4.750% euro-denominated Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	4.75%							4.75%
Long-term debt	$ 398			428
Senior Notes \| 5.750% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	5.75%				5.75%		5.75%
Long-term debt	$ 728			724
Senior Notes \| 4.750% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	4.75%		4.75%
Long-term debt	$ 500			0
Senior Notes \| 5.375% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	5.375%		5.375%
Long-term debt	$ 600			0
Loans Payable \| Floating Rate Term Loan
Debt Instrument [Line Items]
Long-term debt	$ 1,187			$ 1,199

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Our 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 us and our subsidiaries. The maximum number of shares reserved for grant of awards under the plan is 22.5 million, with approximately 4.3 million shares available as of December 31, 2021. We typically settle 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, we 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, 2021 and 2019, we did not issue any stock unit awards containing a market condition.


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, 2021		1,070	$	27.47
		Granted (a)	245	65.23
		Vested (b)	(590)	29.16
		Forfeited	(54)	31.82
	Outstanding and expected to vest at December 31, 2021 (c)		671	$	39.39	0.9	$	139
Performance-based and market-based RSUs
	Outstanding at January 1, 2021		988	$	32.41
		Granted (a)	236	62.27
		Vested (b)	—	—
		Forfeited	(338)	45.39
	Outstanding at December 31, 2021		886	$	35.40	1.3	$	184
	Outstanding and expected to vest at December 31, 2021 (c)		886	$	35.40	1.3	$	184

__________

(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 and market-based RSUs granted in 2020 was $23.14 and $21.06, respectively, and the weighted-average fair value of time-based RSUs and performance-based RSUs granted in 2019 was $34.14 and $34.56, respectively.

(b)The total fair value of RSUs vested during 2021, 2020 and 2019 was $17 million, $19 million and $18 million, respectively.

(c)Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $31 million and will be recognized over a weighted average vesting period of 1.1 years.

Non-employee Directors Deferred Compensation Plan

We grant stock awards on an annual 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. During 2021, 2020 and 2019, we granted 8,800, 34,000 and 40,000 awards, respectively, to non-employee directors.

Stock-Compensation Expense

During 2021, 2020 and 2019, we recorded stock-based compensation expense of $30 million ($21 million, net of tax), $9 million ($7 million, net of tax) and $22 million ($17 million, net of tax), respectively.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Employee Benefit Plans

Defined Contribution Savings Plans

We sponsor several defined contribution savings plans in the United States and certain foreign subsidiaries that provide certain of our eligible employees an opportunity to accumulate funds for retirement. We match portions of the contributions of participating employees on the basis specified by the plans. Our contributions to these plans were $22 million, $23 million and $32 million during 2021, 2020 and 2019, respectively.

Defined Benefit Pension Plans

We sponsor 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,
	2021		2020		2019
Service cost (a)	$	6	$	5	$	5
Interest cost (b)	12		17		21
Expected return on plan assets (b)	(35)		(31)		(30)
Amortization of unrecognized amounts (b)	9		9		7
Net periodic (benefit) cost	$	(8)	$	—	$	3

__________

(a)For the year ended December 31, 2021, $4 million and $2 million were included in operating expenses and selling, general and administrative expenses, respectively. For the year ended December 31, 2020 and 2019, $4 million and $1 million were included in operating expenses and selling, general and administrative expenses, in each period.

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

We use a measurement date of December 31 for our pension plans. The funded status of the pension plans were as follows:


	As of December 31,
Change in Benefit Obligation	2021		2020
Benefit obligation at end of prior year	$	926	$	821
Service cost	6		5
Interest cost	12		17
Actuarial (gain) loss	(17)		84
Plan amendments	(3)		—
Currency translation adjustment	(12)		26
Net benefits paid	(31)		(27)
Benefit obligation at end of current year	$	881	$	926

Change in Plan Assets
Fair value of assets at end of prior year	$	722	$	649
Actual return on plan assets	71		71
Employer contributions	16		14
Currency translation adjustment	(5)		14
Net benefits paid	(32)		(26)
Fair value of assets at end of current year	$	772	$	722

Amounts recognized in the statement of financial position consist of the following:


	As of December 31,
Funded Status	2021		2020
Classification of net balance sheet assets (liabilities):
Non-current assets	$	50	$	7
Current liabilities	(5)		(4)
Non-current liabilities	(154)		(207)
Net funded status	$	(109)	$	(204)

The following assumptions were used to determine pension obligations and pension costs for the principal plans in which our employees participated:


		For the Year Ended December 31,
U.S. Pension Benefit Plans		2021		2020		2019
Discount rate:
	Net periodic benefit cost	2.25	%	3.10	%	4.15	%
	Benefit obligation	2.67	%	2.25	%	3.10	%
Long-term rate of return on plan assets		6.75	%	7.00	%	7.00	%

Non-U.S. Pension Benefit Plans
Discount rate:
	Net periodic benefit cost	1.40	%	1.95	%	2.75	%
	Benefit obligation	1.83	%	1.40	%	1.95	%
Long-term rate of return on plan assets		3.71	%	3.80	%	4.50	%

To select discount rates for our defined benefit pension plans, we use 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. We use the average yields of the hypothetical portfolios as a discount rate benchmark.

Our expected rate of return on plan assets of 6.75% and 3.71% 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, 2021 and 2020, plans with projected benefit obligations in excess of plan assets had projected benefit obligations of $453 million and $518 million, respectively, and plan assets of $297 million and $307 million, respectively. As of December 31, 2021 and 2020, plans with accumulated benefit obligations in excess of plan assets had accumulated benefit obligations of $453 million and $509 million, respectively, and plan assets of $303 million and $307 million, respectively. The accumulated benefit obligation for all plans was $872 million and $916 million as of December 31, 2021 and 2020, respectively. We expect to contribute approximately $1 million to the U.S. plans and $4 million to the non-U.S. plans in 2022.

Our 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 our financial statements.

The defined benefit pension plans’ investment goals and objectives are managed by us or Company-appointed and member-appointed trustees with consultation from independent investment advisors. While the objectives may vary slightly by country and jurisdiction, collectively we seek to produce returns on pension plan investments, which are based on levels of liquidity and investment risk that we believe 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. We believe 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, we allocate 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 35%-55% 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 35%-55% 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 5%-15% of the plans’ assets.

The following table presents the defined benefit pension plans’ assets measured at fair value:


	As of December 31, 2021
Asset Class	Level 1		Level 2		Level 3		Total
Cash equivalents and short-term investments	$	14	$	48	$	—	$	62
U.S. equities	115		45		—		160
Non-U.S. equities	56		89		—		145

Government bonds	6		11		—		17
Corporate bonds	134		51		—		185
Other assets	5		152		46		203
Total assets	$	330	$	396	$	46	$	772

__________

During 2021, we purchased and classified $46 million of investments as Level 3.


	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

We estimate that future benefit payments from plan assets will be $31 million, $31 million, $32 million, $33 million, $35 million and $188 million for 2022, 2023, 2024, 2025, 2026 and 2027 to 2031, respectively.

Multiemployer Plans

We contribute to a number of multiemployer plans under the terms of collective-bargaining agreements that cover a portion of our 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 we elect to stop participating in a multiemployer plan, we may be required to contribute to such plan an amount based on the under-funded status of the plan; and (iv) we have no involvement in the management of the multiemployer plans’ investments. For the years ended December 31, 2021 and 2020, we contributed a total of $7 million in each of the periods and for the year ended December 31, 2019 we contributed a total of $9 million to multiemployer plans.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Receivable	$ 84	$ 60
Preferred stock (in dollars per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	10,000,000	10,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	250,000,000	250,000,000
Common stock issued (in shares)		137,000,000
Treasury Stock (in shares)	81,000,000	67,000,000

Debt under Vehicle Programs and Borrowing Arrangements - Schedule Of Contractual Maturities (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
2022	$ 19
2023	18
2024	357
2025	299
2026	410
Thereafter	2,954
Total	4,009	$ 4,210
Vehicle Programs
Debt Instrument [Line Items]
2022	2,025
2023	2,890
2024	3,004
2025	1,666
2026	1,530
Thereafter	323
Total	11,438
Vehicle Programs \| Bank And Bank-Sponsored Facilities
Debt Instrument [Line Items]
2022	700
2023	1,700
2024	$ 1,300

Property and Equipment, net - Schedule of Property and Equipment Net (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,097	$ 2,122
Less: Accumulated depreciation and amortization	(1,560)	(1,465)
Property and equipment, net	537	657
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	50	49
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	525	592
Capitalized software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	932	918
Furniture, fixtures & equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	426	417
Projects in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	84	60
Buses and support vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 80	$ 86

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Avis and Budget Licensees 2021 During 2021, we completed the acquisitions of various licensees in Europe and North America, for approximately $23 million, plus $22 million for acquired fleet. These investments were in-line with our strategy to re-acquire licensees when advantageous to expand our footprint of Company-operated locations. The acquired fleet was financed under our existing financing arrangements. In connection with these acquisitions, approximately $28 million was recorded to other intangibles related to franchise agreements. The license agreements are being amortized over a weighted average useful life of approximately one year. The fair value of the assets acquired and liabilities assumed has not yet been finalized and is therefore subject to change. 2020 During 2020, we 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 our strategy to re-acquire licensees when advantageous to expand our footprint of Company-operated locations. The acquired fleet was financed under our 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. Differences between the preliminary allocation of purchase price and the final allocation were not material for Avis and Budget Licensees. 2019 During 2019, we 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 our strategy to re-acquire licensees when advantageous to expand our footprint of Company-operated locations. The acquired fleet was financed under our 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 our 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.

Long-term Corporate Debt and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt and other borrowing arrangements consisted of:


	Maturity Date	As of December 31,
		2021		2020

6.375% Senior Notes	April 2024	$	—	$	350
4.125% euro-denominated Senior Notes	November 2024	341		366
5.250% Senior Notes	March 2025	—		375
4.500% euro-denominated Senior Notes	May 2025	284		305
10.500% Senior Secured Notes	May 2025	—		487
4.750% euro-denominated Senior Notes	January 2026	398		428
5.750% Senior Notes	July 2027	728		724
4.750% Senior Notes	April 2028	500		—
5.375% Senior Notes	March 2029	600		—
Floating Rate Term Loan (a)	August 2027	1,187		1,199
Other (b)		19		24
Deferred financing fees		(48)		(48)
Total		4,009		4,210
Less: Short-term debt and current portion of long-term debt		19		19
Long-term debt		$	3,990	$	4,191

_________

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

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

Schedule of Maturities of Long-term Debt

The following table provides contractual maturities of our corporate debt at December 31, 2021:


Year	Amount
2022	$	19
2023	18
2024	357
2025	299
2026	410
Thereafter	2,954
	$	4,057

The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2021:


	Debt under Vehicle Programs (a)
2022 (b)	$	2,025
2023 (c)	2,890
2024 (d)	3,004
2025	1,666
2026	1,530
Thereafter	323
	$	11,438

__________

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

(b) Includes $0.7 billion of bank and bank-sponsored facilities.

(d) Includes $1.3 billion of bank and bank-sponsored facilities.

Schedule of Line of Credit Facilities

At December 31, 2021, the committed corporate credit facilities available to us and/or our subsidiaries were as follows:


	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2026 (a)	$	1,950	$	—	$	1,727	$	223

__________

(a)The senior revolving credit facility bears interest at one-month LIBOR plus 175 basis points and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property.

The following table presents available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2021:


	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding	$	10,343	$	8,889	$	1,454
Americas – Debt borrowings	825		612		213
International – Debt borrowings	2,627		1,757		870
International – Finance leases	206		177		29
Other	3		3		—
Total	$	14,004	$	11,438	$	2,566

__________

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

(b)The outstanding debt is collateralized by vehicles and related assets of $10.4 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.9 billion for Americas - Debt borrowings; $2.1 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

- 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

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+ Details

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2021
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, “we”, “our”, “us”, or the “Company”). We operate 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 we do 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 we do not operate directly. We have 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. We present separately the financial data of our vehicle programs. These programs are distinct from our 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 our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets. Liquidity and Management’s Plans The COVID-19 pandemic, which rapidly spread across the globe in 2020, resulted in an economic slowdown and significant disruptions in travel that had a negative impact on our business, specifically a significant decline in vehicle rental volumes. During the year ended December 31, 2021, global travel restrictions were eased, leading to an increase in travel demand and an improvement in general economic conditions. We believe the full extent of the ongoing impact of this virus on our long-term operational performance and liquidity will depend on future developments, including those outside of our control, such as the spread of new variants of the virus which may be resistant to currently approved vaccines and the implementation of new or continued travel restrictions. In April 2020, we entered into an amendment (the “Amendment”) to our 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 provided for relief from a quarterly-tested leverage covenant contained in the credit agreement governing the senior credit facilities until June 30, 2021, during which time additional restrictions and requirements were also imposed. We subsequently further amended the credit agreement in February 2021 to permit refinancing of certain existing indebtedness and in July 2021 to remove the restrictions imposed in April 2020, increase the revolving credit facility to $1.95 billion and extend the maturity of the facility to 2026. As a result, we have no meaningful corporate debt maturities until 2024.

Vehicle Rental Activities

12 Months Ended

Dec. 31, 2021

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,
	2021		2020
Rental vehicles	$	14,612	$	9,210
Less: Accumulated depreciation	(1,911)		(1,337)
	12,701		7,873
Vehicles held for sale	165		280
Vehicles, net	$	12,866	$	8,153

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


	Year Ended December 31,
	2021		2020		2019
Depreciation expense	$	1,402	$	1,330	$	1,890
Lease charges	156		195		255
(Gain) loss on sale of vehicles, net	(361)		(157)		(82)
Vehicle depreciation and lease charges, net	$	1,197	$	1,368	$	2,063

At December 31, 2021, 2020 and 2019, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $142 million, $232 million and $418 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $134 million, $162 million and $576 million, respectively.

Other Current Assets - Schedule of Other Current Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets, Current [Abstract]
Prepaid expenses	$ 205	$ 161
Sales and use taxes	238	147
Other	95	148
Other current assets	$ 538	$ 456

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Contributions	$ 22	$ 23	$ 32
Projected benefit obligation	453	518
Plan assets	297	307
Accumulated benefit obligation	453	509
Plan assets	303	307
Accumulated benefit obligation	872	916
Estimated future benefit payments, 2022	31
Estimated future benefit payments, 2023	31
Estimated future benefit payments, 2024	32
Estimated future benefit payments, 2025	33
Estimated future benefit payments, 2026	35
Estimated future benefit payments, 2027 to 2031	188
Company contributions to multiemployer plans	$ 7	$ 7	$ 9
Equity Securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Investment in plan assets (in percent)	35.00%
Equity Securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Investment in plan assets (in percent)	55.00%
Debt Securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Investment in plan assets (in percent)	35.00%
Debt Securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Investment in plan assets (in percent)	55.00%
Alternative Investment \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Investment in plan assets (in percent)	5.00%
Alternative Investment \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Investment in plan assets (in percent)	15.00%
Domestic Plan
Defined Benefit Plan Disclosure [Line Items]
Long-term rate of return on plan assets	6.75%	7.00%	7.00%
Expected company contributions	$ 1
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Long-term rate of return on plan assets	3.71%	3.80%	4.50%
Expected company contributions	$ 4

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Asset acquisition, consideration transferred	$ 23	$ 28
Goodwill	1,108	1,137	$ 1,101
Assets Acquisition 2019
Business Acquisition [Line Items]
Asset acquisition, consideration transferred			$ 55
Acquired finite-lived intangible assets, weighted average useful life			3 years
Payments to acquire businesses			$ 74
Goodwill			21
Fleet
Business Acquisition [Line Items]
Property acquired	22	22
Fleet \| Assets Acquisition 2019
Business Acquisition [Line Items]
Property acquired			27
Franchise Rights
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 28	$ 28
Acquired finite-lived intangible assets, weighted average useful life	1 year	2 years
License agreements \| Assets Acquisition 2019
Business Acquisition [Line Items]
Finite-lived intangible assets acquired			24
Other \| Assets Acquisition 2019
Business Acquisition [Line Items]
Finite-lived intangible assets acquired			$ 7

Leases - Lessor (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lessor (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total lease revenues	$ 9,186	$ 5,243	$ 9,028
Avis
Disaggregation of Revenue [Line Items]
Total lease revenues	4,828	2,851	5,163
Budget
Disaggregation of Revenue [Line Items]
Total lease revenues	3,674	1,878	3,129
Other
Disaggregation of Revenue [Line Items]
Total lease revenues	684	514	736
Americas
Disaggregation of Revenue [Line Items]
Total lease revenues	7,501	3,864	6,303
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total lease revenues	1,343	1,080	2,141
Asia and Australasia
Disaggregation of Revenue [Line Items]
Total lease revenues	$ 342	$ 299	$ 584

Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 205	$ 218	$ 204
Amortization expense relating to capitalized computer software	105	113	109
Other accounts payables	142	232	$ 418
Other non-current liabilities	625	731
Capitalized software
Property, Plant and Equipment [Line Items]
Other accounts payables	20	10
Other non-current liabilities	$ 2	$ 3

Debt under Vehicle Programs and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

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,
	2021		2020
Americas – Debt due to Avis Budget Rental Car Funding (a)	$	8,889	$	5,116
Americas – Debt borrowings (a)	612		509
International – Debt borrowings (a)	1,757		1,115
International – Finance leases	177		162
Other	3		—
Deferred financing fees (b)	(48)		(45)
Total	$	11,390	$	6,857

__________

(a)Increase reflects additional borrowings principally to fund increases in our global rental fleet.

(b)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2021 and 2020 were $41 million and $36 million, respectively.

Schedule of Maturities of Long-term Debt

The following table provides contractual maturities of our corporate debt at December 31, 2021:


Year	Amount
2022	$	19
2023	18
2024	357
2025	299
2026	410
Thereafter	2,954
	$	4,057

The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2021:


	Debt under Vehicle Programs (a)
2022 (b)	$	2,025
2023 (c)	2,890
2024 (d)	3,004
2025	1,666
2026	1,530
Thereafter	323
	$	11,438

__________

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

(b) Includes $0.7 billion of bank and bank-sponsored facilities.

(d) Includes $1.3 billion of bank and bank-sponsored facilities.

Schedule of Line of Credit Facilities

At December 31, 2021, the committed corporate credit facilities available to us and/or our subsidiaries were as follows:


	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2026 (a)	$	1,950	$	—	$	1,727	$	223

__________

The following table presents available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2021:


	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding	$	10,343	$	8,889	$	1,454
Americas – Debt borrowings	825		612		213
International – Debt borrowings	2,627		1,757		870
International – Finance leases	206		177		29
Other	3		3		—
Total	$	14,004	$	11,438	$	2,566

__________

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

Segment Information - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Unprecedented personal-injury and other legal matters, net	$ (3)	$ (8)	$ 0
Estimated Litigation Liability	$ 5

Financial Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Risk Management

Currency Risk. We use currency exchange contracts to manage our exposure to changes in currency exchange rates associated with our non-U.S.-dollar denominated receivables and forecasted royalties, forecasted earnings of non-U.S. subsidiaries and forecasted non-U.S.-dollar denominated acquisitions. We primarily hedge a portion of our 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. We have designated our euro-denominated notes as a hedge of our investment in euro-denominated foreign operations.

The estimated net amount of existing gains or losses we expect 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. We use various hedging strategies including interest rate swaps and interest rate caps to create an appropriate mix of fixed and floating rate assets and liabilities. We estimate that $18 million of losses currently recorded in accumulated other comprehensive income (loss) will be recognized in earnings over the next 12 months.

Commodity Risk. We periodically enter into derivative commodity contracts to manage our exposure to changes in the price of gasoline. These instruments were designated as freestanding derivatives and the changes in fair value are recorded in our consolidated results of operations.

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

There were no significant concentrations of credit risk with any individual counterparty or groups of counterparties at December 31, 2021 or 2020, other than (i) risks related to our 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 we have 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 we are a guarantor. Concentrations of credit risk associated with trade receivables are considered minimal due to our diverse customer base. We do 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. We held derivative instruments with absolute notional values as follows:


	As of December 31,
	2021		2020
Foreign exchange contracts	$	1,655	$	1,386
Interest rate caps (a)	11,900		8,871
Interest rate swaps	1,450		1,950

__________

(a)Represents $7.2 billion of interest rate caps sold, partially offset by approximately $4.7 billion of interest rate caps purchased at December 31, 2021 and $6.0 billion of interest rate caps sold, partially offset by approximately $2.9 billion of interest rate caps purchased at December 31, 2020. These amounts exclude $3.0 billion and $3.1 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary at December 31, 2021 and 2020, respectively.

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


		As of December 31, 2021				As of December 31, 2020
		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)	$	2	$	27	$	—	$	69
Derivatives not designated as hedging instruments
	Foreign exchange contracts (c)	7		10		3		11
	Interest rate caps (b)	11		15		—		—

	Total	$	20	$	52	$	3	$	80

__________

Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by us; 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 our Consolidated Financial Statements are as follows:


		Year Ended December 31,
		2021		2020		2019
Financial instruments designated as hedging instruments (a)
	Interest rate swaps (b)	$	32	$	(31)	$	(23)
	Euro-denominated notes (c)	56		(67)		17
Financial instruments not designated as hedging instruments (d)
	Foreign exchange contracts (e)	(3)		(5)		(7)
	Interest rate caps (f)	(1)		—		(1)
	Commodity contracts (g)	—		(6)		3
Total		$	84	$	(109)	$	(11)

__________

(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, 2021, included a $2 million loss in interest expense and a $1 million loss included in operating expenses. For the year ended December 31, 2020, included an $3 million loss included in interest expense and a $2 million loss included in operating expenses. For the year ended December 31, 2019, included a $11 million loss in interest expense and a $4 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, 2021				As of December 31, 2020
		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	$	18
	Long-term debt	3,990		4,153		4,191		4,337

Debt under vehicle programs
	Vehicle-backed debt due to Avis Budget Rental Car Funding	$	8,848	$	9,009	$	5,080	$	5,317
	Vehicle-backed debt	2,528		2,559		1,775		1,796
	Interest rate swaps and interest rate caps (a)	14		14		2		2

___________

(a)Derivatives in liability position.

Leases - Lessee Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Lease charges		$ 156	$ 195	$ 255	$ 195
Minimum annual guaranteed rent in excess of concession fees, net	$ (2)	2	60
Property
Lessee, Lease, Description [Line Items]
Operating lease expense		561	575	722
Variable lease expense		433	152	274
Sublease income		(6)	(6)	(8)
Total property lease expense		988	721	988
Total vehicle lease expense		988	721	988
Buses and support vehicles
Lessee, Lease, Description [Line Items]
Total property lease expense		197	231	301
Amortization of ROU assets		37	33	42
Interest on lease liabilities		4	3	4
Total vehicle lease expense		$ 197	$ 231	$ 301

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Weighted Average Assumptions Used

During the years ended December 31, 2021 and 2019, we did not issue any stock unit awards containing a market condition.


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

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, 2021		1,070	$	27.47
		Granted (a)	245	65.23
		Vested (b)	(590)	29.16
		Forfeited	(54)	31.82
	Outstanding and expected to vest at December 31, 2021 (c)		671	$	39.39	0.9	$	139
Performance-based and market-based RSUs
	Outstanding at January 1, 2021		988	$	32.41
		Granted (a)	236	62.27
		Vested (b)	—	—
		Forfeited	(338)	45.39
	Outstanding at December 31, 2021		886	$	35.40	1.3	$	184
	Outstanding and expected to vest at December 31, 2021 (c)		886	$	35.40	1.3	$	184

__________

(b)The total fair value of RSUs vested during 2021, 2020 and 2019 was $17 million, $19 million and $18 million, respectively.

Financial Instruments - Fair Value (Level 2) of Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	$ 20	$ 3
Fair Value, Liability Derivatives	52	80
Interest rate swaps \| Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	2	0
Fair Value, Liability Derivatives	27	69
Foreign exchange contracts \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	7	3
Fair Value, Liability Derivatives	10	11
Interest rate caps \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	11	0
Fair Value, Liability Derivatives	$ 15	$ 0

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

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)		Minimum Pension Liability Adjustment (c)		Accumulated Other Comprehensive Income (Loss)
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)
Other comprehensive income (loss) before reclassifications	(35)		18		39		22
Amounts reclassified from accumulated other comprehensive income (loss)	11		14		7		32
Net current-period other comprehensive income (loss)	(24)		32		46		54
Balance, December 31, 2021	$	16	$	(19)	$	(130)	$	(133)

__________

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 $70 million gain, net of tax, related to our hedge of our investment in euro-denominated foreign operations (See Note 20-Financial Instruments).

(a)For the years ended December 31, 2021 and 2020, the amount reclassified from accumulated other comprehensive income (loss) into restructuring and other related charges.

(b)For the years ended December 31, 2021, 2020 and 2019, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $17 million ($12 million, net of tax), $9 million ($6 million, net of tax) and $4 million ($3 million, net of tax), respectively. For the year ended December 31, 2021 and 2020, the amounts reclassified from accumulated other comprehensive income (loss) into vehicle interest expense were $2 million ($2 million, net of tax) and $2 million ($2 million, net of tax).

(c)For the years ended December 31, 2021, 2020 and 2019, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $9 million ($7 million, net of tax), $9 million ($6 million, net of tax) and $8 million ($6 million, net of tax), respectively.

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property
Cash payments for lease liabilities within operating activities:
Operating leases	$ 639	$ 740	$ 733
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Operating leases	484	666	531
Buses and support vehicles
Cash payments for lease liabilities within operating activities:
Operating leases	162	196	248
Vehicle finance leases	4	3	4
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	193	294	266
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Operating leases	115	111	262
Vehicle finance leases	$ 223	$ 257	$ 304

Income Taxes - Provision for (Benefit from) Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 0	$ (5)	$ (3)
State	35	21	41
Foreign	12	29	50
Current income tax provision	47	45	88
Deferred
Federal	309	(104)	41
State	78	(90)	(37)
Foreign	(9)	(123)	(107)
Deferred income tax provision (benefit)	378	(317)	(103)
Provision for (benefit from) income taxes	$ 425	$ (272)	$ (15)

Income Taxes - Deferred Income Tax Assets And Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred income tax assets:
Net tax loss carryforwards	$ 1,480	$ 1,146
Long-term operating lease liabilities	625	657
Accrued liabilities and deferred revenue	272	237
Tax credits	11	17
Depreciation and amortization	19	3
Provision for doubtful accounts	18	8
Other	100	110
Valuation allowance	167	204
Deferred income tax assets	2,358	1,974
Deferred income tax liabilities:
Operating lease right-of-use assets	614	649
Depreciation and amortization	102	105
Prepaid expenses	23	8
Other	4	14
Deferred income tax liabilities under vehicle programs, net	743	776
Deferred income tax assets, net	1,615	1,198
Tax loss carryforwards	163	195
Deferred tax assets	$ 4	$ 9

Subsequent Events (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	12 Months Ended			36 Months Ended
	Feb. 10, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Subsequent Event [Line Items]
Number of shares purchased (in shares)					21.5
Stock repurchase program, authorized amount		$ 1,443	$ 113	$ 62	$ 1,600
Subsequent Event
Subsequent Event [Line Items]
Number of shares purchased (in shares)	2.1
Stock repurchase program, authorized amount	$ 400

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Supplemental Balance Sheet Information Related to Leases [Line Items]
Operating lease ROU assets	$ 2,368	$ 2,560
Short-term operating lease liabilities	496	514
Long-term operating lease liabilities	$ 1,910	$ 2,078
Weighted average discount rate	1.25%	1.16%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Vehicles, net	Vehicles, net
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total	Total
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease ROU assets	Operating lease ROU assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Operating lease ROU assets	Operating lease ROU assets
Property
Supplemental Balance Sheet Information Related to Leases [Line Items]
Operating lease ROU assets	$ 2,368	$ 2,560
Short-term operating lease liabilities	496	514
Long-term operating lease liabilities	1,910	2,078
Operating lease liabilities	$ 2,406	$ 2,592
Weighted average remaining lease term	8 years 9 months 18 days	8 years 4 months 24 days
Weighted average discount rate	3.84%	3.86%
Buses and support vehicles
Supplemental Balance Sheet Information Related to Leases [Line Items]
Operating lease ROU assets	$ 63	$ 113
Short-term operating lease liabilities	50	82
Long-term operating lease liabilities	14	31
Operating lease liabilities	$ 64	$ 113
Weighted average remaining lease term	1 year 3 months 18 days	1 year 6 months
Weighted average discount rate	2.66%	2.90%
Finance lease ROU assets, gross	$ 353	$ 304
Accumulated amortization	(72)	(42)
Finance Lease ROU assets, net	281	262
Short-term vehicle finance lease liabilities	126	86
Long-term vehicle finance lease liabilities	116	140
Total	$ 242	$ 226
Weighted average remaining lease term	2 years 2 months 12 days	1 year 9 months 18 days
Weighted average discount rate	1.97%	1.99%

Employee Benefit Plans - Summary Of Assumptions Used To Determine Pension Obligations And Pension Costs (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
United States
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost	2.25%	3.10%	4.15%
Benefit obligation	2.67%	2.25%	3.10%
Long-term rate of return on plan assets	6.75%	7.00%	7.00%
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost	1.40%	1.95%	2.75%
Benefit obligation	1.83%	1.40%	1.95%
Long-term rate of return on plan assets	3.71%	3.80%	4.50%

Intangible Assets - Schedule of Goodwill (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill			$ 3,219
Accumulated impairment losses			(2,118)
Goodwill	$ 1,137	$ 1,101
Currency translation adjustments and other	(29)	36
Goodwill	1,108	1,137
Americas
Goodwill [Roll Forward]
Goodwill			2,141
Accumulated impairment losses			(1,587)
Goodwill	553	554
Currency translation adjustments and other	0	(1)
Goodwill	553	553
International
Goodwill [Roll Forward]
Goodwill			1,078
Accumulated impairment losses			$ (531)
Goodwill	584	547
Currency translation adjustments and other	(29)	37
Goodwill	$ 555	$ 584

Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Unrecognized tax benefit in non-current income taxes payable	$ 30	$ 24
Accrued interest payable on potential tax liabilities	29	29
Unrecognized Tax Benefits	58	57	$ 54	$ 61
Non Avis Budget Car Rental Tax Contingencies
Income Taxes [Line Items]
Unrecognized Tax Benefits	$ 13	$ 13

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Revenues	$ 9,313	$ 5,402	$ 9,172
Expenses
Operating	4,255	3,322	4,698
Vehicle depreciation and lease charges, net	1,197	1,368	2,063
Selling, general and administrative	1,145	703	1,237
Vehicle interest, net	313	318	344
Non-vehicle related depreciation and amortization	272	286	263
Interest expense related to corporate debt, net:
Interest expense	218	231	178
Early extinguishment of debt	136	9	12
Restructuring and other related charges	64	118	80
Transaction-related costs, net	5	3	10
Total expenses	7,605	6,358	8,885
Income (loss) before income taxes	1,708	(956)	287
Provision for (benefit from) income taxes	425	(272)	(15)
Net income (loss)	1,283	(684)	302
Less: net loss attributable to non-controlling interests	(2)	0	0
Net income (loss) attributable to Avis Budget Group, Inc.	$ 1,285	$ (684)	$ 302
Earnings (loss) per share
Basic (in USD per share)	$ 19.79	$ (9.71)	$ 4.01
Diluted (in USD per share)	$ 19.44	$ (9.71)	$ 3.98

Accounts Payable and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and other current liabilities consisted of:


	As of December 31,
	2021		2020
Short-term operating lease liabilities	$	496	$	514
Accounts payable	407		394
Accrued sales and use taxes	313		215
Accrued advertising and marketing	218		122
Accrued payroll and related	193		117
Deferred lease revenues – current	185		70
Public liability and property damage insurance liabilities – current	159		162

Other	418		440
Accounts payable and other current liabilities	$	2,389	$	2,034

Income Taxes - Reconciliation of U.S Federal Income Tax Statutory Rate and Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21.00%	21.00%	21.00%
Adjustments to reconcile to the effective rate:
State and local income taxes, net of federal tax benefits	5.50%	4.80%	(1.70%)
Changes in valuation allowances	(0.60%)	0.00%	(26.90%)
Taxes on foreign operations at rates different than U.S. federal statutory rates	(2.00%)	3.10%	3.40%
Stock-based compensation	(0.30%)	(0.10%)	0.00%
Other non-deductible (non-taxable) items	0.60%	(0.40%)	(1.40%)
Other	0.70%	0.00%	0.40%
Effective Income Tax Rate, Continuing Operations, Total	24.90%	28.40%	(5.20%)

Restructuring and Other Related Charges (Tables)

12 Months Ended

Dec. 31, 2021

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 our reporting segments for restructuring charges and corresponding payments and utilizations:


	Personnel Related		Facility Related		Other (a)		Total
Balance at January 1, 2019	$	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
Restructuring expense:
T21	26		4		2		32
T19	—		—		(2)		(2)

Restructuring payment/utilization:
T21	(17)		(4)		(4)		(25)
2020 Optimization	(5)		—		—		(5)
T19	(1)		—		2		1


Balance as of December 31, 2021	$	7	$	2	$	1	$	10

__________

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


	Americas		International		Total
Balance at January 1, 2019	$	—	$	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 Plan	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
Restructuring expense:
T21	5		27		32
T19	(2)		—		(2)
Restructuring payment/utilization:
T21	(4)		(21)		(25)
2020 Optimization Plan	(2)		(3)		(5)
T19	2		(1)		1
Balance as of December 31, 2021	$	2	$	8	$	10

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Cash Dividend Payments

During 2021, 2020 and 2019, we did not declare or pay any cash dividends. Our ability to pay dividends to holders of our common stock is limited by our senior credit facility, the indentures governing our senior notes and our vehicle financing programs.

Share Repurchases

Our Board of Directors has authorized the repurchase of up to approximately $4.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in November 2021. During 2021, 2020 and 2019, we repurchased approximately 21.5 million shares of common stock at a cost of approximately $1.6 billion under the program. As of December 31, 2021, approximately $959 million of authorization remained available to repurchase common stock under this plan.

In June 2019, as part of our share repurchase program, we entered into a structured repurchase agreement involving the use of capped call options for the purchase of our common stock. We 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. We 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, we announced we 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 our common stock at a price per share equal to the closing price of our common stock on February 7, 2020. We 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)		Minimum Pension Liability Adjustment (c)		Accumulated Other Comprehensive Income (Loss)
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)
Other comprehensive income (loss) before reclassifications	(35)		18		39		22
Amounts reclassified from accumulated other comprehensive income (loss)	11		14		7		32
Net current-period other comprehensive income (loss)	(24)		32		46		54
Balance, December 31, 2021	$	16	$	(19)	$	(130)	$	(133)

__________

(a)For the years ended December 31, 2021 and 2020, the amount reclassified from accumulated other comprehensive income (loss) into restructuring and other related charges.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Summary of Significant Accounting Policies - Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 9,313	$ 5,402	$ 9,172
Avis
Disaggregation of Revenue [Line Items]
Revenues	4,894	2,961	5,250
Budget
Disaggregation of Revenue [Line Items]
Revenues	3,715	1,908	3,179
Other
Disaggregation of Revenue [Line Items]
Revenues	704	533	743
Americas
Disaggregation of Revenue [Line Items]
Revenues	7,557	3,965	6,352
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenues	1,400	1,127	2,222
Asia and Australasia
Disaggregation of Revenue [Line Items]
Revenues	$ 356	$ 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).

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+ Details

Long-term Corporate Debt and Borrowing Arrangements - Schedule of Committed Credit Facilities (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Available Capacity	$ 2,566
London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility Maturing 2021
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Total Capacity	$ 1,950
Outstanding Borrowings	0
Letters of Credit Issued	1,727
Available Capacity	$ 223

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

Our chief operating decision maker assesses performance and allocates resources based upon the separate financial information from our operating segments. In identifying our reportable segments, we consider the nature of services provided, the geographical areas in which the segments operated and other relevant factors. We aggregate certain of our operating segments into our reportable segments.

Management evaluates the operating results of each of our reportable segments based upon revenues and “Adjusted EBITDA,” which we define 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, net, which includes amounts recorded in excess of $5 million related to class action lawsuits, 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 our 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 our 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 our Consolidated Statement of Comprehensive Income. We have revised our definition of Adjusted EBITDA to exclude amounts recorded in excess of $5 million related to class action lawsuits. We have not revised prior years' Adjusted EBITDA amounts because there were no other charges similar in nature to these. Our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

Year Ended December 31, 2021


	Americas		International		Corporate and Other (a)		Total
Revenues	$	7,557	$	1,756	$	—	$	9,313
Vehicle depreciation and lease charges, net	851		346		—		1,197
Vehicle interest, net	258		55		—		313
Adjusted EBITDA	2,364		118		(71)		2,411
Non-vehicle depreciation and amortization	178		84		10		272
Assets exclusive of assets under vehicle programs	5,746		2,716		119		8,581
Assets under vehicle programs	11,437		2,582		—		14,019
Capital expenditures (excluding vehicles)	74		26		8		108

__________

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

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.

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


		For the Year Ended December 31,
		2021		2020		2019
Adjusted EBITDA		$	2,411	$	(175)	$	788
Less:
	Non-vehicle related depreciation and amortization (a)	279		286		263
	Interest expense related to corporate debt, net
	Interest expense	218		231		178
	Early extinguishment of debt	136		9		12
	COVID-19 charges (b)	(2)		122		—
	Restructuring and other related charges	64		118		80
	Unprecedented personal-injury and other legal matters, net (c)	3		8		—
	Non-operational charges related to shareholder activist activity (d)	—		4		2
	Transaction-related costs, net	5		3		10

	Gain on sale of equity method investment in China (c)	—		—		(44)
Income (loss) before income taxes		$	1,708	$	(956)	$	287

__________

(a) Includes amortization of intangible assets recognized in purchase accounting of $66 million in 2021, $66 million in 2020 and $56 million in 2019. Includes operating expenses in our Consolidated Statement of Operations related to cloud computing costs of $7 million in 2021.

(b) The following table presents the unusual, direct and incremental costs due to the COVID-19 pandemic:


	2021		2020
Minimum annual guaranteed rent in excess of concession fees, net	$	(2)	$	60
Vehicles damaged in overflow parking lots, net of insurance proceeds	(7)		14
Incremental cleaning supplies to sanitize vehicles and facilities, and over flow parking for idle vehicles	—		48
Other charges	7		—
Operating expenses	$	(3)	$	116
Vehicle depreciation and lease charges	—		1
Selling, general and administrative expenses	1		5
COVID-19 charges, net	$	(2)	$	122

(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 our subsidiaries.


	United States		All Other Countries		Total
2021
Revenues	$	7,254	$	2,059	$	9,313
Assets exclusive of assets under vehicle programs	5,575		3,006		8,581
Assets under vehicle programs	10,915		3,104		14,019
Net long-lived assets	1,328		1,041		2,369

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

- 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

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+ Details

Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 606	$ 602
Accumulated Amortization	433	380
Net Carrying Amount	173	222
Indefinite-lived Intangible Assets [Line Items]
Goodwill	1,108	1,137	$ 1,101
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Trademarks	551	552
License agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	298	280
Accumulated Amortization	193	151
Net Carrying Amount	$ 105	129
License agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	0 years
License agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	40 years
License agreements \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	16 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 257	268
Accumulated Amortization	204	196
Net Carrying Amount	$ 53	72
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	3 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	20 years
Customer relationships \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	12 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 51	54
Accumulated Amortization	36	33
Net Carrying Amount	$ 15	$ 21
Other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	2 years
Other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	10 years
Other \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	9 years

Financial Instruments - Schedule Of Effect Of Derivatives Recognized (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ 84	$ (109)	$ (11)
Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	(2)	(3)	11
Operating Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	(1)	(2)	4
Interest rate swaps \| Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	32	(31)	(23)
Euro-denominated notes \| Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	56	(67)	17
Foreign exchange forward \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	(3)	(5)	(7)
Interest rate caps \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	(1)	0	(1)
Commodity contract \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ 0	$ (6)	$ 3

Commitments And Contingencies (Detail) $ in Millions	1 Months Ended	12 Months Ended
Commitments And Contingencies (Detail) $ in Millions	Feb. 28, 2017 case	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Number of cases brought by plaintiffs \| case	2
Liability net of recoverable insurance proceeds			$ 12
Range of possible loss (up to)		$ 35
Purchase obligation over the next twelve months		5,900
Purchase commitment period decrease		2,800
Aggregate purchase obligations		149
Receivables due from former subsidiaries		15		$ 162	$ 576
Liabilities accrued for asset retirement obligations		$ 28		$ 30

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Summary of Net Periodic Benefit Cost

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


	Year Ended December 31,
	2021		2020		2019
Service cost (a)	$	6	$	5	$	5
Interest cost (b)	12		17		21
Expected return on plan assets (b)	(35)		(31)		(30)
Amortization of unrecognized amounts (b)	9		9		7
Net periodic (benefit) cost	$	(8)	$	—	$	3

__________

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

Summary of Funded Status of Pension Plans

We use a measurement date of December 31 for our pension plans. The funded status of the pension plans were as follows:


	As of December 31,
Change in Benefit Obligation	2021		2020
Benefit obligation at end of prior year	$	926	$	821
Service cost	6		5
Interest cost	12		17
Actuarial (gain) loss	(17)		84
Plan amendments	(3)		—
Currency translation adjustment	(12)		26
Net benefits paid	(31)		(27)
Benefit obligation at end of current year	$	881	$	926

Change in Plan Assets
Fair value of assets at end of prior year	$	722	$	649
Actual return on plan assets	71		71
Employer contributions	16		14
Currency translation adjustment	(5)		14
Net benefits paid	(32)		(26)
Fair value of assets at end of current year	$	772	$	722

Schedule of Net Funded Status


	As of December 31,
Funded Status	2021		2020
Classification of net balance sheet assets (liabilities):
Non-current assets	$	50	$	7
Current liabilities	(5)		(4)
Non-current liabilities	(154)		(207)
Net funded status	$	(109)	$	(204)

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 our employees participated:


		For the Year Ended December 31,
U.S. Pension Benefit Plans		2021		2020		2019
Discount rate:
	Net periodic benefit cost	2.25	%	3.10	%	4.15	%
	Benefit obligation	2.67	%	2.25	%	3.10	%
Long-term rate of return on plan assets		6.75	%	7.00	%	7.00	%

Non-U.S. Pension Benefit Plans
Discount rate:
	Net periodic benefit cost	1.40	%	1.95	%	2.75	%
	Benefit obligation	1.83	%	1.40	%	1.95	%
Long-term rate of return on plan assets		3.71	%	3.80	%	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, 2021
Asset Class	Level 1		Level 2		Level 3		Total
Cash equivalents and short-term investments	$	14	$	48	$	—	$	62
U.S. equities	115		45		—		160
Non-U.S. equities	56		89		—		145

Government bonds	6		11		—		17
Corporate bonds	134		51		—		185
Other assets	5		152		46		203
Total assets	$	330	$	396	$	46	$	772

__________

During 2021, we purchased and classified $46 million of investments as Level 3.


	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

Income Taxes - Pretax Income (Loss) for Domestic and Foreign Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ 1,529	$ (590)	$ 125
Foreign	179	(366)	162
Income (loss) before income taxes	$ 1,708	$ (956)	$ 287

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Employee Benefit Plans - Summary Of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 6	$ 5	$ 5
Interest cost	12	17	21
Expected return on plan assets	(35)	(31)	(30)
Amortization of unrecognized amounts	9	9	7
Net periodic (benefit) cost	(8)	0	3
Operating Expense
Defined Benefit Plan Disclosure [Line Items]
Service cost	4	4	4
Selling, General and Administrative Expenses
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 1	$ 1

Earnings Per Share - Outstanding Common Stock Equivalents That Were Anti-Dilutive (Detail) - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive non-vested stock		$ 26.20	$ 39.48
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0.0	1.2	0.5

Summary of Significant Accounting Policies Revenue - Schedule of Estimated Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2021
Buildings
Property And Equipment, Net [Line Items]
Property, Plant and Equipment, Useful Life	30 years
Furniture, fixtures & equipment \| Minimum
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
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
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

Debt under Vehicle Programs and Borrowing Arrangements - Schedule Of Available Funding Under Vehicle Programs (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total Capacity	$ 14,004
Outstanding Borrowings	11,438
Available Capacity	2,566
Americas – Debt due to Avis Budget Rental Car Funding
Debt Instrument [Line Items]
Outstanding Borrowings		$ 5,116
Americas – Debt due to Avis Budget Rental Car Funding \| Affiliated Entity
Debt Instrument [Line Items]
Total Capacity	10,343
Outstanding Borrowings	8,889
Available Capacity	1,454
Americas – Debt due to Avis Budget Rental Car Funding \| Affiliated Entity \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	10,400
Americas – Debt borrowings
Debt Instrument [Line Items]
Total Capacity	825
Outstanding Borrowings	612	509
Available Capacity	213
Americas – Debt borrowings \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	900
International – Debt borrowings
Debt Instrument [Line Items]
Total Capacity	2,627
Outstanding Borrowings	1,757	1,115
Available Capacity	870
International – Debt borrowings \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	2,100
International – Finance leases
Debt Instrument [Line Items]
Total Capacity	206
Outstanding Borrowings	177	162
Available Capacity	29
International – Finance leases \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	200
Other
Debt Instrument [Line Items]
Total Capacity	3
Outstanding Borrowings	3	$ 0
Available Capacity	$ 0

Accounts Payable and Other Current Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounts Payable and Accrued Liabilities, Current [Abstract]
Short-term operating lease liabilities	$ 496	$ 514
Accounts payable	407	394
Accrued sales and use taxes	313	215
Public liability and property damage insurance liabilities – current	159	162
Accrued advertising and marketing	218	122
Accrued payroll and related	193	117
Deferred lease revenues – current	185	70
Other	418	440
Accounts payable and other current liabilities	$ 2,389	$ 2,034

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

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,
		2021		2020		2019
Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS		$	1,285	$	(684)	$	302

Basic weighted average shares outstanding		64.9		70.5		75.2
Options and non-vested stock		1.2		—		0.5
Diluted weighted average shares outstanding		66.1		70.5		75.7

Earnings (loss) per share:
	Basic	$	19.79	$	(9.71)	$	4.01
	Diluted	$	19.44	$	(9.71)	$	3.98

Outstanding Common Stock Equivalents That Were Anti-Dilutive

The following table summarizes our outstanding common stock equivalents that were anti-dilutive and therefore excluded from the computation of diluted EPS (shares in millions):


	As of December 31,
	2021	2020	2019
Non-vested stock (a)	—	1.2	0.5

__________

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

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Cumulative effect of accounting change	Stockholders’ Equity Attributable to Avis Budget Group, Inc.	Stockholders’ Equity Attributable to Avis Budget Group, Inc. Cumulative effect of accounting change	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Cumulative effect of accounting change	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative effect of accounting change	Treasury Stock	Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					137.1						(61.5)
Beginning balance at Dec. 31, 2018	$ 414	$ 5	$ 414	$ 5	$ 1	$ 6,771	$ (1,091)	$ 4	$ (133)	$ 1	$ (5,134)	$ 0
Comprehensive income:
Net income (loss)	302						302
Other comprehensive income (loss)	(25)								(25)
Total comprehensive income (loss)	277		277				302		(25)
Net activity related to restricted stock units (in shares)											0.4
Net activity related to restricted stock units	22		22			(24)					$ 46
Exercise of stock options (in shares)											0.1
Exercise of stock options	0					(5)					$ 5
Activity related to employee stock purchase plan	0					(1)					$ 1
Repurchase of common stock (in shares)											(2.2)
Repurchase of common stock	(62)		(62)								$ (62)
Ending balance (in shares) at Dec. 31, 2019					137.1						(63.2)
Ending balance at Dec. 31, 2019	656	(1)	656	(1)	$ 1	6,741	(785)	(1)	(157)		$ (5,144)	0
Beginning balance at Dec. 31, 2018	$ 414	5	414	5	$ 1	6,771	(1,091)	4	(133)	$ 1	$ (5,134)	0
Comprehensive income:
Repurchase of common stock (in shares)	(21.5)
Repurchase of common stock	$ (1,600)
Ending balance (in shares) at Dec. 31, 2021					137.1						(81.2)
Ending balance at Dec. 31, 2021	(209)		(220)		$ 1	6,676	(185)		(133)		$ (6,579)	11
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					137.1						(63.2)
Beginning balance at Dec. 31, 2019	656	$ (1)	656	$ (1)	$ 1	6,741	(785)	$ (1)	(157)		$ (5,144)	0
Comprehensive income:
Net income (loss)	(684)						(684)
Other comprehensive income (loss)	(30)								(30)
Total comprehensive income (loss)	(714)		(714)				(684)		(30)
Net activity related to restricted stock units (in shares)											0.5
Net activity related to restricted stock units	4		4			(50)					$ 54
Activity related to employee stock purchase plan	0					(1)					$ 1
Issuance of common stock (in shares)											0.4
Issuance of common stock	15		15			(20)					$ 35
Repurchase of common stock (in shares)											(5.0)
Repurchase of common stock	(113)		(113)								$ (113)
Non-controlling interests	(2)		(2)			(2)
Ending balance (in shares) at Dec. 31, 2020					137.1						(67.3)
Ending balance at Dec. 31, 2020	(155)		(155)		$ 1	6,668	(1,470)		(187)		$ (5,167)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					137.1						(67.3)
Comprehensive income:
Net income (loss)	1,283						1,285					(2)
Other comprehensive income (loss)	54								54
Total comprehensive income (loss)	1,337		1,339				1,285		54			(2)
Net activity related to restricted stock units (in shares)											0.4
Net activity related to restricted stock units	14		14			(17)					$ 31
Repurchase of common stock (in shares)											(14.3)
Repurchase of common stock	(1,443)		(1,443)								$ (1,443)
Contributions from non-controlling interests	38		25			25						13
Ending balance (in shares) at Dec. 31, 2021					137.1						(81.2)
Ending balance at Dec. 31, 2021	$ (209)		$ (220)		$ 1	$ 6,676	$ (185)		$ (133)		$ (6,579)	$ 11
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					137.1						(81.2)

Accounts Payable and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accounts Payable and Other Current Liabilities

Accounts Payable and Other Current LiabilitiesAccounts payable and other current liabilities consisted of:


	As of December 31,
	2021		2020
Short-term operating lease liabilities	$	496	$	514
Accounts payable	407		394
Accrued sales and use taxes	313		215
Accrued advertising and marketing	218		122
Accrued payroll and related	193		117
Deferred lease revenues – current	185		70
Public liability and property damage insurance liabilities – current	159		162

Other	418		440
Accounts payable and other current liabilities	$	2,389	$	2,034

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventFrom January 1, 2022 through February 10, 2022, we repurchased approximately 2.1 million shares of our common stock at a cost of approximately $400 million under our Stock Repurchase Program.

Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of:


	As of December 31, 2021						As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements (a)	$	298	$	193	$	105	$	280	$	151	$	129
Customer relationships (b)	257		204		53		268		196		72
Other (c)	51		36		15		54		33		21
	$	606	$	433	$	173	$	602	$	380	$	222

Unamortized Intangible Assets
Goodwill	$	1,108					$	1,137
Trademarks	$	551					$	552

_________

(a)Primarily amortized over a period ranging from 0 to 40 years with a weighted average life of 16 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 2 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,
	2021		2020		2019
License agreements	$	47	$	37	$	28
Customer relationships	14		23		25
Other	6		5		6
Total	$	67	$	65	$	59

Based on our amortizable intangible assets at December 31, 2021, we expect related amortization expense of approximately $47 million for 2022, $28 million for 2023, $23 million for 2024, $16 million for 2025 and $15 million for 2026 excluding effects of currency exchange rates.

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


		Americas		International		Total Company

Goodwill as of January 1, 2020		$	2,141	$	1,078	$	3,219
	Accumulated impairment losses as of January 1, 2020	(1,587)		(531)		(2,118)
Goodwill as of January 1, 2020		554		547		1,101

	Currency translation adjustments and other	(1)		37		36
Goodwill as of December 31, 2020		553		584		1,137
	Currency translation adjustments and other	—		(29)		(29)
Goodwill as of December 31, 2021		$	553	$	555	$	1,108

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income (loss) attributable to Avis Budget Group, Inc.	$ 1,285	$ (684)	$ 302
Basic weighted average shares outstanding (in shares)	64.9	70.5	75.2
Options and non-vested stock (in shares)	1.2	0.0	0.5
Diluted weighted average shares outstanding (in shares)	66.1	70.5	75.7
Earnings (loss) per share:
Basic (in USD per share)	$ 19.79	$ (9.71)	$ 4.01
Diluted (in USD per share)	$ 19.44	$ (9.71)	$ 3.98

- 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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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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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per ShareThe following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions):


		Year Ended December 31,
		2021		2020		2019
Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS		$	1,285	$	(684)	$	302

Basic weighted average shares outstanding		64.9		70.5		75.2
Options and non-vested stock		1.2		—		0.5
Diluted weighted average shares outstanding		66.1		70.5		75.7

Earnings (loss) per share:
	Basic	$	19.79	$	(9.71)	$	4.01
	Diluted	$	19.44	$	(9.71)	$	3.98

The following table summarizes our outstanding common stock equivalents that were anti-dilutive and therefore excluded from the computation of diluted EPS (shares in millions):


	As of December 31,
	2021	2020	2019
Non-vested stock (a)	—	1.2	0.5

__________

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

Leases - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Residual value of leased asset (up to)	$ 102	$ 202

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsIn August 2021, SRS Mobility Ventures, LLC acquired a 33 1/3% Class A Membership Interest in one of our subsidiaries at fair value of $37.5 million. SRS Mobility Ventures, LLC is an affiliate of our largest shareholder, SRS Investment Management, LLC.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income (loss)	$ 1,283	$ (684)	$ 302
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Vehicle depreciation	1,402	1,330	1,890
Amortization of right-of-use assets	806	945	989
(Gain) loss on sale of vehicles, net	(361)	(157)	(82)
Non-vehicle related depreciation and amortization	272	286	263
Deferred income taxes	378	(317)	(103)
Stock-based compensation	30	9	22
Amortization of debt financing fees	33	33	31
Early extinguishment of debt costs	136	9	12
Net change in assets and liabilities:
Receivables	(143)	115	10
Income taxes	(28)	1	(5)
Accounts payable and other current liabilities	414	(181)	84
Operating lease liabilities	(801)	(936)	(981)
Other, net	70	238	154
Net cash provided by operating activities	3,491	691	2,586
Investing activities
Property and equipment additions	(108)	(94)	(250)
Proceeds received on asset sales	3	6	11
Net assets acquired (net of cash acquired)	(46)	(69)	(77)
Other, net	(3)	0	81
Net cash used in investing activities exclusive of vehicle programs	(154)	(157)	(235)
Vehicle programs:
Investment in vehicles	(10,054)	(5,401)	(12,887)
Proceeds received on disposition of vehicles	4,077	8,753	10,460
Investment in debt securities of Avis Budget Rental Car Funding (AESOP)—related party	(367)	(286)	(251)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP)—related party	192	268	161
Net Cash Used In Investing Activities Of Vehicle Programs	(6,152)	3,334	(2,517)
Net cash provided by (used in) investing activities	(6,306)	3,177	(2,752)
Financing activities
Proceeds from long-term borrowings	1,100	991	402
Payments on long-term borrowings	(1,354)	(308)	(509)
Net change in short-term borrowings	1	0	(1)
Debt financing fees	(24)	(26)	(7)
Proceeds from issuance of common stock	0	15	0
Repurchases of common stock	(1,460)	(119)	(67)
Contributions from non-controlling interests	38	0	0
Net cash provided by (used in) financing activities exclusive of vehicle programs	(1,699)	553	(182)
Vehicle programs:
Proceeds from borrowings	14,467	13,558	19,869
Payments on borrowings	(10,056)	(18,138)	(19,346)
Debt financing fees	(25)	(18)	(23)
Net cash provided by financing activities of vehicle programs	4,386	(4,598)	500
Net cash provided by (used in) financing activities	2,687	(4,045)	318
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	(11)	42	13
Net (decrease) increase in cash and cash equivalents, program and restricted cash	(139)	(135)	165
Cash and cash equivalents, program and restricted cash, beginning of period	765	900	735
Cash and cash equivalents, program and restricted cash, end of period	626	765	900
Supplemental disclosure
Interest payments	509	503	509
Income tax payments, net	$ 75	$ 44	$ 93

Valuation And Qualifying Accounts (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for Doubtful Accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 60	$ 52	$ 39
Expense (Benefit)	107	73	41
Other Adjustments	(2)	3	0
Deductions	(81)	(68)	(28)
Balance at End of Period	84	60	52
Tax Valuation Allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	207	214	311
Expense (Benefit)	(35)	(1)	(95)
Other Adjustments	(3)	(6)	(2)
Deductions	0	0	0
Balance at End of Period	$ 169	$ 207	$ 214

Financial Instruments - Fair Value of Derivative Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 1,655	$ 1,386
Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	11,900	8,871
Interest rate caps \| Subsidiary Issuers
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	3,000	3,100
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	1,450	1,950
Interest rate caps sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	7,200	6,000
Purchase
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 4,700	$ 2,900

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

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


		Year Ended December 31,
		2021		2020		2019
Current
	Federal	$	—	$	(5)	$	(3)
	State	35		21		41
	Foreign	12		29		50
	Current income tax provision	47		45		88

Deferred
	Federal	309		(104)		41
	State	78		(90)		(37)
	Foreign	(9)		(123)		(107)
	Deferred income tax provision (benefit)	378		(317)		(103)
Provision for (benefit from) income taxes		$	425	$	(272)	$	(15)

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


	Year Ended December 31,
	2021		2020		2019
United States	$	1,529	$	(590)	$	125
Foreign	179		(366)		162
Pretax income (loss)	$	1,708	$	(956)	$	287

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


		As of December 31,
		2021		2020
Deferred income tax assets:
	Net tax loss carryforwards	$	1,480	$	1,146
	Long-term operating lease liabilities	625		657
	Accrued liabilities and deferred revenue	272		237
	Tax credits	11		17
	Depreciation and amortization	19		3

	Provision for doubtful accounts	18		8


	Other	100		110
	Valuation allowance (a)	(167)		(204)
Deferred income tax assets		2,358		1,974

Deferred income tax liabilities:
	Operating lease right-of-use assets	614		649
	Depreciation and amortization	102		105
	Prepaid expenses	23		8
	Other	4		14
Deferred income tax liabilities		743		776
Deferred income tax assets, net		$	1,615	$	1,198

__________

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


	As of December 31,
	2021		2020
Deferred income tax assets:
Depreciation and amortization	$	80	$	62
Other	19		27
Deferred income tax assets	99		89

Deferred income tax liabilities:
Depreciation and amortization	2,321		1,445
Other	20		27
Deferred income tax liabilities	2,341		1,472
Deferred income tax liabilities under vehicle programs, net	$	2,242	$	1,383

At December 31, 2021, we had U.S. federal net operating loss carryforwards of approximately $5.1 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 our U.S. vehicles. Currently, we do not record valuation allowances on

the majority of our U.S. federal tax loss carryforwards as there are adequate deferred tax liabilities that could be realized within the carryforward period. At December 31, 2021, we had foreign net operating loss carryforwards of approximately $1.2 billion, the majority of which has an indefinite utilization period.

At December 31, 2021, we had undistributed earnings of certain foreign subsidiaries of approximately $1.0 billion that we have indefinitely reinvested, and on which we have 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 our effective income tax rate is as follows:


		Year Ended December 31,
		2021		2020		2019
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	5.5		4.8		(1.7)
	Changes in valuation allowances	(0.6)		—		(26.9)
	Taxes on foreign operations at rates different than U.S. federal statutory rates	(2.0)		3.1		3.4


	Stock-based compensation	(0.3)		(0.1)		—


	Other non-deductible (non-taxable) items	0.6		(0.4)		(1.4)
	Other	0.7		—		0.4
		24.9	%	28.4	%	(5.2)	%

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


		2021		2020		2019
Balance, January 1		$	57	$	54	$	61
	Additions for tax positions related to current year	4		4		6
	Additions for tax positions for prior years	3		—		—
	Reductions for tax positions for prior years	(3)		(1)		(8)
	Settlements	—		(3)		(4)
	Statute of limitations	—		—		(1)
	Foreign currency translation	(3)		3		—
Balance, December 31		$	58	$	57	$	54

We do not anticipate that total unrecognized tax benefits will change significantly in 2022.

We are subject to taxation in the United States and various foreign jurisdictions. As of December 31, 2021, the 2007 through 2020 tax years generally remain subject to examination by the federal tax authorities. The 2012 through 2020 tax years generally remain subject to examination by various state tax authorities. In significant foreign jurisdictions, the 2012 through 2020 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, 2021, 2020 and 2019, if recognized, would affect our provision for, or benefit from, income taxes. As of December 31, 2021, our unrecognized tax benefits were offset by tax loss carryforwards and other deferred tax assets in the amount of $33 million.

The following table presents unrecognized tax benefits:


	As of December 31,
	2021		2020
Unrecognized tax benefit in non-current income taxes payable (a)	$	30	$	24
Accrued interest payable on potential tax liabilities (b)	29		29

__________

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

Assets, Current [Abstract]

Schedule of Other Current Assets

Other current assets consisted of:


	As of December 31,
	2021		2020
Sales and use taxes	$	238	$	147
Prepaid expenses	205		161
Other	95		148
Other current assets	$	538	$	456

Stockholders' Equity - Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity	$ (209)	$ (155)	$ 656		$ 414
Other comprehensive income (loss) before reclassifications	22	(42)	(28)
Amounts reclassified from accumulated other comprehensive income (loss)	32	12	3
Other comprehensive income (loss)	54	(30)	(25)
Ending balance	(209)	(155)	656
Cumulative effect of accounting change
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity			(1)		5
Ending balance			(1)
Corporate Interest Expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income (loss)	(12)	(6)	(3)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	17	9	4
Vehicle Interest Expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income (loss)	(2)	(2)
Selling, General and Administrative Expenses
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income (loss)	(7)	(6)	(6)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	9	9	8
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity	16	40	9	$ (3)	(3)
Other comprehensive income (loss) before reclassifications	(35)	33	12
Amounts reclassified from accumulated other comprehensive income (loss)	11	(2)	0
Other comprehensive income (loss)	(24)	31	12
Ending balance	16	40	9
Currency Translation Adjustments \| Cumulative effect of accounting change
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity				0
Net Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity	(19)	(51)	(20)	3	2
Other comprehensive income (loss) before reclassifications	18	(39)	(20)
Amounts reclassified from accumulated other comprehensive income (loss)	14	8	(3)
Other comprehensive income (loss)	32	(31)	(23)
Ending balance	(19)	(51)	(20)
Net Unrealized Gains (Losses) on Cash Flow Hedges \| Cumulative effect of accounting change
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity				1
Minimum Pension Liability Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity	(130)	(176)	(146)	(132)	(132)
Other comprehensive income (loss) before reclassifications	39	(36)	(20)
Amounts reclassified from accumulated other comprehensive income (loss)	7	6	6
Other comprehensive income (loss)	46	(30)	(14)
Ending balance	(130)	(176)	(146)
Minimum Pension Liability Adjustment \| Cumulative effect of accounting change
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity				0
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity	(133)	(187)	(157)	(132)	$ (133)
Ending balance	(133)	$ (187)	$ (157)
Accumulated Other Comprehensive Income (Loss) \| Cumulative effect of accounting change
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity				$ 1
Foreign Exchange Forward \| Derivatives designated as hedging instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Derivatives used in net investment hedge, net of tax	$ 70

Long-term Corporate Debt and Borrowing Arrangements

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-term Corporate Debt and Borrowing Arrangements

13. Long-term Corporate Debt and Borrowing Arrangements

Long-term debt and other borrowing arrangements consisted of:


	Maturity Date	As of December 31,
		2021		2020

6.375% Senior Notes	April 2024	$	—	$	350
4.125% euro-denominated Senior Notes	November 2024	341		366
5.250% Senior Notes	March 2025	—		375
4.500% euro-denominated Senior Notes	May 2025	284		305
10.500% Senior Secured Notes	May 2025	—		487
4.750% euro-denominated Senior Notes	January 2026	398		428
5.750% Senior Notes	July 2027	728		724
4.750% Senior Notes	April 2028	500		—
5.375% Senior Notes	March 2029	600		—
Floating Rate Term Loan (a)	August 2027	1,187		1,199
Other (b)		19		24
Deferred financing fees		(48)		(48)
Total		4,009		4,210
Less: Short-term debt and current portion of long-term debt		19		19
Long-term debt		$	3,990	$	4,191

_________

(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, we amended our Floating Rate Term Loan and extended its maturity term to 2027. We 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 our outstanding 5.500% Senior Notes due 2023. As of December 31, 2021, the loan bears interest at one-month LIBOR plus 1.75%, for an aggregate rate of 1.86%; however, we entered into an interest rate swap to hedge $700 million of our interest rate exposure related to the floating rate term loan at an aggregate rate of 4.75%.

Senior Notes

6.375% Senior Notes due 2024. In March 2016, we issued $350 million of 6.375% Senior Notes due 2024

at par, with interest payable semi-annually. We have 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, we used the net proceeds from the offering to redeem $300 million principal amount of our previous 4.875% Senior Notes and for general corporate purposes.

4.125% euro-denominated Senior Notes due 2024. In September 2016, we issued €300 million of 4.125% euro-denominated Senior Notes due 2024 at par, with interest payable semi-annually. We have 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, we used the net proceeds from the offering primarily to redeem €275 million of our outstanding 6% euro-denominated Senior Notes due 2021.

5.250% Senior Notes due 2025. In March 2015, we issued $375 million of 5.250% Senior Notes due 2025 at par, with interest payable semi-annually. We have 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, we used net proceeds from the offering to redeem the remaining $223 million principal amount of our 9.750% Senior Notes and to partially fund the acquisition of Maggiore. In September 2021, we redeemed our 5.250% Senior Notes due March 2025 with an aggregate outstanding balance of $235 million for $239 million plus accrued interest.

4.500% euro-denominated Senior Notes due 2025. In March 2017, we issued €250 million of 4.500% euro-denominated Senior Notes due 2025, at par, with interest payable semi-annually. We have 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, we used the net proceeds from the offering to redeem our outstanding €175 million principal amount of 6.000% euro-denominated Senior Notes due 2021 for €180 million plus accrued interest. In June 2017, we used the remaining proceeds to redeem a portion of our Floating Rate Senior Notes due 2017.

4.750% euro-denominated Senior Notes due 2026. In October 2018, we issued €350 million of 4.750% euro-denominated Senior Notes due 2026, at par, with interest payable semi-annually. We have 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, we used the net proceeds from the offering to redeem our 5.125% Senior Notes due June 2022 for $410 million plus accrued interest.

5.750% Senior Notes due 2027. In July 2019, we issued $400 million of 5.750% Senior Notes due July 2027, at par, with interest payable semi-annually. We used the net proceeds from the offering to redeem $400 million principal amount of our 5.500% Senior Notes due April 2023. In August 2020, we issued $350 million of additional 5.750% Senior Notes due July 2027, at 92% of face value, under the indenture governing our existing 5.750% Senior Notes. We used the proceeds from this offering to redeem the outstanding $100 million in aggregate principal amount of our 5.500% Senior Notes due 2023, with the remainder being used for general corporate purposes.

10.500% Senior Secured Notes due 2025. In May 2020, we issued $500 million of 10.500% Senior Secured Notes due May 2025, at 97% of face value, with interest payable semi-annually. We have 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. We have 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 us and on a senior secured basis by certain of our subsidiaries. We used the proceeds from this offering for general corporate purposes.

4.750% Senior Notes due 2028. In March 2021, we issued $500 million of 4.750% Senior Notes due April 2028, at par, with interest paid semiannually. We have the right to redeem these notes in whole or in part at any time on or after April 1, 2024 at specified redemption prices plus accrued interest. Net proceeds, together with cash on hand, were used to redeem all of the outstanding 6.375% Senior Notes due 2024 for $356 million plus accrued interest and a portion of our outstanding 5.250% Senior Notes due 2025 for $142 million plus accrued interest.

5.375% Senior Notes due 2029. In March 2021, we issued $600 million of 5.375% Senior Notes due March 2029, at par, with interest paid semiannually. We have the right to redeem these notes in whole or in part at

any time on or after March 1, 2024 at specified redemption prices plus accrued interest. Net proceeds, together with cash on hand, were used to redeem all of the outstanding 10.500% Senior Secured Notes due 2025 for $599 million plus accrued interest.

In connection with the debt amendments and repayments for the years ended December 31, 2021, 2020 and 2019, we recorded $136 million, $9 million and $12 million in early extinguishment of debt costs, respectively.

The 5.750% Senior Notes, the 4.750% Senior Notes and the 5.375% Senior Notes are senior unsecured obligations of our Avis Budget Car Rental, LLC (“ABCR”) subsidiary, are guaranteed by us and certain of our domestic subsidiaries and rank equally in right of payment with all of our existing and future senior unsecured indebtedness.

The 4.125% euro-denominated Senior Notes, 4.500% euro-denominated Senior Notes and 4.750% euro-denominated Senior Notes are unsecured obligations of our Avis Budget Finance plc subsidiary, are guaranteed on a senior basis by us and certain of our domestic subsidiaries and rank equally with all of our existing senior unsecured debt.

Debt Maturities

The following table provides contractual maturities of our corporate debt at December 31, 2021:


Year	Amount
2022	$	19
2023	18
2024	357
2025	299
2026	410
Thereafter	2,954
	$	4,057

Committed Credit Facilities And Available Funding Arrangements

At December 31, 2021, the committed corporate credit facilities available to us and/or our subsidiaries were as follows:


	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2026 (a)	$	1,950	$	—	$	1,727	$	223

__________

In July 2021, we amended the credit agreement to increase the revolving credit facility to $1.95 billion and extend the maturity of the facility to 2026.

Debt Covenants

The agreements governing our indebtedness contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries, the incurrence of additional indebtedness and/or liens by us and certain of our subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. Our senior credit facility also contains a maximum leverage ratio requirement. As of December 31, 2021, we were in compliance with the financial covenants governing our indebtedness.

Restructuring and Other Related Charges

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Other Related Charges

Restructuring

During the first quarter of 2021, we initiated a global restructuring plan to focus on cost discipline by reviewing headcounts, facilities and contractor agreements. We are transforming our business as it prepares to exit the COVID-19 crisis by controlling fixed costs and matching variable costs to demand (“T21”). As of December 31, 2021, we formally communicated the termination of employment to approximately 460 employees, as part of this process, and terminated approximately 455 of these employees. We expect further restructuring expense of approximately $5 million related to this initiative in first quarter 2022.

During first quarter 2020, we initiated a global restructuring plan to reduce operating costs, such as headcount and facilities, due to declining reservations and revenue resulting from the COVID-19 outbreak (“2020 Optimization Plan”). We expect no further restructuring expense related to this initiative.

During third quarter 2019, we initiated a restructuring plan to exit our operations in Brazil by closing rental facilities, disposing of assets and terminating personnel (“Brazil”). We expect no further restructuring expense related to this initiative.

During first quarter 2019, we initiated a restructuring plan to drive global efficiency by improving processes and consolidating functions, and to create new objectives and strategies for our truck rental operations in the U.S. by reducing headcount, large vehicles and rental locations (“T19”). This initiative is complete.

During first quarter 2018, we initiated a strategic restructuring plan to improve processes and reduce headcount in response to our new workforce planning technology that allows more effective management of staff levels (“Workforce planning”). The costs associated with this initiative primarily represent severance, outplacement services and other costs associated with employee terminations, the majority of which have been or are expected to be settled in cash. This initiative is complete.


	Personnel Related		Facility Related		Other (a)		Total
Balance at January 1, 2019	$	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
Restructuring expense:
T21	26		4		2		32
T19	—		—		(2)		(2)

Restructuring payment/utilization:
T21	(17)		(4)		(4)		(25)
2020 Optimization	(5)		—		—		(5)
T19	(1)		—		2		1


Balance as of December 31, 2021	$	7	$	2	$	1	$	10

__________

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


	Americas		International		Total
Balance at January 1, 2019	$	—	$	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 Plan	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
Restructuring expense:
T21	5		27		32
T19	(2)		—		(2)
Restructuring payment/utilization:
T21	(4)		(21)		(25)
2020 Optimization Plan	(2)		(3)		(5)
T19	2		(1)		1
Balance as of December 31, 2021	$	2	$	8	$	10

Other Related Charges

Limited Voluntary Opportunity Plans (“LVOP”)

During the second quarter of 2021, our operations in our International segment offered a voluntary termination program to certain employees in field operations and general and administrative functions for a limited time. These employees, if qualified, elected resignation from employment in return for enhanced severance benefits to be settled in cash. During the year ended December 31, 2021, we recorded other related charges of approximately $17 million in connection with the LVOP. As of December 31, 2021, approximately 130 employees elected to participate in the plan and the majority of the participants have been terminated.

During 2020, we offered a voluntary termination program to certain employees in field operations, shared services, and general and administrative functions for a limited time. These employees, if qualified, elected resignation from employment in return for enhanced severance benefits to be settled in cash. During the year ended December 31, 2020, we recorded other related charges of approximately $18 million in connection with the LVOP.

Officer Separation Costs

In August 2020, we announced the resignation of John F. North, III as our Chief Financial Officer. Following his post-resignation transition to an advisory position, Mr. North continued to serve as a consultant through January 1, 2021. In connection with Mr. North’s departure, we recorded other related charges of approximately $5 million, inclusive of accelerated stock-based compensation expense for the year ended

December 31, 2020.

In March 2020, we announced the departure of Michael K. Tucker as Executive Vice President, General Counsel effective March 27, 2020. In connection with Mr. Tucker’s separation, we recorded other related charges of approximately $2 million for the year ended December 31, 2020.

In May 2019, we announced the resignation of Larry D. De Shon as our President and Chief Executive Officer. Mr. De Shon continued to serve in his role until a successor had been named and was employed by us through December 31, 2019. In connection with Mr. De Shon’s departure, we recorded other related charges of approximately $1 million for consulting fees and $14 million, inclusive of accelerated stock-based compensation expense, for the years ended December 31, 2020 and 2019, respectively.

In March 2019, we announced the resignation of Mark J. Servodidio as our President, International effective June 14, 2019. In connection with Mr. Servodidio’s departure, we recorded other related charges of approximately $4 million, inclusive of accelerated stock-based compensation expense.

Stockholders' Equity - Additional Information (Detail) shares in Millions		1 Months Ended	12 Months Ended			36 Months Ended
	Feb. 10, 2020 shares	Jun. 30, 2019 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 USD ($) shares	Sep. 30, 2019 shares
Equity [Abstract]
Stock repurchase program, authorized amount (up to)			$ 4,100,000,000			$ 4,100,000,000
Net activity related to restricted stock units (in shares) \| shares						21.5
Share repurchased during period			1,443,000,000	$ 113,000,000	$ 62,000,000	$ 1,600,000,000
Remaining authorized repurchase amount			959,000,000			$ 959,000,000
Option premiums paid		$ 16,000,000
Outstanding options settled (in shares) \| shares							0.6
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Amounts reclassified from accumulated other comprehensive income (loss)			$ (32,000,000)	$ (12,000,000)	$ (3,000,000)
Board of Directors Chairman
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Shares issued (in shares) \| shares	15.0

Employee Benefit Plans - Summary Of Defined Benefit Pension Plans' Assets Fair Value (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Total assets	$ 772	$ 722	$ 649
Cash equivalents and short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total assets	62	69
U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	160	169
Non-U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	145	167
Government bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	17	6
Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	185	137
Other assets
Defined Benefit Plan Disclosure [Line Items]
Total assets	203	174
Level 1
Defined Benefit Plan Disclosure [Line Items]
Total assets	330	307
Level 1 \| Cash equivalents and short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total assets	14	19
Level 1 \| U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	115	113
Level 1 \| Non-U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	56	64
Level 1 \| Government bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	6	5
Level 1 \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	134	105
Level 1 \| Other assets
Defined Benefit Plan Disclosure [Line Items]
Total assets	5	1
Level 2
Defined Benefit Plan Disclosure [Line Items]
Total assets	396	415
Level 2 \| Cash equivalents and short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total assets	48	50
Level 2 \| U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	45	56
Level 2 \| Non-U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	89	103
Level 2 \| Government bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	11	1
Level 2 \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	51	32
Level 2 \| Other assets
Defined Benefit Plan Disclosure [Line Items]
Total assets	152	$ 173
Level 3
Defined Benefit Plan Disclosure [Line Items]
Total assets	46
Level 3 \| Cash equivalents and short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total assets	0
Level 3 \| U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	0
Level 3 \| Non-U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	0
Level 3 \| Government bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	0
Level 3 \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	0
Level 3 \| Other assets
Defined Benefit Plan Disclosure [Line Items]
Total assets	$ 46

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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

Property and equipment, net consisted of:


	As of December 31,
	2021		2020
Land	$	50	$	49
Buildings and leasehold improvements	525		592
Capitalized software	932		918
Furniture, fixtures and equipment	426		417
Projects in process	84		60
Buses and support vehicles	80		86
	2,097		2,122
Less: Accumulated depreciation and amortization	(1,560)		(1,465)
Property and equipment, net	$	537	$	657

Leases (Notes)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Lessor

The following table presents our lease revenues disaggregated by geography:


	Year Ended December 31,
	2021		2020		2019
Americas	$	7,501	$	3,864	$	6,303
Europe, Middle East and Africa	1,343		1,080		2,141
Asia and Australasia	342		299		584
Total lease revenues	$	9,186	$	5,243	$	9,028

The following table presents our lease revenues disaggregated by brand:


	Year Ended December 31,
	2021		2020		2019
Avis	$	4,828	$	2,851	$	5,163
Budget	3,674		1,878		3,129
Other	684		514		736
Total lease revenues	$	9,186	$	5,243	$	9,028

________

Other includes Zipcar and other operating brands.

Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease ROU assets and operating lease liabilities, and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

We lease a portion of our vehicles under operating leases. As of December 31, 2021 and 2020, we have guaranteed up to $102 million and $202 million, respectively, of residual values for these vehicles at the end of their respective lease terms. We believe that, based on current market conditions, the net proceeds from the sale of these vehicles at the end of their lease terms will equal or exceed their net book values and therefore have not recorded a liability related to guaranteed residual values.

The components of lease expense are as follows:


	Year Ended December 31,
	2021		2020		2019
Property leases (a)
Operating lease expense	$	561	$	575	$	722
Variable lease expense	433		152		274
Sublease income	(6)		(6)		(8)
Total property lease expense	$	988	$	721	$	988

Vehicle leases
Finance lease expense:
Amortization of ROU assets (b)	$	37	$	33	$	42
Interest on lease liabilities (c)	4		3		4
Operating lease expense (b)	156		195		255
Total vehicle lease expense	$	197	$	231	$	301

__________

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

Supplemental balance sheet information related to leases is as follows:


	As of December 31,
	2021			2020
Property leases
Operating lease ROU assets	$	2,368		$	2,560

Short-term operating lease liabilities (a)	$	496		$	514
Long-term operating lease liabilities	1,910			2,078
Operating lease liabilities	$	2,406		$	2,592

Weighted average remaining lease term	8.8 years			8.4 years
Weighted average discount rate	3.84		%	3.86		%

Vehicle leases
Finance
Finance lease ROU assets, gross	$	353		$	304
Accumulated amortization	(72)			(42)
Finance lease ROU assets, net (b)	$	281		$	262

Short-term vehicle finance lease liabilities	$	126		$	86
Long-term vehicle finance lease liabilities	116			140
Vehicle finance lease liabilities (c)	$	242		$	226

Weighted average remaining lease term	2.2 years			1.8 years
Weighted average discount rate	1.97		%	1.99		%

Operating
Vehicle operating lease ROU assets (d)	$	63		$	113

Short-term vehicle operating lease liabilities	$	50		$	82
Long-term vehicle operating lease liabilities	14			31
Vehicle operating lease liabilities (e)	$	64		$	113

Weighted average remaining lease term	1.3 years			1.5 years
Weighted average discount rate	2.66		%	2.90		%

_________

(a) Included in Accounts payable and other current liabilities.

(b) Included in Vehicles, net within Assets under vehicle programs.

(d) Included in Receivables from vehicle manufacturers and other within Assets under vehicle programs.

(e) Included in Other within Liabilities under vehicle programs.

Supplemental cash flow information related to leases is as follows:


	Year Ended December 31,
	2021		2020		2019
Cash payments for lease liabilities within operating activities:
Property operating leases	$	639	$	740	$	733
Vehicle operating leases	162		196		248
Vehicle finance leases	4		3		4
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	193		294		266
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases (a)	484		666		531
Vehicle operating leases (a)	115		111		262
Vehicle finance leases	223		257		304

_________

(a) For the year ended December 31, 2019, ROU assets obtained in exchange for lease liabilities since initial recognition.

Maturities of lease liabilities as of December 31, 2021 are as follows:


	Property Operating Leases		Vehicle Finance Leases		Vehicle Operating Leases
Within 1 year	$	577	$	126	$	51
Between 1 and 2 years	466		5		13
Between 2 and 3 years	335		95		1
Between 3 and 4 years	255		16		—
Between 4 and 5 years	202		—		—
Thereafter	1,056		—		—
Total lease payments	2,891		242		65
Less: Imputed interest	(485)		—		(1)
Total	$	2,406	$	242	$	64

Leases

Lessor

The following table presents our lease revenues disaggregated by geography:


	Year Ended December 31,
	2021		2020		2019
Americas	$	7,501	$	3,864	$	6,303
Europe, Middle East and Africa	1,343		1,080		2,141
Asia and Australasia	342		299		584
Total lease revenues	$	9,186	$	5,243	$	9,028

The following table presents our lease revenues disaggregated by brand:


	Year Ended December 31,
	2021		2020		2019
Avis	$	4,828	$	2,851	$	5,163
Budget	3,674		1,878		3,129
Other	684		514		736
Total lease revenues	$	9,186	$	5,243	$	9,028

________

Other includes Zipcar and other operating brands.

Lessee

The components of lease expense are as follows:


	Year Ended December 31,
	2021		2020		2019
Property leases (a)
Operating lease expense	$	561	$	575	$	722
Variable lease expense	433		152		274
Sublease income	(6)		(6)		(8)
Total property lease expense	$	988	$	721	$	988

Vehicle leases
Finance lease expense:
Amortization of ROU assets (b)	$	37	$	33	$	42
Interest on lease liabilities (c)	4		3		4
Operating lease expense (b)	156		195		255
Total vehicle lease expense	$	197	$	231	$	301

__________

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

Supplemental balance sheet information related to leases is as follows:


	As of December 31,
	2021			2020
Property leases
Operating lease ROU assets	$	2,368		$	2,560

Short-term operating lease liabilities (a)	$	496		$	514
Long-term operating lease liabilities	1,910			2,078
Operating lease liabilities	$	2,406		$	2,592

Weighted average remaining lease term	8.8 years			8.4 years
Weighted average discount rate	3.84		%	3.86		%

Vehicle leases
Finance
Finance lease ROU assets, gross	$	353		$	304
Accumulated amortization	(72)			(42)
Finance lease ROU assets, net (b)	$	281		$	262

Short-term vehicle finance lease liabilities	$	126		$	86
Long-term vehicle finance lease liabilities	116			140
Vehicle finance lease liabilities (c)	$	242		$	226

Weighted average remaining lease term	2.2 years			1.8 years
Weighted average discount rate	1.97		%	1.99		%

Operating
Vehicle operating lease ROU assets (d)	$	63		$	113

Short-term vehicle operating lease liabilities	$	50		$	82
Long-term vehicle operating lease liabilities	14			31
Vehicle operating lease liabilities (e)	$	64		$	113

Weighted average remaining lease term	1.3 years			1.5 years
Weighted average discount rate	2.66		%	2.90		%

_________

(a) Included in Accounts payable and other current liabilities.

(b) Included in Vehicles, net within Assets under vehicle programs.

(d) Included in Receivables from vehicle manufacturers and other within Assets under vehicle programs.

(e) Included in Other within Liabilities under vehicle programs.

Supplemental cash flow information related to leases is as follows:


	Year Ended December 31,
	2021		2020		2019
Cash payments for lease liabilities within operating activities:
Property operating leases	$	639	$	740	$	733
Vehicle operating leases	162		196		248
Vehicle finance leases	4		3		4
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	193		294		266
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases (a)	484		666		531
Vehicle operating leases (a)	115		111		262
Vehicle finance leases	223		257		304

_________

(a) For the year ended December 31, 2019, ROU assets obtained in exchange for lease liabilities since initial recognition.

Maturities of lease liabilities as of December 31, 2021 are as follows:


	Property Operating Leases		Vehicle Finance Leases		Vehicle Operating Leases
Within 1 year	$	577	$	126	$	51
Between 1 and 2 years	466		5		13
Between 2 and 3 years	335		95		1
Between 3 and 4 years	255		16		—
Between 4 and 5 years	202		—		—
Thereafter	1,056		—		—
Total lease payments	2,891		242		65
Less: Imputed interest	(485)		—		(1)
Total	$	2,406	$	242	$	64

Leases

Lessor

The following table presents our lease revenues disaggregated by geography:


	Year Ended December 31,
	2021		2020		2019
Americas	$	7,501	$	3,864	$	6,303
Europe, Middle East and Africa	1,343		1,080		2,141
Asia and Australasia	342		299		584
Total lease revenues	$	9,186	$	5,243	$	9,028

The following table presents our lease revenues disaggregated by brand:


	Year Ended December 31,
	2021		2020		2019
Avis	$	4,828	$	2,851	$	5,163
Budget	3,674		1,878		3,129
Other	684		514		736
Total lease revenues	$	9,186	$	5,243	$	9,028

________

Other includes Zipcar and other operating brands.

Lessee

The components of lease expense are as follows:


	Year Ended December 31,
	2021		2020		2019
Property leases (a)
Operating lease expense	$	561	$	575	$	722
Variable lease expense	433		152		274
Sublease income	(6)		(6)		(8)
Total property lease expense	$	988	$	721	$	988

Vehicle leases
Finance lease expense:
Amortization of ROU assets (b)	$	37	$	33	$	42
Interest on lease liabilities (c)	4		3		4
Operating lease expense (b)	156		195		255
Total vehicle lease expense	$	197	$	231	$	301

__________

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

Supplemental balance sheet information related to leases is as follows:


	As of December 31,
	2021			2020
Property leases
Operating lease ROU assets	$	2,368		$	2,560

Short-term operating lease liabilities (a)	$	496		$	514
Long-term operating lease liabilities	1,910			2,078
Operating lease liabilities	$	2,406		$	2,592

Weighted average remaining lease term	8.8 years			8.4 years
Weighted average discount rate	3.84		%	3.86		%

Vehicle leases
Finance
Finance lease ROU assets, gross	$	353		$	304
Accumulated amortization	(72)			(42)
Finance lease ROU assets, net (b)	$	281		$	262

Short-term vehicle finance lease liabilities	$	126		$	86
Long-term vehicle finance lease liabilities	116			140
Vehicle finance lease liabilities (c)	$	242		$	226

Weighted average remaining lease term	2.2 years			1.8 years
Weighted average discount rate	1.97		%	1.99		%

Operating
Vehicle operating lease ROU assets (d)	$	63		$	113

Short-term vehicle operating lease liabilities	$	50		$	82
Long-term vehicle operating lease liabilities	14			31
Vehicle operating lease liabilities (e)	$	64		$	113

Weighted average remaining lease term	1.3 years			1.5 years
Weighted average discount rate	2.66		%	2.90		%

_________

(a) Included in Accounts payable and other current liabilities.

(b) Included in Vehicles, net within Assets under vehicle programs.

(d) Included in Receivables from vehicle manufacturers and other within Assets under vehicle programs.

(e) Included in Other within Liabilities under vehicle programs.

Supplemental cash flow information related to leases is as follows:


	Year Ended December 31,
	2021		2020		2019
Cash payments for lease liabilities within operating activities:
Property operating leases	$	639	$	740	$	733
Vehicle operating leases	162		196		248
Vehicle finance leases	4		3		4
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	193		294		266
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases (a)	484		666		531
Vehicle operating leases (a)	115		111		262
Vehicle finance leases	223		257		304

_________

(a) For the year ended December 31, 2019, ROU assets obtained in exchange for lease liabilities since initial recognition.

Maturities of lease liabilities as of December 31, 2021 are as follows:


	Property Operating Leases		Vehicle Finance Leases		Vehicle Operating Leases
Within 1 year	$	577	$	126	$	51
Between 1 and 2 years	466		5		13
Between 2 and 3 years	335		95		1
Between 3 and 4 years	255		16		—
Between 4 and 5 years	202		—		—
Thereafter	1,056		—		—
Total lease payments	2,891		242		65
Less: Imputed interest	(485)		—		(1)
Total	$	2,406	$	242	$	64

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary of Operating Segments

Year Ended December 31, 2021


	Americas		International		Corporate and Other (a)		Total
Revenues	$	7,557	$	1,756	$	—	$	9,313
Vehicle depreciation and lease charges, net	851		346		—		1,197
Vehicle interest, net	258		55		—		313
Adjusted EBITDA	2,364		118		(71)		2,411
Non-vehicle depreciation and amortization	178		84		10		272
Assets exclusive of assets under vehicle programs	5,746		2,716		119		8,581
Assets under vehicle programs	11,437		2,582		—		14,019
Capital expenditures (excluding vehicles)	74		26		8		108

__________

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

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.

Reconciliation of Adjusted EBITDA to Income (Loss)

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


		For the Year Ended December 31,
		2021		2020		2019
Adjusted EBITDA		$	2,411	$	(175)	$	788
Less:
	Non-vehicle related depreciation and amortization (a)	279		286		263
	Interest expense related to corporate debt, net
	Interest expense	218		231		178
	Early extinguishment of debt	136		9		12
	COVID-19 charges (b)	(2)		122		—
	Restructuring and other related charges	64		118		80
	Unprecedented personal-injury and other legal matters, net (c)	3		8		—
	Non-operational charges related to shareholder activist activity (d)	—		4		2
	Transaction-related costs, net	5		3		10

	Gain on sale of equity method investment in China (c)	—		—		(44)
Income (loss) before income taxes		$	1,708	$	(956)	$	287

__________

(b) The following table presents the unusual, direct and incremental costs due to the COVID-19 pandemic:


	2021		2020
Minimum annual guaranteed rent in excess of concession fees, net	$	(2)	$	60
Vehicles damaged in overflow parking lots, net of insurance proceeds	(7)		14
Incremental cleaning supplies to sanitize vehicles and facilities, and over flow parking for idle vehicles	—		48
Other charges	7		—
Operating expenses	$	(3)	$	116
Vehicle depreciation and lease charges	—		1
Selling, general and administrative expenses	1		5
COVID-19 charges, net	$	(2)	$	122

(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 our subsidiaries.


	United States		All Other Countries		Total
2021
Revenues	$	7,254	$	2,059	$	9,313
Assets exclusive of assets under vehicle programs	5,575		3,006		8,581
Assets under vehicle programs	10,915		3,104		14,019
Net long-lived assets	1,328		1,041		2,369

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

Financial Instruments - Schedule Of Carrying Amounts And Estimated Fair Values (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	$ 19	$ 19
Long-term debt	3,990	4,191
Carrying Amount \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	19	19
Long-term debt	3,990	4,191
Carrying Amount \| Level 2 \| Interest rate swaps and interest rate caps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and interest rate caps	14	2
Carrying Amount \| Vehicle-Backed Debt \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	2,528	1,775
Carrying Amount \| Vehicle-backed debt due to Avis Budget Rental Car Funding \| Vehicle-Backed Debt \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	8,848	5,080
Estimated Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	18	18
Long-term debt	4,153	4,337
Estimated Fair Value \| Level 2 \| Interest rate swaps and interest rate caps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and interest rate caps	14	2
Estimated Fair Value \| Vehicle-Backed Debt \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	2,559	1,796
Estimated Fair Value \| Vehicle-backed debt due to Avis Budget Rental Car Funding \| Vehicle-Backed Debt \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	$ 9,009	$ 5,317

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares reserved for grant of awards	22,500,000
Shares available for grant under the plan	4,300,000
Share based compensation percentage in annual base salary, min	50.00%
Share based compensation percentage in annual base salary, max	100.00%
Shares issued to non-employee directors	8,800	34,000	40,000
Stock-based compensation expense	$ 30	$ 9	$ 22
stock-based compensation expense, net of tax	$ 21	$ 7	$ 17
Time-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance-based and market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Number of RSUs target award vested range maximum	20.00%

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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 our and all entities

in which we have a direct or indirect controlling financial interest and variable interest entities for which we have determined we are the primary beneficiary. We consolidate joint venture activities when we have more than a 50% controlling interest and record non-controlling interests within stockholders’ equity and the statement of comprehensive income equal to the percentage of ownership interest retained in such entities by the respective non-controlling party. 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

We derive revenues primarily by providing vehicle rentals and other related products and mobility services to commercial and leisure customers, as well as through licensing of our 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. We also receive payment from customers for certain operating expenses that we incur, including airport concession fees that are paid by us in exchange for the right to operate at airports and other locations, as well as vehicle licensing fees. In addition, we collect membership fees in connection with our car sharing business.

We combine all lease and non-lease components of our 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. Vehicle rentals and other related products and mobility services are recognized evenly over the period of rental, which is on average approximately five days. (See Note 3–Leases).

Licensing revenues principally consist of royalties paid by our licensees and are recorded as the licensees’ revenues are earned (over the rental period). We renew license agreements in the normal course of business and occasionally terminate, purchase or sell license agreements. In connection with ongoing fees that we receive from our licensees pursuant to license agreements, we are required to provide certain services, such as training, marketing and the operation of reservation systems.

We exclude from the measurement of our 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 our car sharing business are generally nonrefundable, are deferred and recognized ratably over the period of membership.

Revenues are recognized under Leases (Topic 842) with the exception of royalty fee revenue derived from our licensees and revenue related to our customer loyalty program, which were approximately $127 million, $159 million and $144 million for the years ended December 31, 2021, 2020 and 2019, respectively.

The following table presents our revenues disaggregated by geography:


	Year Ended December 31,
	2021		2020		2019
Americas	$	7,557	$	3,965	$	6,352
Europe, Middle East and Africa	1,400		1,127		2,222
Asia and Australasia	356		310		598
Total revenues	$	9,313	$	5,402	$	9,172

The following table presents our revenues disaggregated by brand:


	Year Ended December 31,
	2021		2020		2019
Avis	$	4,894	$	2,961	$	5,250
Budget	3,715		1,908		3,179
Other	704		533		743
Total revenues	$	9,313	$	5,402	$	9,172

________

Other includes Zipcar and other operating brands.

Deferred Revenue

We record deferred revenues when cash payments are received in advance of satisfying our performance obligations, including amounts that are refundable. In addition, certain customers earn loyalty points on rentals, for which we defer a portion of our rental revenues generally equivalent to the estimated retail value of points expected to be redeemed. We estimate 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 our customer loyalty program:


	Year Ended December 31,
	2021		2020
Balance, January 1	$	34	$	59
Revenue deferred	49		26
Revenue recognized	(33)		(51)
Balance, December 31	$	50	$	34

_______

Currency Translation

Assets 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 (See Note 16 - Stockholders’ Equity). We have designated our euro-denominated Notes as a hedge of our investment in euro-denominated foreign operations and, accordingly, record the effective portion of gains or losses on this net investment hedge in accumulated other comprehensive income (loss) as part of currency translation adjustments.

Cash and Cash Equivalents, Program Cash and Restricted Cash

We consider 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 we consider 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,
	2021		2020
Cash and cash equivalents	$	534	$	692
Program cash	89		72
Restricted cash (a)	3		1
Total cash and cash equivalents, program and restricted cash	$	626	$	765

_________

(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

We capitalize 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 $188 million and $265 million as of December 31, 2021 and 2020, 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. We do not amortize goodwill, but assess 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. We perform our annual impairment assessment in the fourth quarter of each year at the reporting unit level. We assess 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

We are 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. We acquire a portion of our 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). We depreciate 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 us 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. We regularly evaluate estimated residual values and adjust 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 $1 million, $12 million and $15 million for 2021, 2020 and 2019, respectively.

Advertising Expenses

Advertising costs are generally expensed in the period incurred and are recorded within selling, general and administrative expense in our Consolidated Statements of Operations. During 2021, 2020 and 2019, advertising costs were approximately $81 million, $54 million and $121 million, respectively.

Taxes

We account 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. As a result of the provisions of the Tax Cuts and Jobs Act, we account for Global Intangible Low-Taxed Income (“GILTI”) as a component of current period income tax expense in the year incurred.

We record net deferred tax assets to the extent we believe that it is more likely than not that these assets will be realized. In making such determination, we consider 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 we were to determine that we would be able to realize the deferred income tax assets in the future in excess of their net recorded amount, we would adjust the valuation allowance, which would reduce the provision for income taxes.

Fair Value Measurements

We measure 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 our 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, we have 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.

Our 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 us 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. We principally use discounted cash flows to value these instruments. These models take into account a variety of factors including, where applicable, maturity, currency exchange rates, our interest rate yield curves 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 our 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).

Currency Transactions

Currency 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.

Self-Insurance Reserves

The Consolidated Balance Sheets include $383 million and $396 million of liabilities associated with retained risks of liability to third parties as of December 31, 2021 and 2020, 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, our 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 we are 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 $48 million and $53 million as of December 31, 2021 and 2020, 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.

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. Our 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 our 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 our 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 we do not currently pay or plan to pay a dividend on our common stock, the expected dividend yield was zero.

Business Combinations

We use 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.

We record 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, net

Transaction-related costs, net are classified separately in the Consolidated Statements of Operations. These costs are comprised of expenses primarily related to acquisition-related activities such as due-diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with our comparable expenses, 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.

Investments

We account for investments with controlling interest between 20% and 50% using the equity method of accounting and record our proportional share of net income or loss within operating expenses in the Consolidated Statements of Operations. We assess 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, 2021 and 2020, we had investments with a carrying value of $72 million and $63 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 2021, 2020 and 2019, the

amounts realized from the sale of equity investments and dividend income was $10 million, $5 million and $10 million, respectively.

Divestitures

We classify 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. We initially measure 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 our operations and financial results, the disposal is presented as a discontinued operation.

In May 2021, we completed the sale of our operation in Argentina to Urbiz S.A. for $4 million. As part of the sale, Urbiz S.A. agreed to pay the purchase price, plus interest, over two years for the right to operate the Avis and Budget brands. During the year ended December 31, 2021, we recorded a loss of $14 million, net of the impact of foreign currency adjustments, within restructuring and other related charges. In addition, we paid severance to terminated employees of $2 million.

In December 2021, we entered into a stock purchase agreement with Spuigroep B.V. to sell our operations in the Netherlands. Upon completion of the sale, Spuigroep B.V. will pay approximately $24 million. At December 31, 2021, we had assets held for sale of $31 million recorded within non-current assets and liabilities held for sale of $9 million recorded within non-current liabilities. The Netherlands operations are reported within our International reporting segment.

Nonmarketable Equity Securities

We classify 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. We apply 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 2020, we had investments in nonmarketable equity securities recorded within other non-current assets with a carrying value of $8 million. We 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, 2021 and 2020. As of December 31, 2021, the securities are marketable equity securities with a fair value of $7 million, which are recorded within other non-current assets.

Adoption of New Accounting Pronouncements

Simplifying the Accounting for Income Taxes

On January 1, 2021, as the result of a new accounting pronouncement, we adopted Accounting Standard Update (“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 our Consolidated Financial Statements.

Compensation—Retirement Benefits—Defined Benefit Plans

On January 1, 2021, as the result of a new accounting pronouncement, we 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 Financial Accounting Standards Board (“FASB”) 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 our Consolidated Financial Statements.

Recently Issued Accounting Pronouncements

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

In October 2021, the FASB issued ASU 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which amends Topic 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. ASU 2021-08 becomes effective for us on January 1, 2023. Early adoption is permitted on a retrospective or prospective basis. The adoption of this accounting pronouncement is not expected to have a material impact on our Consolidated Financial Statements.

Reference Rate Reform

In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which amends ASU 2020-04 and clarifies the scope and guidance of Topic 848 to allow derivatives impacted by the reference rate reform to qualify for certain optional expedients and exceptions for contract modifications and hedge accounting. The guidance is optional and is effective for a limited period of time through December 31, 2022. As of December 31, 2021, this guidance had no impact on our Consolidated Financial Statements and we will continue to evaluate this guidance.

Summary of Significant Accounting Policies - Cash and Cash Equivalents, Program and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 534	$ 692
Program cash	89	72
Restricted cash	3	1
Total cash and cash equivalents, program and restricted cash	$ 626	$ 765	$ 900	$ 735

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

We held derivative instruments with absolute notional values as follows:


	As of December 31,
	2021		2020
Foreign exchange contracts	$	1,655	$	1,386
Interest rate caps (a)	11,900		8,871
Interest rate swaps	1,450		1,950

__________

Fair Value of Derivative Instruments

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


		As of December 31, 2021				As of December 31, 2020
		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)	$	2	$	27	$	—	$	69
Derivatives not designated as hedging instruments
	Foreign exchange contracts (c)	7		10		3		11
	Interest rate caps (b)	11		15		—		—

	Total	$	20	$	52	$	3	$	80

__________

(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 our Consolidated Financial Statements are as follows:


		Year Ended December 31,
		2021		2020		2019
Financial instruments designated as hedging instruments (a)
	Interest rate swaps (b)	$	32	$	(31)	$	(23)
	Euro-denominated notes (c)	56		(67)		17
Financial instruments not designated as hedging instruments (d)
	Foreign exchange contracts (e)	(3)		(5)		(7)
	Interest rate caps (f)	(1)		—		(1)
	Commodity contracts (g)	—		(6)		3
Total		$	84	$	(109)	$	(11)

__________

(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, 2021				As of December 31, 2020
		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	$	18
	Long-term debt	3,990		4,153		4,191		4,337

Debt under vehicle programs
	Vehicle-backed debt due to Avis Budget Rental Car Funding	$	8,848	$	9,009	$	5,080	$	5,317
	Vehicle-backed debt	2,528		2,559		1,775		1,796
	Interest rate swaps and interest rate caps (a)	14		14		2		2

___________

(a)Derivatives in liability position.

Long-term Corporate Debt and Borrowing Arrangements - Contractual Maturities of Company's Corporate Debt (Detail) $ in Millions	Dec. 31, 2021 USD ($)
Amount
2022	$ 19
2023	18
2024	357
2025	299
2026	410
Thereafter	2,954
Total	$ 4,057

Income Taxes - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Income Tax Examination [Line Items]
Foreign net operating loss carryforwards	$ 1,200
Earnings of foreign subsidiaries	1,000
Unrecognized tax benefits	33
Internal Revenue Service (IRS)
Income Tax Examination [Line Items]
Federal net operating loss carryforwards net of valuation allowances	$ 5,100

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted Average Grant Date Fair Value
Fair value vested in period	$ 17	$ 19	$ 18
Cost not yet recognized	$ 31
Period for recognition	1 year 1 month 6 days
Time-based RSUs
Number of Shares
Balance (in shares)	1,070
Granted (in shares)	245
Vested (in shares)	(590)
Forfeited (in shares)	(54)
Balance (in shares)	671	1,070
Weighted Average Grant Date Fair Value
Balance (in dollars per share)	$ 27.47
Granted (in dollars per share)	65.23	$ 23.14	$ 34.14
Vested (in dollars per share)	29.16
Forfeited (in dollars per share)	31.82
Balance (in dollars per share)		$ 27.47
Outstanding and expected to vest, weighted average grant date fair value (in dollars per share)	$ 39.39
Outstanding and expected to vest weighted average remaining contractual term (in years)	10 months 24 days
Aggregate intrinsic value, outstanding and expected to vest	$ 139
Performance-based and market-based RSUs
Number of Shares
Balance (in shares)	988
Granted (in shares)	236
Vested (in shares)	0
Forfeited (in shares)	(338)
Balance (in shares)	886	988
Outstanding and expected to vest (in shares)	886
Weighted Average Grant Date Fair Value
Balance (in dollars per share)	$ 32.41
Granted (in dollars per share)	62.27	$ 21.06	$ 34.56
Vested (in dollars per share)	0
Forfeited (in dollars per share)	45.39
Balance (in dollars per share)	35.40	$ 32.41
Outstanding and expected to vest, weighted average grant date fair value (in dollars per share)	$ 35.40
Outstanding and expected to vest weighted average remaining contractual term (in years)	1 year 3 months 18 days
Outstanding weighted average remaining contractual terms (in years)	1 year 3 months 18 days
Aggregate intrinsic value, outstanding and expected to vest	$ 184
Aggregate intrinsic value outstanding	$ 184

Summary of Significant Accounting Policies - Deferred Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Contract With Customer, Liability [Roll Forward]
Deferred lease revenues – current	$ 185	$ 70
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 \| Minimum
Contract With Customer, Liability [Roll Forward]
Revenue recognition period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 \| Maximum
Contract With Customer, Liability [Roll Forward]
Revenue recognition period	3 years
Customer Loyalty
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 34	59
Revenue deferred	49	26
Revenue recognized	(33)	(51)
Ending balance	50	34
Deferred lease revenues – current	33	17
Contract with customer, liability, noncurrent	$ 17	$ 17

Segment Information - Summary of Segments Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 9,313	$ 5,402	$ 9,172
Vehicle depreciation and lease charges, net	1,197	1,368	2,063
Vehicle interest, net	313	318	344
Adjusted EBITDA	2,411	(175)	788
Non-vehicle depreciation and amortization	272	286	263
Assets exclusive of assets under vehicle programs	8,581	8,365	9,311
Assets under vehicle programs	14,019	9,173	13,815
Capital expenditures (excluding vehicles)	108	94	250
Americas
Segment Reporting Information [Line Items]
Revenues	7,557	3,965	6,352
Vehicle depreciation and lease charges, net	851	968	1,462
Vehicle interest, net	258	274	284
Adjusted EBITDA	2,364	72	652
Non-vehicle depreciation and amortization	178	185	161
Assets exclusive of assets under vehicle programs	5,746	5,510	6,226
Assets under vehicle programs	11,437	7,155	10,508
Capital expenditures (excluding vehicles)	74	65	162
International
Segment Reporting Information [Line Items]
Revenues	1,756	1,437	2,820
Vehicle depreciation and lease charges, net	346	400	601
Vehicle interest, net	55	44	60
Adjusted EBITDA	118	(202)	203
Non-vehicle depreciation and amortization	84	91	94
Assets exclusive of assets under vehicle programs	2,716	2,754	2,995
Assets under vehicle programs	2,582	2,018	3,307
Capital expenditures (excluding vehicles)	26	29	62
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	0	0	0
Vehicle depreciation and lease charges, net	0	0	0
Vehicle interest, net	0	0	0
Adjusted EBITDA	(71)	(45)	(67)
Non-vehicle depreciation and amortization	10	10	8
Assets exclusive of assets under vehicle programs	119	101	90
Assets under vehicle programs	0	0	0
Capital expenditures (excluding vehicles)	$ 8	$ 0	$ 26

Restructuring and Other Related Charges - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) employee	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated \| employee	130
Restructuring expenses	$ 64	$ 118	$ 80
Charges related to voluntary termination program		18
John F. North
Restructuring Cost and Reserve [Line Items]
Labor and Related Expense		5
Michael K. Tucker
Restructuring Cost and Reserve [Line Items]
Labor and Related Expense		2
Larry D. De Shon
Restructuring Cost and Reserve [Line Items]
Labor and Related Expense		$ 1	14
Mark J. Servodidio
Restructuring Cost and Reserve [Line Items]
Labor and Related Expense			$ 4
T21
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated \| employee	460
Number of positions eliminated \| employee	455
Expected restructuring expense	$ 5
Restructuring expenses	32
T21 \| Personnel Related
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	26
Limited Voluntary Opportunity Plan (“LVOP”) \| Personnel Related
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 17

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

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, “we”, “our”, “us”, or the “Company”).

We operate 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 we do 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 we do not operate directly.

We have 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.

We present separately the financial data of our vehicle programs. These programs are distinct from our 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 our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.

Liquidity and Management’s Plans

The COVID-19 pandemic, which rapidly spread across the globe in 2020, resulted in an economic slowdown and significant disruptions in travel that had a negative impact on our business, specifically a significant decline in vehicle rental volumes. During the year ended December 31, 2021, global travel restrictions were eased, leading to an increase in travel demand and an improvement in general economic conditions. We believe the full extent of the ongoing impact of this virus on our long-term operational performance and liquidity will depend on future developments, including those outside of our control, such as the spread of new variants of the virus which may be resistant to currently approved vaccines and the implementation of new or continued travel restrictions.

Principles of Consolidation

Use of Estimates and Assumptions

Revenue Recognition

Deferred RevenueWe record deferred revenues when cash payments are received in advance of satisfying our performance obligations, including amounts that are refundable. In addition, certain customers earn loyalty points on rentals, for which we defer a portion of our rental revenues generally equivalent to the estimated retail value of points expected to be redeemed. We estimate 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.

Currency Translation

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 (See Note 16 - Stockholders’ Equity).We have designated our euro-denominated Notes as a hedge of our investment in euro-denominated foreign operations and, accordingly, record the effective portion of gains or losses on this net investment hedge in accumulated other comprehensive income (loss) as part of currency translation adjustments.

Currency Transactions

Cash and Cash Equivalents, Program Cash and Restricted Cash

vehicle programs and/or to repay the related debt, as such we consider it a restricted cash equivalent.

Property and Equipment


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

Goodwill and Other Intangible Assets

Impairment of Long-Lived Assets

Vehicles

Advertising Expenses

Advertising ExpensesAdvertising costs are generally expensed in the period incurred and are recorded within selling, general and administrative expense in our Consolidated Statements of Operations.

Taxes

Fair Value Measurements

Derivative Instruments

Self-Insurance Reserves

Self-Insurance ReservesSuch 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, our 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 we are 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 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

Business Combinations

Transaction-related Costs

Transaction-related Costs, net

Investments

InvestmentsWe account for investments with controlling interest between 20% and 50% using the equity method of accounting and record our proportional share of net income or loss within operating expenses in the Consolidated Statements of Operations. We assess 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

Nonmarketable Equity Securities

Nonmarketable Equity SecuritiesWe classify 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. We apply 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

New and Recently Issued Accounting Standards

Adoption of New Accounting Pronouncements

Simplifying the Accounting for Income Taxes

Compensation—Retirement Benefits—Defined Benefit Plans

Recently Issued Accounting Pronouncements

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

Reference Rate Reform

Related Party Transactions (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Contributions from non-controlling interests		$ 38.0
Subsidiary Equity
Related Party Transaction [Line Items]
Ownership acquired percentage	33.34%
Contributions from non-controlling interests	$ 37.5

Restructuring and Other Related Charges - Summary of Changes to Restructuring-Related Liabilities (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Balance, beginning	$ 9	$ 6	$ 2
Restructuring expenses	64	118	80
Balance, ending	10	9	6
Americas
Restructuring Reserve [Roll Forward]
Balance, beginning	3	2	0
Balance, ending	2	3	2
International
Restructuring Reserve [Roll Forward]
Balance, beginning	6	4	2
Balance, ending	8	6	4
Personnel Related
Restructuring Reserve [Roll Forward]
Balance, beginning	4	3	1
Balance, ending	7	4	3
Facility Related
Restructuring Reserve [Roll Forward]
Balance, beginning	2	1	0
Balance, ending	2	2	1
Other
Restructuring Reserve [Roll Forward]
Balance, beginning	3	2	1
Balance, ending	1	3	2
T19
Restructuring Reserve [Roll Forward]
Restructuring expenses	(2)	14	55
Payment For Restructuring/Utilization	(1)	20	51
T19 \| Americas
Restructuring Reserve [Roll Forward]
Restructuring expenses	(2)	14	39
Payment For Restructuring/Utilization	(2)	16	38
T19 \| International
Restructuring Reserve [Roll Forward]
Restructuring expenses	0	0	16
Payment For Restructuring/Utilization	1	4	13
T19 \| Personnel Related
Restructuring Reserve [Roll Forward]
Restructuring expenses	0	0	24
Payment For Restructuring/Utilization	1	5	21
T19 \| Facility Related
Restructuring Reserve [Roll Forward]
Restructuring expenses	0	0	0
Payment For Restructuring/Utilization	0	0	0
T19 \| Other
Restructuring Reserve [Roll Forward]
Restructuring expenses	(2)	14	31
Payment For Restructuring/Utilization	(2)	15	30
Brazil
Restructuring Reserve [Roll Forward]
Restructuring expenses		0	7
Payment For Restructuring/Utilization		(1)	6
Brazil \| Americas
Restructuring Reserve [Roll Forward]
Restructuring expenses			7
Payment For Restructuring/Utilization		(1)	6
Brazil \| International
Restructuring Reserve [Roll Forward]
Restructuring expenses			0
Payment For Restructuring/Utilization		0	0
Brazil \| Personnel Related
Restructuring Reserve [Roll Forward]
Restructuring expenses		1	1
Payment For Restructuring/Utilization		0	1
Brazil \| Facility Related
Restructuring Reserve [Roll Forward]
Restructuring expenses		1	1
Payment For Restructuring/Utilization		1	0
Brazil \| Other
Restructuring Reserve [Roll Forward]
Restructuring expenses		(2)	5
Payment For Restructuring/Utilization		(2)	5
Workforce planning
Restructuring Reserve [Roll Forward]
Payment For Restructuring/Utilization			1
Workforce planning \| Americas
Restructuring Reserve [Roll Forward]
Payment For Restructuring/Utilization			0
Workforce planning \| International
Restructuring Reserve [Roll Forward]
Payment For Restructuring/Utilization			1
Workforce planning \| Personnel Related
Restructuring Reserve [Roll Forward]
Payment For Restructuring/Utilization			1
Workforce planning \| Facility Related
Restructuring Reserve [Roll Forward]
Payment For Restructuring/Utilization			0
Workforce planning \| Other
Restructuring Reserve [Roll Forward]
Payment For Restructuring/Utilization			$ 0
2020 Optimization
Restructuring Reserve [Roll Forward]
Restructuring expenses		79
Payment For Restructuring/Utilization	5	71
2020 Optimization \| Americas
Restructuring Reserve [Roll Forward]
Restructuring expenses		31
Payment For Restructuring/Utilization	2	29
2020 Optimization \| International
Restructuring Reserve [Roll Forward]
Restructuring expenses		48
Payment For Restructuring/Utilization	3	42
2020 Optimization \| Personnel Related
Restructuring Reserve [Roll Forward]
Restructuring expenses		73
Payment For Restructuring/Utilization	5	68
2020 Optimization \| Facility Related
Restructuring Reserve [Roll Forward]
Restructuring expenses		3
Payment For Restructuring/Utilization	0	2
2020 Optimization \| Other
Restructuring Reserve [Roll Forward]
Restructuring expenses		3
Payment For Restructuring/Utilization	0	$ 1
T21
Restructuring Reserve [Roll Forward]
Restructuring expenses	32
Payment For Restructuring/Utilization	25
T21 \| Americas
Restructuring Reserve [Roll Forward]
Restructuring expenses	5
Payment For Restructuring/Utilization	4
T21 \| International
Restructuring Reserve [Roll Forward]
Restructuring expenses	27
Payment For Restructuring/Utilization	21
T21 \| Personnel Related
Restructuring Reserve [Roll Forward]
Restructuring expenses	26
Payment For Restructuring/Utilization	17
T21 \| Facility Related
Restructuring Reserve [Roll Forward]
Restructuring expenses	4
Payment For Restructuring/Utilization	4
T21 \| Other
Restructuring Reserve [Roll Forward]
Restructuring expenses	2
Payment For Restructuring/Utilization	$ 4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2021	May 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary Of Significant Accounting Policies [Line Items]
Net carrying value of software developed	$ 188		$ 188	$ 265
Vehicle interest income			1	12	$ 15
Advertising expense			81	54	121
Retained risks of liability to third parties	383		383	396
Workers compensation liabilities	48		48	53
Investments in joint ventures	72		72	63
Sale of equity investments			10	5	10
Sale of property, plant, and equipment	24
Investments in nonmarketable equity securities	7		7	8
Gain on disposal of nonmarketable securities					12
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Assets In Argentina
Summary Of Significant Accounting Policies [Line Items]
Amount of consideration received		$ 4
Consideration, rights to operate period		2 years
Loss on sale			14
Severance costs			2
Disposal Group, Held-for-sale, Not Discontinued Operations \| Netherlands Operation
Summary Of Significant Accounting Policies [Line Items]
Current assets held for sale	31		31
Liabilities held for sale	$ 9		9
Royalty
Summary Of Significant Accounting Policies [Line Items]
Revenue			$ 127	$ 159	$ 144

Intangible Assets - Schedule of Intangible Assets Amortization Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 67	$ 65	$ 59
License agreements
Finite-Lived Intangible Assets [Line Items]
Amortization expense	47	37	28
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense	14	23	25
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 6	$ 5	$ 6

Vehicle Rental Activities - Components Of Vehicle Depreciation And Lease Charges (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Components Of Companys Vehicles [Abstract]
Depreciation expense	$ 1,402	$ 1,330	$ 1,890
Lease charges	156	195	255	$ 195
(Gain) loss on sale of vehicles, net	(361)	(157)	(82)
Vehicle depreciation and lease charges, net	1,197	1,368	2,063
Other accounts payables	142	232	418
Receivables due from former subsidiaries	$ 15	$ 162	$ 576

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss) attributable to Avis Budget Group, Inc.	$ 1,285	$ (684)	$ 302
Less: net loss attributable to non-controlling interests	(2)	0	0
Other comprehensive income (loss), net of tax
Currency translation adjustments, net of tax of $(20), $23 and $(6), respectively	(35)	33	12
Reclassification of currency translation adjustments to earnings	11	(2)	0
Cash flow hedges:
Net unrealized holding gains (losses), net of tax of $(6), $14, and $7, respectively	18	(39)	(20)
Reclassification of cash flow hedges to earnings, net of tax of $(5), $(3), and $1, respectively	14	8	(3)
Minimum pension liability adjustment:
Pension and post-retirement benefits, net of tax of $(13), $12, and $6, respectively	39	(36)	(20)
Reclassification of pension and post-retirement benefits to earnings, net of tax of $(2), $(3), and $(2), respectively	7	6	6
Other comprehensive income (loss)	54	(30)	(25)
Total comprehensive income (loss) attributable to Avis Budget Group, Inc.	$ 1,339	$ (714)	$ 277

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Property
Operating Leases
Within 1 year	$ 577
Between 1 and 2 years	466
Between 2 and 3 years	335
Between 3 and 4 years	255
Between 4 and 5 years	202
Thereafter	1,056
Total lease payments	2,891
Less: Imputed interest	(485)
Total	2,406	$ 2,592
Buses and support vehicles
Operating Leases
Within 1 year	51
Between 1 and 2 years	13
Between 2 and 3 years	1
Between 3 and 4 years	0
Between 4 and 5 years	0
Thereafter	0
Total lease payments	65
Less: Imputed interest	(1)
Total	64	113
Finance Leases
Within 1 year	126
Between 1 and 2 years	5
Between 2 and 3 years	95
Between 3 and 4 years	16
Between 4 and 5 years	0
Thereafter	0
Total lease payments	242
Less: Imputed interest	0
Total	$ 242	$ 226

Vehicle Rental Activities (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020
Rental vehicles	$	14,612	$	9,210
Less: Accumulated depreciation	(1,911)		(1,337)
	12,701		7,873
Vehicles held for sale	165		280
Vehicles, net	$	12,866	$	8,153

Components of Vehicle Depreciation and Lease Charges

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


	Year Ended December 31,
	2021		2020		2019
Depreciation expense	$	1,402	$	1,330	$	1,890
Lease charges	156		195		255
(Gain) loss on sale of vehicles, net	(361)		(157)		(82)
Vehicle depreciation and lease charges, net	$	1,197	$	1,368	$	2,063

Income Taxes - Deferred income tax assets and liabilities related to vehicle programs (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred income tax assets:
Other	$ 100	$ 110
Deferred income tax assets	2,358	1,974
Deferred income tax liabilities:
Other	4	14
Deferred income tax liabilities under vehicle programs, net	743	776
Vehicle Programs
Deferred income tax assets:
Depreciation and amortization	80	62
Deferred income tax liabilities:
Depreciation and amortization	2,321	1,445
Other assets
Deferred income tax assets:
Other	19	27
Assets
Deferred income tax assets:
Deferred income tax assets	99	89
Other
Deferred income tax liabilities:
Other	20	27
Liability
Deferred income tax liabilities:
Deferred income tax liabilities	2,341	1,472
Vehicle Programs, Net
Deferred income tax liabilities:
Deferred income tax liabilities under vehicle programs, net	$ 2,242	$ 1,383

Debt under Vehicle Programs and Borrowing Arrangements

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt under Vehicle Programs and Borrowing Arrangements

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


	As of December 31,
	2021		2020
Americas – Debt due to Avis Budget Rental Car Funding (a)	$	8,889	$	5,116
Americas – Debt borrowings (a)	612		509
International – Debt borrowings (a)	1,757		1,115
International – Finance leases	177		162
Other	3		—
Deferred financing fees (b)	(48)		(45)
Total	$	11,390	$	6,857

__________

(a)Increase reflects additional borrowings principally to fund increases in our global rental fleet.

(b)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2021 and 2020 were $41 million and $36 million, respectively.

Americas

Debt due to Avis Budget Rental Car Funding. Avis Budget Rental Car Funding, an unconsolidated bankruptcy remote qualifying special purpose limited liability company, issues privately placed notes to investors as well as to banks and bank-sponsored conduit entities. Avis Budget Rental Car Funding uses the proceeds from its note issuances to make loans to our wholly-owned subsidiary, AESOP Leasing LP (“AESOP Leasing”), on a continuing basis. AESOP Leasing is required to use the proceeds of such loans to acquire or finance the acquisition of vehicles used in our rental car operations. By issuing debt through the Avis Budget Rental Car Funding program, we pay a lower rate of interest than if we had issued debt directly to third parties. Avis Budget Rental Car Funding is not consolidated, as we are not the “primary beneficiary” of Avis Budget Rental Car Funding. We determined that we are not the primary beneficiary because we do not have the obligation to absorb the potential losses or receive the benefits of Avis Budget Rental Car Funding’s activities since our only significant source of variability in the earnings, losses or cash flows of Avis Budget Rental Car Funding is exposure to our own creditworthiness, due to our loan from Avis Budget Rental Car Funding. Because Avis Budget Rental Car Funding is not consolidated, AESOP Leasing’s loan obligations to Avis Budget Rental Car Funding are reflected as related party debt on our Consolidated Balance Sheets. We also have an asset within Assets under vehicle programs on our Consolidated Balance Sheets which represents securities issued to us by Avis Budget Rental Car Funding. AESOP Leasing is consolidated, as we are the “primary beneficiary” of AESOP Leasing; as a result, the vehicles purchased by AESOP Leasing remain on our Consolidated Balance Sheets. We determined we are the primary beneficiary of AESOP Leasing, as we have the ability to direct its activities, an obligation to absorb a majority of its expected losses and the right to receive the benefits of AESOP Leasing’s activities. AESOP Leasing’s vehicles and related assets, which as of December 31, 2021, approximate $10.5 billion and some of which are subject to manufacturer repurchase and guaranteed depreciation agreements, collateralize the debt issued by Avis Budget Rental Car Funding. The assets and liabilities of AESOP Leasing are presented on our Consolidated Balance Sheets within Assets under vehicle programs and Liabilities under vehicle programs, respectively. The assets of AESOP Leasing, included within assets under vehicle programs (excluding the investment in Avis Budget Rental Car Funding (AESOP) LLC—related party) are restricted. Such assets may be used only to repay the respective AESOP Leasing liabilities, included within Liabilities under vehicle programs, and to purchase new vehicles, although if certain collateral coverage requirements are met, AESOP Leasing may pay dividends from excess cash. The creditors of AESOP Leasing and Avis Budget Rental Car Funding have no recourse to our general credit. We periodically provide Avis Budget Rental Car Funding with non-contractually required support, in the form of equity and loans, to serve as additional collateral for the debt issued by Avis Budget Rental Car Funding.

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

and cash flows are not reflected within our financial statements.

In January 2020 and August 2020, AESOP issued approximately $700 million in asset-backed notes with an expected final payment date of August 2025 and issued approximately $650 million in asset-backed notes with an expected final payment date of February 2026, respectively. In May 2021, AESOP issued $800 million of asset-backed notes with an expected final payment date of August 2026. In June 2021, AESOP issued $96 million, $105 million and $103 million of asset-backed notes with expected final payment dates of March 2024, September 2024 and August 2025, respectively. In November 2021, AESOP issued $650 million of asset-backed notes with an expected final payment date of February 2027. We used the proceeds from these borrowings to fund the repayment of maturing vehicle-backed debt and the acquisition of rental cars in the United States. Borrowings under the Avis Budget Rental Car Funding program primarily represent fixed rate notes and had a weighted average interest rate of 2.66% and 3.17% as of December 31, 2021 and 2020 respectively.

Debt borrowings.We finance the acquisition of vehicles used in our Canadian rental operations through a consolidated, bankruptcy remote special-purpose entity, which issues privately placed notes to investors and bank-sponsored conduits. We finance the acquisition of fleet for our truck rental operations in the United States through a combination of debt facilities and leases. These debt borrowings represent a mix of fixed and floating rate debt and had a weighted average interest rate of 2.64% and 2.98% as of December 31, 2021 and 2020 respectively.

International

Debt borrowings. In 2013, we entered into a three-year, €500 million European rental fleet securitization program, which is used to finance fleet purchases for certain of our European operations. Since 2013, we increased its capacity to €1.7 billion, and extended the securitization maturity to 2024. We finance the acquisition of vehicles used in our International rental car operations through this and other consolidated, bankruptcy remote special-purpose entities, which issue privately placed notes to banks and bank-sponsored conduits. The International borrowings primarily represent floating rate notes and had a weighted average interest rate of 1.66% and 2.17% as of December 31, 2021 and 2020, respectively.

Finance leases. We obtain a portion of our International vehicles under finance lease arrangements. For the years ended December 31, 2021 and 2020, the weighted average interest rate on these borrowings was 1.25% and 1.16% respectively. All finance leases are on a fixed repayment basis and interest rates are fixed at the contract date.

Debt Maturities

The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2021:


	Debt under Vehicle Programs (a)
2022 (b)	$	2,025
2023 (c)	2,890
2024 (d)	3,004
2025	1,666
2026	1,530
Thereafter	323
	$	11,438

__________

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

(b) Includes $0.7 billion of bank and bank-sponsored facilities.

(d) Includes $1.3 billion of bank and bank-sponsored facilities.

Committed Credit Facilities And Available Funding Arrangements

The following table presents available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2021:


	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding	$	10,343	$	8,889	$	1,454
Americas – Debt borrowings	825		612		213
International – Debt borrowings	2,627		1,757		870
International – Finance leases	206		177		29
Other	3		3		—
Total	$	14,004	$	11,438	$	2,566

__________

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

Debt Covenants

The agreements under our vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries and restrictions on indebtedness, mergers, liens, liquidations and sale and leaseback transactions, and in some cases also require compliance with certain financial requirements. As of December 31, 2021, we are not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under our vehicle-backed funding programs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
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-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

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,
2021	$	60	$	107	$	(2)	$	(81)	$	84
2020	52		73		3		(68)		60
2019	39		41		—		(28)		52

Tax Valuation Allowance:
Year Ended December 31,
2021	$	207	$	(35)	$	(3)	$	—	$	169
2020	214		(1)		(6)		—		207
2019	311		(95)		(2)		—		214

__________

(a)Other Adjustments relate to currency translation adjustments.

Segment Information - Summary of Geographic Segment Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 9,313	$ 5,402	$ 9,172
Assets exclusive of assets under vehicle programs	8,581	8,365	9,311
Assets under vehicle programs	14,019	9,173	13,815
Net long-lived assets	2,369	2,568	2,691
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	7,254	3,758	5,867
Assets exclusive of assets under vehicle programs	5,575	5,262	5,830
Assets under vehicle programs	10,915	6,797	9,824
Net long-lived assets	1,328	1,421	1,536
All Other Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,059	1,644	3,305
Assets exclusive of assets under vehicle programs	3,006	3,103	3,481
Assets under vehicle programs	3,104	2,376	3,991
Net long-lived assets	$ 1,041	$ 1,147	$ 1,155

- Definition

+ References

+ Details

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of:


	As of December 31, 2021						As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements (a)	$	298	$	193	$	105	$	280	$	151	$	129
Customer relationships (b)	257		204		53		268		196		72
Other (c)	51		36		15		54		33		21
	$	606	$	433	$	173	$	602	$	380	$	222

Unamortized Intangible Assets
Goodwill	$	1,108					$	1,137
Trademarks	$	551					$	552

_________

(a)Primarily amortized over a period ranging from 0 to 40 years with a weighted average life of 16 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 2 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,
	2021		2020		2019
License agreements	$	47	$	37	$	28
Customer relationships	14		23		25
Other	6		5		6
Total	$	67	$	65	$	59

Schedule of Goodwill

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


		Americas		International		Total Company

Goodwill as of January 1, 2020		$	2,141	$	1,078	$	3,219
	Accumulated impairment losses as of January 1, 2020	(1,587)		(531)		(2,118)
Goodwill as of January 1, 2020		554		547		1,101

	Currency translation adjustments and other	(1)		37		36
Goodwill as of December 31, 2020		553		584		1,137
	Currency translation adjustments and other	—		(29)		(29)
Goodwill as of December 31, 2021		$	553	$	555	$	1,108

Basis of Presentation (Details) - USD ($)	Dec. 31, 2021	Jul. 30, 2021	Apr. 30, 2020
Debt Instrument [Line Items]
Line of credit balance	$ 14,004,000,000
Medium-term Notes
Debt Instrument [Line Items]
Long-term debt			$ 1,200,000,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit balance		$ 1,950,000,000	$ 1,800,000,000

Stock-Based Compensation - Assumptions Used (Details) - Performance-based and market-based RSUs	12 Months Ended
	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility of stock price	91.00%
Risk-free interest rate	0.18%
Valuation period	3 years
Dividend yield	0.00%

Employee Benefit Plans - Summary of Funded Status of Pension Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in Benefit Obligation
Benefit obligation at end of prior year	$ 926	$ 821
Service cost	6	5	$ 5
Interest cost	12	17	21
Actuarial (gain) loss	(17)	84
Plan amendments	(3)	0
Currency translation adjustment	(12)	26
Net benefits paid	(31)	(27)
Benefit obligation at end of current year	881	926	821
Change in Plan Assets
Fair value of assets at end of prior year	722	649
Actual return on plan assets	71	71
Employer contributions	16	14
Currency translation adjustment	(5)	14
Net benefits paid	(32)	(26)
Fair value of assets at end of current year	772	722	$ 649
Funded Status
Non-current assets	50	7
Current liabilities	(5)	(4)
Non-current liabilities	(154)	(207)
Net funded status	$ (109)	$ (204)

Property and Equipment, net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of:


	As of December 31,
	2021		2020
Land	$	50	$	49
Buildings and leasehold improvements	525		592
Capitalized software	932		918
Furniture, fixtures and equipment	426		417
Projects in process	84		60
Buses and support vehicles	80		86
	2,097		2,122
Less: Accumulated depreciation and amortization	(1,560)		(1,465)
Property and equipment, net	$	537	$	657

Depreciation and amortization expense relating to property and equipment during 2021, 2020 and 2019 was $205 million, $218 million and $204 million, respectively (including $105 million, $113 million and $109 million, respectively, of amortization expense relating to capitalized software). At December 31, 2021, we had payables related to property and equipment included in accounts payable and other current liabilities and in other non-current liabilities of $20 million and $2 million, respectively. At December 31, 2020, we 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.

Vehicle Rental Activities - Components of Company's Vehicles (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure Components Of Companys Vehicles [Abstract]
Rental vehicles	$ 14,612	$ 9,210
Less: Accumulated depreciation	(1,911)	(1,337)
Rental Vehicles Net, Total	12,701	7,873
Vehicles held for sale	165	280
Vehicles, net	$ 12,866	$ 8,153

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 534	$ 692
Receivables (net of allowance for doubtful accounts of $84 and $60, respectively)	775	647
Other current assets	538	456
Total current assets	1,847	1,795
Property and equipment, net	537	657
Operating lease right-of-use assets	2,368	2,560
Deferred income taxes	1,615	1,198
Goodwill	1,108	1,137
Other intangibles, net	724	774
Other non-current assets	382	244
Total assets exclusive of assets under vehicle programs	8,581	8,365
Assets under vehicle programs:
Program cash	89	72
Vehicles, net	12,866	8,153
Receivables from vehicle manufacturers and other	222	281
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	842	667
Assets under vehicle programs	14,019	9,173
Total assets	22,600	17,538
Current liabilities:
Accounts payable and other current liabilities	2,389	2,034
Short-term debt and current portion of long-term debt	19	19
Total current liabilities	2,408	2,053
Long-term debt	3,990	4,191
Long-term operating lease liabilities	1,910	2,078
Other non-current liabilities	625	731
Total liabilities exclusive of liabilities under vehicle programs	8,933	9,053
Liabilities under vehicle programs:
Debt	2,542	1,777
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party	8,848	5,080
Deferred income taxes	2,242	1,383
Other	244	400
Total Liabilities under vehicle programs	13,876	8,640
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	6,676	6,668
Accumulated deficit	(185)	(1,470)
Accumulated other comprehensive loss	(133)	(187)
Treasury stock, at cost 81 and 67 shares, respectively	(6,579)	(5,167)
Stockholders’ equity attributable to Avis Budget Group, Inc.	(220)	(155)
Non-controlling interests	11	0
Total stockholders’ equity	(209)	(155)
Total liabilities and stockholders’ equity	$ 22,600	$ 17,538

Segment Information - Reconciliation of Adjusted EBITDA to Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Adjusted EBITDA		$ 2,411	$ (175)	$ 788
Less:
Non-vehicle depreciation and amortization		279	286	263
Interest expense related to corporate debt, net
Interest expense		218	231	178
Early extinguishment of debt		136	9	12
Covid-19 charges		(2)	122
Restructuring and other related charges		64	118	80
Unprecedented personal-injury and other legal matters, net		3	8	0
Non-operational charges related to shareholder activist activity		0	4	2
Transaction-related costs, net		5	3	10
Gain on sale of equity method investment in China		0	0	(44)
Income (loss) before income taxes		1,708	(956)	287
Minimum annual guaranteed rent in excess of concession fees, net	$ (2)	2	60
Vehicles damaged in overflow parking lots, net of insurance proceeds	(7)		14
Incremental cleaning supplies to sanitize vehicles and facilities, and over flow parking for idle vehicles	0		48
Other charges	7		0
Covid-19 charges		(2)	122
Operating Expense
Interest expense related to corporate debt, net
Covid-19 charges	(3)		116
Covid-19 charges	(3)		116
Operating Expense \| Cloud Computing Costs
Less:
Non-vehicle depreciation and amortization		7
Vehicle Depreciation and Lease Charges
Interest expense related to corporate debt, net
Covid-19 charges	0		1
Covid-19 charges	0		1
Selling, General and Administrative Expenses
Interest expense related to corporate debt, net
Covid-19 charges	1		5
Covid-19 charges	$ 1		5
Acquisition-related Costs
Less:
Non-vehicle depreciation and amortization		$ 66	$ 66	$ 56