0000723612-22-000051 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-10308
Entity Registrant Name	Avis Budget Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-0918165
Entity Address, Address Line One	6 Sylvan Way
Entity Address, City or Town	Parsippany,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	(973)
Local Phone Number	496-4700
Title of 12(b) Security	Common Stock, Par Value $0.01
Trading Symbol	CAR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,466,412
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000723612
Current Fiscal Year End Date	--12-31

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Revenues	$ 3,547	$ 3,001	$ 9,223	$ 6,744
Expenses
Operating	1,464	1,225	3,960	3,089
Vehicle depreciation and lease charges, net	134	277	479	869
Selling, general and administrative	384	361	1,026	837
Vehicle interest, net	107	80	281	232
Non-vehicle related depreciation and amortization	59	69	168	199
Interest expense related to corporate debt, net:
Interest expense	64	47	181	167
Early extinguishment of debt	0	7	0	136
Restructuring and other related charges	2	5	16	47
Transaction-related costs, net	0	1	1	3
Other (income) expense, net	(9)	0	(9)	0
Total expenses	2,205	2,072	6,103	5,579
Income before income taxes	1,342	929	3,120	1,165
Provision for income taxes	311	255	788	263
Net income	1,031	674	2,332	902
Less: net loss attributable to non-controlling interests	(3)	(1)	(9)	(1)
Net income attributable to Avis Budget Group, Inc.	1,034	675	2,341	903
Comprehensive income attributable to Avis Budget Group, Inc.	$ 979	$ 660	$ 2,289	$ 914
Earnings per share
Basic (in usd per share)	$ 22.08	$ 10.58	$ 47.34	$ 13.31
Diluted (in usd per share)	$ 21.67	$ 10.45	$ 46.32	$ 13.16

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 581	$ 534
Receivables, net	869	775
Other current assets	526	538
Total current assets	1,976	1,847
Property and equipment, net	506	537
Operating lease right-of-use assets	2,275	2,368
Deferred income taxes	1,316	1,615
Goodwill	1,031	1,108
Other intangibles, net	662	724
Other non-current assets	496	382
Total assets exclusive of assets under vehicle programs	8,262	8,581
Assets under vehicle programs:
Program cash	139	89
Vehicles, net	15,391	12,866
Receivables from vehicle manufacturers and other	478	222
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	927	842
Total assets under vehicle programs	16,935	14,019
Total Assets	25,197	22,600
Current liabilities:
Accounts payable and other current liabilities	2,719	2,389
Short-term debt and current portion of long-term debt	27	19
Total current liabilities	2,746	2,408
Long-term debt	4,563	3,990
Long-term operating lease liabilities	1,822	1,910
Other non-current liabilities	553	625
Total liabilities exclusive of liabilities under vehicle programs	9,684	8,933
Liabilities under vehicle programs:
Debt	2,682	2,542
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party	10,422	8,848
Deferred income taxes	2,636	2,242
Other	280	244
Total liabilities under vehicle programs	16,020	13,876
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.01 par value—authorized 10 shares; none issued and outstanding, respectively	0	0
Common stock, $0.01 par value—authorized 250 shares; issued 137 shares, respectively	1	1
Additional paid-in capital	6,676	6,676
Retained earnings (accumulated deficit)	2,156	(185)
Accumulated other comprehensive loss	(185)	(133)
Treasury stock, at cost— 94 and 81 shares, respectively	(9,157)	(6,579)
Stockholders’ equity attributable to Avis Budget Group, Inc.	(509)	(220)
Non-controlling interests	2	11
Total stockholders’ equity	(507)	(209)
Total Liabilities and Stockholders’ Equity	$ 25,197	$ 22,600

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock (in usd 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 usd 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	137,000,000
Treasury stock (in shares)	94,000,000	81,000,000

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income	$ 2,332	$ 902
Adjustments to reconcile net income to net cash provided by operating activities:
Vehicle depreciation	1,232	981
Amortization of right-of-use assets	637	562
(Gain) loss on sale of vehicles, net	(856)	(241)
Non-vehicle related depreciation and amortization	168	199
Stock-based compensation	19	25
Amortization of debt financing fees	25	25
Early extinguishment of debt costs	0	136
Net change in assets and liabilities:
Receivables	(194)	(175)
Income taxes and deferred income taxes	640	200
Accounts payable and other current liabilities	415	435
Operating lease liabilities	(639)	(558)
Other, net	83	57
Net cash provided by operating activities	3,862	2,548
Investing activities
Property and equipment additions	(120)	(57)
Proceeds received on asset sales	2	3
Net assets acquired (net of cash acquired)	(1)	(17)
Cash disposed upon deconsolidation of subsidiary	(55)	0
Other, net	22	(3)
Net cash used in investing activities exclusive of vehicle programs	(152)	(74)
Vehicle programs:
Investment in vehicles	(7,946)	(8,041)
Proceeds received on disposition of vehicles	4,608	3,310
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	(351)	(260)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	265	134
Net cash used in investing activities of vehicle programs	(3,424)	(4,857)
Net cash used in investing activities	(3,576)	(4,931)
Financing activities
Proceeds from long-term borrowings	729	1,100
Payments on long-term borrowings	(17)	(1,350)
Net change in short-term borrowings	(1)	0
Repurchases of common stock	(2,574)	(997)
Debt financing fees	(7)	(21)
Contributions from non-controlling interests	40	38
Net cash used in financing activities exclusive of vehicle programs	(1,830)	(1,230)
Vehicle programs:
Proceeds from borrowings	13,075	11,612
Payments on borrowings	(11,360)	(7,790)
Debt financing fees	(23)	(14)
Net cash provided by financing activities of vehicle programs	1,692	3,808
Net cash (used in) provided by financing activities	(138)	2,578
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	(53)	(15)
Net increase in cash and cash equivalents, program and restricted cash	95	180
Cash and cash equivalents, program and restricted cash, beginning of period	626	765
Cash and cash equivalents, program and restricted cash, end of period	$ 721	$ 945

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Stockholders’ Equity Attributable to Avis Budget Group, Inc.	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2020			137,100
Beginning balance at Dec. 31, 2020	$ (155)	$ (155)	$ 1	$ 6,668	$ (1,470)	$ (187)	$ (5,167)	$ 0
Treasury stock, beginning balance (in shares) at Dec. 31, 2020							(67,300)
Comprehensive income:
Net income	902	903			903			(1)
Other comprehensive income (loss)	11	11				11
Comprehensive income attributable to Avis Budget Group, Inc.	913	914			903	11		(1)
Contributions from non-controlling interests	38	24		24				14
Net activity related to restricted stock units (in shares)							300
Net activity related to restricted stock units	10	10		(19)			$ 29
Repurchases of common stock (in shares)							(11,700)
Repurchases of common stock	(1,004)	(1,004)					$ (1,004)
Ending balance (in shares) at Sep. 30, 2021			137,100
Ending balance at Sep. 30, 2021	(198)	(211)	$ 1	6,673	(567)	(176)	$ (6,142)	13
Treasury stock, ending balance (in shares) at Sep. 30, 2021							(78,700)
Beginning balance (in shares) at Dec. 31, 2020			137,100
Beginning balance at Dec. 31, 2020	(155)	(155)	$ 1	6,668	(1,470)	(187)	$ (5,167)	0
Treasury stock, beginning balance (in shares) at Dec. 31, 2020							(67,300)
Ending balance (in shares) at Dec. 31, 2021			137,100
Ending balance at Dec. 31, 2021	$ (209)	(220)	$ 1	6,676	(185)	(133)	$ (6,579)	11
Treasury stock, ending balance (in shares) at Dec. 31, 2021	(81,000)						(81,200)
Beginning balance (in shares) at Jun. 30, 2021			137,100
Beginning balance at Jun. 30, 2021	$ 92	92	$ 1	6,646	(1,242)	(161)	$ (5,152)	0
Treasury stock, beginning balance (in shares) at Jun. 30, 2021							(67,100)
Comprehensive income:
Net income	674	675			675			(1)
Other comprehensive income (loss)	(15)	(15)				(15)
Comprehensive income attributable to Avis Budget Group, Inc.	659	660			675	(15)		(1)
Contributions from non-controlling interests	38	24		24				14
Net activity related to restricted stock units (in shares)							0
Net activity related to restricted stock units	7	7		3			$ 4
Repurchases of common stock (in shares)							(11,600)
Repurchases of common stock	(994)	(994)					$ (994)
Ending balance (in shares) at Sep. 30, 2021			137,100
Ending balance at Sep. 30, 2021	(198)	(211)	$ 1	6,673	(567)	(176)	$ (6,142)	13
Treasury stock, ending balance (in shares) at Sep. 30, 2021							(78,700)
Beginning balance (in shares) at Dec. 31, 2021			137,100
Beginning balance at Dec. 31, 2021	$ (209)	(220)	$ 1	6,676	(185)	(133)	$ (6,579)	11
Treasury stock, beginning balance (in shares) at Dec. 31, 2021	(81,000)						(81,200)
Comprehensive income:
Net income	$ 2,332	2,341			2,341			(9)
Other comprehensive income (loss)	(52)	(52)				(52)
Comprehensive income attributable to Avis Budget Group, Inc.	2,280	2,289			2,341	(52)		(9)
Contributions from non-controlling interests	40	40		40				0
Net activity related to restricted stock units (in shares)							300
Net activity related to restricted stock units	(42)	(42)		(40)			$ (2)
Repurchases of common stock (in shares)							(13,200)
Repurchases of common stock	(2,576)	(2,576)					$ (2,576)
Ending balance (in shares) at Sep. 30, 2022			137,100
Ending balance at Sep. 30, 2022	$ (507)	(509)	$ 1	6,676	2,156	(185)	$ (9,157)	2
Treasury stock, ending balance (in shares) at Sep. 30, 2022	(94,000)						(94,100)
Beginning balance (in shares) at Jun. 30, 2022			137,100
Beginning balance at Jun. 30, 2022	$ (649)	(654)	$ 1	6,643	1,122	(130)	$ (8,290)	5
Treasury stock, beginning balance (in shares) at Jun. 30, 2022							(88,800)
Comprehensive income:
Net income	1,031	1,034			1,034			(3)
Other comprehensive income (loss)	(55)	(55)				(55)
Comprehensive income attributable to Avis Budget Group, Inc.	976	979			1,034	(55)		(3)
Contributions from non-controlling interests	40	40		40
Net activity related to restricted stock units	(6)	(6)		(7)			$ 1
Repurchases of common stock (in shares)							(5,300)
Repurchases of common stock	(868)	(868)					$ (868)
Ending balance (in shares) at Sep. 30, 2022			137,100
Ending balance at Sep. 30, 2022	$ (507)	$ (509)	$ 1	$ 6,676	$ 2,156	$ (185)	$ (9,157)	$ 2
Treasury stock, ending balance (in shares) at Sep. 30, 2022	(94,000)						(94,100)

Basis of Presentation

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying unaudited Consolidated Condensed 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”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting.

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 certain 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 certain areas in which we do not operate directly.

The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. Differences between the preliminary allocation of purchase price and the final allocation for our 2021 acquisitions of various licensees were not material. We consolidate joint venture activities when we have a 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.

In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with our 2021 Annual Report on Form 10-K (the “2021 Form 10-K”).

Summary of Significant Accounting Policies

Our significant accounting policies are fully described in Note 2 – Summary of Significant Accounting Policies in our 2021 Form 10-K.

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


	As of September 30,
	2022		2021
Cash and cash equivalents	$	581	$	886
Program cash	139		55
Restricted cash (a)	1		4
Total cash and cash equivalents, program and restricted cash	$	721	$	945

________

(a)Included within other current assets.

Vehicle Programs. 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.

Transaction-related costs, net. Transaction-related costs, net are classified separately in the Consolidated Condensed Statements of Comprehensive Income. 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 those of our operations, 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.

Currency Transactions. We record the gain or loss on foreign currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net.

Divestitures. In February 2022, we completed the sale of our operations in the United States Virgin Islands for $13 million, for the right to operate the Avis brand. During the nine months ended September 30, 2022, we recorded a gain of $2 million within restructuring and other related charges.

In March 2022, we completed the sale of our operations in the Netherlands for $15 million, subject to working capital adjustments, for the right to operate the Avis and Budget brands. During the nine months ended September 30, 2022, we recorded a loss of $7 million, net of impact of foreign currency adjustments, within restructuring and other related charges.

Variable Interest Entity (“VIE”). We review our investments to determine if they are VIEs. A VIE is an entity in which either (i) the equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. Entities that are determined to be VIEs are consolidated if we are the primary beneficiary of the entity. The primary beneficiary possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. We will reconsider our original assessment of a VIE upon the occurrence of certain events such as contributions and redemptions, either by us, or third parties, or amendments to an entity’s governing documents. On an ongoing basis, we reconsider whether we are deemed to be a VIE’s primary beneficiary. See Note 14 – Related Party Transactions for our VIE investment in our former subsidiary.

Investments. As of September 30, 2022 and December 31, 2021, we had equity method investments with a carrying value of $69 million and $72 million, respectively, which are recorded within other non-current assets. Earnings from our equity method investments are reported within operating expenses. For the three months ended September 30, 2022 and 2021, we recorded $7 million and $6 million related to our equity method investments, respectively. For the nine months ended September 30, 2022 and 2021, we recorded $10 million and $8 million related to our equity method investments, respectively. See Note 14 – Related Party Transactions for our equity method investment in our former subsidiary.

Revenues. 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 $51 million and $34 million during the three months ended September 30, 2022 and 2021, respectively, and $127 million and $93 million during the nine months ended September 30, 2022 and 2021, respectively.

The following table presents our revenues disaggregated by geography:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Americas	$	2,703	$	2,403	$	7,270	$	5,457
Europe, Middle East and Africa	678		527		1,527		1,011
Asia and Australasia	166		71		426		276
Total revenues	$	3,547	$	3,001	$	9,223	$	6,744

The following table presents our revenues disaggregated by brand:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Avis	$	1,958	$	1,588	$	4,992	$	3,509
Budget	1,371		1,198		3,637		2,707
Other	218		215		594		528
Total revenues	$	3,547	$	3,001	$	9,223	$	6,744

________

Other includes Zipcar and other operating brands.

Recently Issued Accounting Pronouncements

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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 Condensed 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 September 30, 2022, this guidance had no impact on our Consolidated Condensed Financial Statements and we will continue to evaluate this guidance.

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

Lessor

The following table presents our lease revenues disaggregated by geography:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Americas	$	2,682	$	2,391	$	7,216	$	5,417
Europe, Middle East and Africa	654		508		1,468		968
Asia and Australasia	160		68		412		266
Total lease revenues	$	3,496	$	2,967	$	9,096	$	6,651

The following table presents our lease revenues disaggregated by brand:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Avis	$	1,926	$	1,573	$	4,915	$	3,464
Budget	1,356		1,185		3,598		2,676
Other	214		209		583		511
Total lease revenues	$	3,496	$	2,967	$	9,096	$	6,651

_______

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 Right of Use (“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.

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Property leases (a)
Operating lease expense	$	184	$	146	$	513	$	419
Variable lease expense	169		152		423		318
Total property lease expense	$	353	$	298	$	936	$	737

__________

(a) Primarily within operating expense and includes $(4) million for the three months ended September 30, 2021, and $(9) million and $12 million for the nine months ended September 30, 2022 and 2021, respectively, of minimum annual guaranteed rent in excess of concession fees, net, as defined in our rental concession agreements.

Supplemental balance sheet information related to leases is as follows:


	As of September 30, 2022			As of December 31, 2021
Property leases
Operating lease ROU assets	$	2,275		$	2,368

Short-term operating lease liabilities (a)	$	488		$	496
Long-term operating lease liabilities	1,822			1,910
Operating lease liabilities	$	2,310		$	2,406

Weighted average remaining lease term	8.5 years			8.8 years
Weighted average discount rate	4.04		%	3.84		%

_________

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

Supplemental cash flow information related to leases is as follows:


	Nine Months Ended September 30,
	2022		2021
Cash payments for lease liabilities within operating activities:
Property operating leases	$	537	$	445
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$	508	$	226

Leases

Lessor

The following table presents our lease revenues disaggregated by geography:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Americas	$	2,682	$	2,391	$	7,216	$	5,417
Europe, Middle East and Africa	654		508		1,468		968
Asia and Australasia	160		68		412		266
Total lease revenues	$	3,496	$	2,967	$	9,096	$	6,651

The following table presents our lease revenues disaggregated by brand:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Avis	$	1,926	$	1,573	$	4,915	$	3,464
Budget	1,356		1,185		3,598		2,676
Other	214		209		583		511
Total lease revenues	$	3,496	$	2,967	$	9,096	$	6,651

_______

Other includes Zipcar and other operating brands.

Lessee

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Property leases (a)
Operating lease expense	$	184	$	146	$	513	$	419
Variable lease expense	169		152		423		318
Total property lease expense	$	353	$	298	$	936	$	737

__________

Supplemental balance sheet information related to leases is as follows:


	As of September 30, 2022			As of December 31, 2021
Property leases
Operating lease ROU assets	$	2,275		$	2,368

Short-term operating lease liabilities (a)	$	488		$	496
Long-term operating lease liabilities	1,822			1,910
Operating lease liabilities	$	2,310		$	2,406

Weighted average remaining lease term	8.5 years			8.8 years
Weighted average discount rate	4.04		%	3.84		%

_________

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

Supplemental cash flow information related to leases is as follows:


	Nine Months Ended September 30,
	2022		2021
Cash payments for lease liabilities within operating activities:
Property operating leases	$	537	$	445
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$	508	$	226

Leases

Lessor

The following table presents our lease revenues disaggregated by geography:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Americas	$	2,682	$	2,391	$	7,216	$	5,417
Europe, Middle East and Africa	654		508		1,468		968
Asia and Australasia	160		68		412		266
Total lease revenues	$	3,496	$	2,967	$	9,096	$	6,651

The following table presents our lease revenues disaggregated by brand:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Avis	$	1,926	$	1,573	$	4,915	$	3,464
Budget	1,356		1,185		3,598		2,676
Other	214		209		583		511
Total lease revenues	$	3,496	$	2,967	$	9,096	$	6,651

_______

Other includes Zipcar and other operating brands.

Lessee

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Property leases (a)
Operating lease expense	$	184	$	146	$	513	$	419
Variable lease expense	169		152		423		318
Total property lease expense	$	353	$	298	$	936	$	737

__________

Supplemental balance sheet information related to leases is as follows:


	As of September 30, 2022			As of December 31, 2021
Property leases
Operating lease ROU assets	$	2,275		$	2,368

Short-term operating lease liabilities (a)	$	488		$	496
Long-term operating lease liabilities	1,822			1,910
Operating lease liabilities	$	2,310		$	2,406

Weighted average remaining lease term	8.5 years			8.8 years
Weighted average discount rate	4.04		%	3.84		%

_________

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

Supplemental cash flow information related to leases is as follows:


	Nine Months Ended September 30,
	2022		2021
Cash payments for lease liabilities within operating activities:
Property operating leases	$	537	$	445
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$	508	$	226

Restructuring and Other Related Charges

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Other Related Charges

Restructuring

During second quarter 2022, we initiated a restructuring plan to focus on consolidating our global operations by designing new processes and implementing new systems (“Cost Optimization”). During the nine months ended September 30, 2022, we formally communicated the termination of employment to approximately 130 employees, as part of this process, and terminated approximately 120 of these employees. We expect further restructuring expenses of approximately $5 million related to this initiative.

During first quarter 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 we prepare to exit the COVID-19 crisis by controlling fixed costs and matching variable costs to demand (“T21”). As of September 30, 2022, we terminated the employment of approximately 65 employees. We expect no further restructuring expenses to be incurred related to this initiative.

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 COVID-19 outbreak (“2020 Optimization”). We expect no further restructuring expenses 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 expenses related to this initiative.

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


				Americas		International		Total
Balance as of January 1, 2022				$	2	$	8	$	10
	Restructuring expense:
	Cost Optimization			2		4		6
	T21			1		2		3

	Brazil			1		—		1

	Restructuring payment/utilization:
	Cost Optimization			(2)		(3)		(5)
	T21			(1)		(8)		(9)
	2020 Optimization			—		(1)		(1)
	Brazil			(1)		—		(1)

Balance as of September 30, 2022				$	2	$	2	$	4

		Personnel		Facility Related		Other		Total
Balance as of January 1, 2022		$	7	$	2	$	1	$	10
	Restructuring expense:
	Cost Optimization	6		—		—		6
	T21	3		—		—		3

	Brazil	—		—		1		1

	Restructuring payment/utilization:
	Cost Optimization	(5)		—		—		(5)
	T21	(9)		—		—		(9)
	2020 Optimization	(1)		—		—		(1)
	Brazil	—		—		(1)		(1)

Balance as of September 30, 2022		$	1	$	2	$	1	$	4

Other Related Charges

Officer Separation Costs

In April 2022, we announced the departure of Veresh Sita as Executive Vice President and Chief Digital and Innovation Officer effective May 13, 2022. In connection with Mr. Sita’s separation, we recorded other related charges of approximately $1 million, inclusive of accelerated stock-based compensation expense, for the nine months ended September 30, 2022.

Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

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


		Three Months Ended September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Net income attributable to Avis Budget Group, Inc. for basic and diluted EPS		$	1,034	$	675	$	2,341	$	903

Basic weighted average shares outstanding		46.8		63.7		49.5		67.8
Non-vested stock (a)		0.9		0.9		1.1		0.8
Diluted weighted average shares outstanding		47.7		64.6		50.6		68.6

Earnings per share:
	Basic	$	22.08	$	10.58	$	47.34	$	13.31
	Diluted	$	21.67	$	10.45	$	46.32	$	13.16

________

(a) For the three and nine months ended September 30, 2022, 0.1 million non-vested stock awards, in each period, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. For the nine months ended September 30, 2021, 0.4 million non-vested stock awards have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding.

Other Current Assets

9 Months Ended

Sep. 30, 2022

Assets, Current [Abstract]

Other Current Assets

Other current assets consisted of:


	As of September 30, 2022		As of December 31, 2021
Prepaid expenses	$	252	$	205
Sales and use taxes	147		238
Other	127		95
Other current assets	$	526	$	538

Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of:


	As of September 30, 2022						As of December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements	$	276	$	204	$	72	$	298	$	193	$	105
Customer relationships	235		196		39		257		204		53
Other	44		34		10		51		36		15
Total	$	555	$	434	$	121	$	606	$	433	$	173
Unamortized Intangible Assets
Goodwill	$	1,031					$	1,108
Trademarks	$	541					$	551

For the three months ended September 30, 2022 and 2021, amortization expense related to amortizable intangible assets was approximately $9 million and $13 million, respectively. For the nine months ended September 30, 2022 and 2021, amortization expense related to amortizable intangible assets was approximately $35 million and $45 million, respectively. Based on our amortizable intangible assets at September 30, 2022, we expect amortization expense of approximately $9 million for the remainder of

2022, $24 million for 2023, $20 million for 2024, $14 million for 2025, $13 million for 2026 and $10 million for 2027, excluding effects of currency exchange rates.

Vehicle Rental Activities

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Vehicle Rental Activities

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


	As of		As of
	September 30,		December 31,
	2022		2021
Rental vehicles	$	17,077	$	14,612
Less: Accumulated depreciation	(2,087)		(1,911)
	14,990		12,701
Vehicles held for sale	365		165
Vehicles, net investment in lease (a)	36		—
Vehicles, net	$	15,391	$	12,866

________

(a) See Note 14 – Related Party Transactions.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Depreciation expense	$	455	$	386	$	1,232	$	981
Lease charges	38		43		103		129
(Gain) loss on sale of vehicles, net	(359)		(152)		(856)		(241)
Vehicle depreciation and lease charges, net	$	134	$	277	$	479	$	869

At September 30, 2022 and 2021, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $154 million and $167 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $225 million and $145 million, respectively.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesOur effective tax rate for the nine months ended September 30, 2022 and 2021 were provisions of 25.3% and 22.6%, respectively. Such rates differed from the Federal Statutory rate of 21.0% primarily due to foreign taxes on our International operations and state taxes.

- Definition

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

+ References

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+ Details

Accounts Payable and Other Current Liabilities

9 Months Ended

Sep. 30, 2022

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accounts Payable and Other Current Liabilities

Accounts payable and other current liabilities consisted of:


	As of		As of
	September 30,		December 31,
	2022		2021
Accounts payable	$	501	$	407
Short-term operating lease liabilities	488		496
Accrued advertising and marketing	300		218
Accrued sales and use taxes	286		313
Deferred lease revenues - current	248		185
Accrued payroll and related	206		193
Public liability and property damage insurance liabilities – current	163		159
Other	527		418
Accounts payable and other current liabilities	$	2,719	$	2,389

Long-term Corporate Debt and Borrowing Arrangements

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Long-term Corporate Debt and Borrowing Arrangements

Long-term corporate debt and borrowing arrangements consisted of:


		As of		As of
	Maturity Date	September 30,		December 31,
		2022		2021
4.125% euro-denominated Senior Notes	November 2024	$	294	$	341
4.500% euro-denominated Senior Notes	May 2025	245		284
4.750% euro-denominated Senior Notes	January 2026	343		398
5.750% Senior Notes	July 2027	731		728
4.750% Senior Notes	April 2028	500		500
5.375% Senior Notes	March 2029	600		600
Floating Rate Term Loan (a)	August 2027	1,179		1,187
Floating Rate Term Loan	March 2029	726		—
Other (b)		19		19
Deferred financing fees		(47)		(48)
Total		4,590		4,009
Less: Short-term debt and current portion of long-term debt		27		19
Long-term debt		$	4,563	$	3,990

__________

(a)The floating rate term loan is part of our senior revolving credit facility, which is 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. As of September 30, 2022, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 175 basis points, for an aggregate rate of 4.87%. We have entered into a swap to hedge $700 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 4.75%.

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

In March 2022, we entered into a $750 million Floating Rate Term Loan due March 2029, at a price of 97% of the aggregate principal amount, with interest paid monthly, which is part of our senior credit facilities. The Floating Rate Term Loan due March 2029 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 350 basis points for an aggregate rate of 6.63%.

Committed Credit Facilities and Available Funding Arrangements

As of September 30, 2022, 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)	$	2,000	$	—	$	888	$	1,112

__________

(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, liens on substantially all of our intellectual property and certain other real and personal property.

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 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 September 30, 2022, we were in compliance with the financial covenants governing our indebtedness.

Debt Under Vehicle Programs and Borrowing Arrangements

9 Months Ended

Sep. 30, 2022

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		As of
	September 30,		December 31,
	2022		2021
Americas - Debt due to Avis Budget Rental Car Funding	$	10,470	$	8,889
Americas - Debt borrowings	557		612
International - Debt borrowings	1,865		1,757
International - Finance leases	154		177
Other	111		3
Deferred financing fees (a)	(53)		(48)
Total	$	13,104	$	11,390

__________

(a)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2022 and December 31, 2021 were $48 million and $41 million, respectively.

In April 2022, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $660 million of asset-backed notes to investors with an expected final payment date of August 2027, with a weighted average interest rate of 3.96%.

In May 2022, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $87 million, $68 million and $55 million of asset-backed notes with expected final payment dates of March 2025, March 2023 and September 2023, respectively, with a weighted average interest rate of 5.10%.

In June 2022, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary entered into $800 million of variable funding asset-backed notes with an expected final payment date of September 2022.

In July 2022, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $763 million of asset-backed notes to investors with a weighted average interest rate of 4.90%. Following this issuance, amounts available under our $800 million variable funding asset-backed notes supplement entered into during June 2022 were reduced to zero.

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 September 30, 2022:


	Debt under Vehicle Programs (a)
Within 1 year (b)	$	2,192
Between 1 and 2 years (c)	5,302
Between 2 and 3 years	1,908
Between 3 and 4 years	1,994
Between 4 and 5 years	1,383
Thereafter	378
Total	$	13,157

__________

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

(b) Includes $1.0 billion of bank and bank-sponsored facilities.

Committed Credit Facilities and Available Funding Arrangements

As of September 30, 2022, available funding under our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:


	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas - Debt due to Avis Budget Rental Car Funding	$	12,049	$	10,470	$	1,579
Americas - Debt borrowings	950		557		393
International - Debt borrowings	2,439		1,865		574
International - Finance leases	190		154		36
Other	111		111		—
Total	$	15,739	$	13,157	$	2,582

__________

(a) Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from an amendment and renewal of our variable funding asset-backed notes during April 2022.

(b) The outstanding debt is collateralized by vehicles and related assets of $12.7 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.9 billion for Americas - Debt borrowings; $2.6 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

Debt Covenants

The agreements under 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 September 30, 2022, we are not aware of any instances of non-compliance with any of the financial 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

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+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
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 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 have entered into a settlement agreement and the Court has entered an order preliminarily approving the settlement. We have been named as a defendant in other purported consumer class action lawsuits, 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, the Court has entered an order preliminarily approving a proposed settlement. 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 September 30, 2022. 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 $4.2 billion of vehicles from manufacturers over the next 12 months, a $1.7 billion decrease compared to December 31, 2021, 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. Concentrations Concentrations of credit risk as of September 30, 2022 include (i) risks related to our repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers, 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 $16 million, respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition.

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' Equity

Share Repurchases

Our Board of Directors has authorized the repurchase of up to $7.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded most recently in May 2022 (the “Stock Repurchase Program”). During the nine months ended September 30, 2022, we repurchased approximately 13.2 million shares of common stock at a cost of approximately $2.6 billion under the program. As of September 30, 2022, approximately $1.4 billion of authorization remains available to repurchase common stock under the program.

Total Comprehensive Income (Loss)

Comprehensive income (loss) consists of net income and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income.

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


		Three Months Ended September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Net income		$	1,031	$	674	$	2,332	$	902
	Less: net loss attributable to non-controlling interests	(3)		(1)		(9)		(1)
Net income attributable to Avis Budget Group, Inc.		1,034		675		2,341		903
Other comprehensive income (loss):
	Currency translation adjustments (net of tax of $(16), $(6), $(33) and $(15), respectively)	(78)		(23)		(121)		(22)
	Net unrealized gain (loss) on cash flow hedges (net of tax of $(8), $(2), $(23) and $(9), respectively)	22		6		65		27
	Minimum pension liability adjustment (net of tax of $0, $(1), $0 and $(1), respectively)	1		2		4		6
		(55)		(15)		(52)		11
Comprehensive income attributable to Avis Budget Group, Inc.		$	979	$	660	$	2,289	$	914

__________

Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) were 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, January 1, 2022		$	16	$	(19)	$	(130)	$	(133)
	Other comprehensive income (loss) before reclassifications	(121)		57		1		(63)
	Amounts reclassified from accumulated other comprehensive income	—		8		3		11
Net current-period other comprehensive income (loss)		(121)		65		4		(52)
Balance, September 30, 2022		$	(105)	$	46	$	(126)	$	(185)

Balance, January 1, 2021		$	40	$	(51)	$	(176)	$	(187)
	Other comprehensive income (loss) before reclassifications	(33)		17		1		(15)
	Amounts reclassified from accumulated other comprehensive income	11		10		5		26
Net current-period other comprehensive income (loss)		(22)		27		6		11
Balance, September 30, 2021		$	18	$	(24)	$	(170)	$	(176)

__________

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 and include $174 million gain, net of tax, as of September 30, 2022 related to our hedge of our investment in euro-denominated foreign operations (see Note 16 – Financial Instruments).

(a)For the nine months ended September 30, 2021, the amount was reclassified from accumulated other comprehensive income (loss) into restructuring and other related charges.

(b)For the three months ended September 30, 2022 and 2021, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $1 million ($1 million, net of tax) and $4 million ($3 million, net of tax), respectively. For the three months ended September 30, 2021, the amounts reclassified from accumulated other comprehensive income (loss) into vehicle interest expense was $1 million ($1 million, net of tax). For the nine months ended September 30, 2022 and 2021, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense was $10 million ($8 million, net of tax) and $12 million ($9 million, net of tax), respectively. For the nine months ended September 30, 2021, the amounts reclassified from accumulated other comprehensive income (loss) into vehicle interest expense was $2 million ($1 million, net of tax).

(c)For the three months ended September 30, 2022 and 2021, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $1 million ($1 million, net of tax) and $2 million ($2 million, net of tax), respectively. For the nine months ended September 30, 2022 and 2021, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $4 million ($3 million, net of tax) and $7 million ($5 million, net of tax), respectively.

- 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.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In 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. On September 1, 2022, through the issuance of Class B Preferred Voting Membership Interests, SRS Mobility Ventures, LLC increased their ownership in this subsidiary to 51% at a fair value of $62 million. As a result, we deconsolidated our former subsidiary, Avis Mobility Ventures LLC (“AMV”), from our financial statements and now record our proportional share of the former subsidiary’s income or loss within other (income) expense, net in our Consolidated Condensed Statements of Comprehensive Income as we do not have the ability to direct the significant activities of the former subsidiary and are therefore no longer primary beneficiary of the VIE. In accordance with ASC Topic 810-10-40, we must deconsolidate a subsidiary as of the date we cease to have a controlling interest in that subsidiary and recognize the gain or loss in net income at that time. The fair value of our retained investment was determined utilizing a discounted cash flow methodology based on various assumptions, including projections of future cash flows, which include forecast of future revenue and EBITDA. Upon deconsolidation, our former subsidiary had a net asset carrying amount of $49 million resulting in a gain of $10 million, which is reported within other (income) expense, net during the three and nine months ended September 30, 2022. We provide vehicles and related fleet services to AMV, as well as certain administrative services to support their operations. During the three and nine months ended September 30, 2022, we recognized $2 million of income related to these services within other (income) expense, net. At September 30, 2022, we had receivables from AMV of $5 million and a net investment in vehicle finance leases of $36 million. The carrying amount of our equity investment was approximately $57 million at September 30, 2022 and is recorded within other non-current assets in our Consolidated Condensed Balance Sheet. For the three and nine months ended September 30, 2022, we recorded losses of $3 million within other (income) expense, net related to our equity investment.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

We recorded stock-based compensation expense of $7 million and $11 million ($5 million and $8 million, net of tax) during the three months ended September 30, 2022 and 2021, respectively, and $19 million and $25 million ($14 million and $19 million, net of tax) during the nine months ended September 30, 2022 and 2021, respectively.

In 2020, we granted market-based restricted stock units (“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 as follows:


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

The activity related to RSUs 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, 2022		671	$	39.39
		Granted (a)	104	178.13
		Vested (b)	(358)	36.76
		Forfeited	(35)	57.90
	Outstanding and expected to vest at September 30, 2022 (c)		382	$	78.02	1.0	$	57
Performance-based and market-based RSUs
	Outstanding at January 1, 2022		886	$	35.40
		Granted (a)	99	193.48
		Vested (b)	(254)	34.24
		Forfeited	(37)	42.82
	Outstanding at September 30, 2022		694	$	57.89	1.1	$	103
	Outstanding and expected to vest at September 30, 2022 (c)		686	$	56.30	1.1	$	102

__________

(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. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the nine months ended September 30, 2021 was $63.12 and $62.27, respectively.

(b)The total fair value of RSUs vested during the nine months ended September 30, 2022 and 2021 was $22 million and $17 million, respectively.

(c)Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $44 million and will be recognized over a weighted average vesting period of 1.1 years.

Financial Instruments

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Derivative Instruments and Hedging Activities

Currency Risk. We use currency exchange contracts to manage our exposure to changes in currency exchange rates associated with certain of 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 what we deem an appropriate mix of fixed and floating rate assets and liabilities. We use interest rate swaps and interest rate caps to manage the risk related to our floating rate corporate debt and our floating rate vehicle-backed debt. We record the changes in the fair value of our cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassify these amounts into earnings in the period 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. We record the gains or losses related to freestanding derivatives, which are not designated as a hedge for accounting purposes, currently in earnings and are presented in the same line of the income statement expected for the hedged item. We estimate that approximately $9 million of gains 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 earnings and are presented in the same line of the income statement expected for the hedged item.

We held derivative instruments with absolute notional values as follows:


	As of September 30, 2022
Foreign exchange contracts	$	1,470
Interest rate caps (a)	13,960
Interest rate swaps	1,450

__________

(a)Represents $9.9 billion of interest rate caps sold, partially offset by approximately $4.1 billion of interest rate caps purchased. These amounts exclude $6.2 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as it is not consolidated by us.

Estimated fair values (Level 2) of derivative instruments were as follows:


		As of September 30, 2022				As of December 31, 2021
		Fair Value, Derivative Assets		Fair Value, Derivative Liabilities		Fair Value, Derivative Assets		Fair Value, Derivative Liabilities
Derivatives designated as hedging instruments
	Interest rate swaps (a)	$	62	$	—	$	2	$	27

Derivatives not designated as hedging instruments
	Foreign exchange contracts (b)	38		12		7		10
	Interest rate caps (c)	54		164		11		15

	Total	$	154	$	176	$	20	$	52

__________

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 13 – Stockholders' Equity.

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

(b)Included in other current assets or other current liabilities.

(c)Included in assets under vehicle programs or liabilities under vehicle programs.

The effects of derivatives recognized in our Consolidated Condensed Financial Statements were as follows:


		Three Months Ended September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Derivatives designated as hedging instruments (a)
	Interest rate swaps (b)	$	22	$	6	$	65	$	27
	Euro-denominated notes (c)	46		19		104		42
Derivatives not designated as hedging instruments (d)
	Foreign exchange contracts (e)	27		6		70		1
	Interest rate caps (f)	2		(1)		1		(3)

	Total	$	97	$	30	$	240	$	67

__________

(a)Recognized, net of tax, as a component of 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 13 – Stockholders' Equity for amounts reclassified from accumulated other comprehensive income 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 three months ended September 30, 2022, included a $25 million gain in interest expense and a $2 million gain in operating expense and for the nine months ended September 30, 2022, included a $65 million gain in interest expense and a $5 million gain in operating expense. For the three months ended September 30, 2021, included a $7 million gain in interest expense and a $1 million loss in operating expense and for the nine months ended September 30, 2021, included a $2 million gain in interest expense and a $1 million loss in operating expense.

(f)Included primarily in vehicle interest, net.

Debt Instruments

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


		As of September 30, 2022				As of December 31, 2021
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
	Short-term debt and current portion of long-term debt	$	27	$	26	$	19	$	18
	Long-term debt	4,563		4,224		3,990		4,153

Debt under vehicle programs
	Vehicle-backed debt due to Avis Budget Rental Car Funding	$	10,422	$	9,948	$	8,848	$	9,009
	Vehicle-backed debt	2,518		2,517		2,528		2,559
	Interest rate swaps and interest rate caps (a)	164		164		14		14

__________

(a) Derivatives in a liability position.

Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

Our chief operating decision-maker assesses performance and allocates resources based upon the separate financial information from each of our operating segments. In identifying our reportable segments, we considered 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 its 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, which include third party advisory, legal and other professional service fees, COVID-19 charges, other (income) expense, net and income taxes. 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 losses associated with vehicles damaged in overflow parking lots, net of insurance proceeds. We revised our definition of Adjusted EBITDA to exclude other (income) expense, net. We did not revise prior years’ Adjusted EBITDA because there were no other charges similar in nature. Our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.


			Three Months Ended September 30,
			2022				2021
			Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Americas			$	2,703	$	1,185	$	2,403	$	952
International			844		291		598		128
Corporate and Other (a)			—		(16)		—		(23)
	Total Company		$	3,547	$	1,460	$	3,001	$	1,057

Reconciliation of Adjusted EBITDA to income before income taxes:
					2022				2021
Adjusted EBITDA					$	1,460			$	1,057
Less:		Non-vehicle related depreciation and amortization (b)			61				69
		Interest expense related to corporate debt, net:
		Interest expense			64				47
		Early extinguishment of debt			—				7
		Restructuring and other related charges			2				5
		Unprecedented personal-injury and other legal matters, net (c)			—				5
		Transaction-related costs, net			—				1


		COVID-19 charges (d)			—				(6)
		Other (income) expense, net (e)			(9)				—
Income before income taxes					$	1,342			$	929

__________

(a)Includes unallocated corporate overhead which is not attributable to a particular segment.

(b)For the three months ended September 30, 2022, includes operating expenses in our Consolidated Condensed Statements of Comprehensive Income related to cloud computing costs of $2 million.

(c)Reported within operating expenses.

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


	2022		2021
Minimum annual guaranteed rent in excess of concession fees, net	$	—	$	(4)
Vehicles damaged in overflow parking lots, net of insurance proceeds	—		(3)

Other charges	—		1
Operating expenses	$	—	$	(6)


COVID-19 charges, net	$	—	$	(6)

(e)Primarily relates to a gain upon deconsolidation of a former subsidiary.


			Nine Months Ended September 30,
			2022				2021
			Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Americas			$	7,270	$	3,036	$	5,457	$	1,694
International			1,953		497		1,287		86
Corporate and Other (a)			—		(58)		—		(52)
	Total Company		$	9,223	$	3,475	$	6,744	$	1,728

Reconciliation of Adjusted EBITDA to income before income taxes:
					2022				2021
Adjusted EBITDA					$	3,475			$	1,728
Less:		Non-vehicle related depreciation and amortization (b)			174				204
		Interest expense related to corporate debt, net:
		Interest expense			181				167
		Early extinguishment of debt			—				136
		Restructuring and other related charges			16				47
		Unprecedented personal-injury and other legal matters, net (c)			1				(6)
		Transaction-related costs, net			1				3


		COVID-19 charges (d)			(9)				12
		Other (income) expense, net (e)			(9)				—
Income before income taxes					$	3,120			$	1,165

__________

(a)Includes unallocated corporate overhead which is not attributable to a particular segment.

(b)For the nine months ended September 30, 2022 and 2021, includes operating expenses in our Consolidated Condensed Statements of Operations related to cloud computing costs of $6 million and $5 million, respectively.

(c)Reported within operating expenses.

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


	2022		2021
Minimum annual guaranteed rent in excess of concession fees, net	$	(9)	$	12
Vehicles damaged in overflow parking lots, net of insurance proceeds	—		(7)

Other charges	—		7
Operating expenses	(9)		11

Selling, general and administrative expenses	—		1
COVID-19 charges, net	$	(9)	$	12

(e)Primarily relates to a gain upon deconsolidation of a former subsidiary.

Since December 31, 2021, there have been no significant changes in segment assets exclusive of assets under vehicle programs. As of September 30, 2022 and December 31, 2021, Americas’ segment assets under vehicle programs were approximately $13.8 billion and $11.4 billion, respectively. The change in assets under vehicle programs is primarily due to the increase in the size of our vehicle rental fleet to meet the increase in rental demand.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventIn October 2022, we repurchased approximately 1.5 million shares of our common stock at a cost of approximately $259 million under our Stock Repurchase Program.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2022
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 unaudited Consolidated Condensed 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”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting. 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 certain 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 certain areas in which we do not operate directly. The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. Differences between the preliminary allocation of purchase price and the final allocation for our 2021 acquisitions of various licensees were not material. We consolidate joint venture activities when we have a 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. In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with our 2021 Annual Report on Form 10-K (the “2021 Form 10-K”).
Vehicle Programs	Vehicle Programs. 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.
Transaction-related costs, net	Transaction-related costs, net. Transaction-related costs, net are classified separately in the Consolidated Condensed Statements of Comprehensive Income. 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 those of our operations, 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.
Currency Transactions	Currency Transactions. We record the gain or loss on foreign currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net.
Variable Interest Entity (“VIE”)	Variable Interest Entity (“VIE”). We review our investments to determine if they are VIEs. A VIE is an entity in which either (i) the equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. Entities that are determined to be VIEs are consolidated if we are the primary beneficiary of the entity. The primary beneficiary possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. We will reconsider our original assessment of a VIE upon the occurrence of certain events such as contributions and redemptions, either by us, or third parties, or amendments to an entity’s governing documents. On an ongoing basis, we reconsider whether we are deemed to be a VIE’s primary beneficiary. See Note 14 – Related Party Transactions for our VIE investment in our former subsidiary.
Investments	Investments.Earnings from our equity method investments are reported within operating expenses.
Revenue	Revenues. 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,
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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 Condensed 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 September 30, 2022, this guidance had no impact on our Consolidated Condensed Financial Statements and we will continue to evaluate this guidance.
Lessee	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 Right of Use (“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.

Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows.


	As of September 30,
	2022		2021
Cash and cash equivalents	$	581	$	886
Program cash	139		55
Restricted cash (a)	1		4
Total cash and cash equivalents, program and restricted cash	$	721	$	945

________

(a)Included within other current assets.

Schedule of Restrictions on Cash and Cash Equivalents


	As of September 30,
	2022		2021
Cash and cash equivalents	$	581	$	886
Program cash	139		55
Restricted cash (a)	1		4
Total cash and cash equivalents, program and restricted cash	$	721	$	945

________

(a)Included within other current assets.

Schedule of Disaggregation of Revenue

The following table presents our revenues disaggregated by geography:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Americas	$	2,703	$	2,403	$	7,270	$	5,457
Europe, Middle East and Africa	678		527		1,527		1,011
Asia and Australasia	166		71		426		276
Total revenues	$	3,547	$	3,001	$	9,223	$	6,744

The following table presents our revenues disaggregated by brand:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Avis	$	1,958	$	1,588	$	4,992	$	3,509
Budget	1,371		1,198		3,637		2,707
Other	218		215		594		528
Total revenues	$	3,547	$	3,001	$	9,223	$	6,744

________

Other includes Zipcar and other operating brands.

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Schedule of Operating Lease, Lease Income

The following table presents our lease revenues disaggregated by geography:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Americas	$	2,682	$	2,391	$	7,216	$	5,417
Europe, Middle East and Africa	654		508		1,468		968
Asia and Australasia	160		68		412		266
Total lease revenues	$	3,496	$	2,967	$	9,096	$	6,651

The following table presents our lease revenues disaggregated by brand:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Avis	$	1,926	$	1,573	$	4,915	$	3,464
Budget	1,356		1,185		3,598		2,676
Other	214		209		583		511
Total lease revenues	$	3,496	$	2,967	$	9,096	$	6,651

_______

Other includes Zipcar and other operating brands.

Schedule of the Components of Lease Expense

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Property leases (a)
Operating lease expense	$	184	$	146	$	513	$	419
Variable lease expense	169		152		423		318
Total property lease expense	$	353	$	298	$	936	$	737

__________

Supplemental cash flow information related to leases is as follows:


	Nine Months Ended September 30,
	2022		2021
Cash payments for lease liabilities within operating activities:
Property operating leases	$	537	$	445
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$	508	$	226

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:


	As of September 30, 2022			As of December 31, 2021
Property leases
Operating lease ROU assets	$	2,275		$	2,368

Short-term operating lease liabilities (a)	$	488		$	496
Long-term operating lease liabilities	1,822			1,910
Operating lease liabilities	$	2,310		$	2,406

Weighted average remaining lease term	8.5 years			8.8 years
Weighted average discount rate	4.04		%	3.84		%

_________

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

Restructuring and Other Related Charges (Tables)

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Schedule of Changes to Restructuring-Related Liabilities


				Americas		International		Total
Balance as of January 1, 2022				$	2	$	8	$	10
	Restructuring expense:
	Cost Optimization			2		4		6
	T21			1		2		3

	Brazil			1		—		1

	Restructuring payment/utilization:
	Cost Optimization			(2)		(3)		(5)
	T21			(1)		(8)		(9)
	2020 Optimization			—		(1)		(1)
	Brazil			(1)		—		(1)

Balance as of September 30, 2022				$	2	$	2	$	4

		Personnel		Facility Related		Other		Total
Balance as of January 1, 2022		$	7	$	2	$	1	$	10
	Restructuring expense:
	Cost Optimization	6		—		—		6
	T21	3		—		—		3

	Brazil	—		—		1		1

	Restructuring payment/utilization:
	Cost Optimization	(5)		—		—		(5)
	T21	(9)		—		—		(9)
	2020 Optimization	(1)		—		—		(1)
	Brazil	—		—		(1)		(1)

Balance as of September 30, 2022		$	1	$	2	$	1	$	4

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of 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):


		Three Months Ended September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Net income attributable to Avis Budget Group, Inc. for basic and diluted EPS		$	1,034	$	675	$	2,341	$	903

Basic weighted average shares outstanding		46.8		63.7		49.5		67.8
Non-vested stock (a)		0.9		0.9		1.1		0.8
Diluted weighted average shares outstanding		47.7		64.6		50.6		68.6

Earnings per share:
	Basic	$	22.08	$	10.58	$	47.34	$	13.31
	Diluted	$	21.67	$	10.45	$	46.32	$	13.16

________

Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2022

Assets, Current [Abstract]

Schedule of Other Current Assets

Other current assets consisted of:


	As of September 30, 2022		As of December 31, 2021
Prepaid expenses	$	252	$	205
Sales and use taxes	147		238
Other	127		95
Other current assets	$	526	$	538

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of:


	As of September 30, 2022						As of December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements	$	276	$	204	$	72	$	298	$	193	$	105
Customer relationships	235		196		39		257		204		53
Other	44		34		10		51		36		15
Total	$	555	$	434	$	121	$	606	$	433	$	173
Unamortized Intangible Assets
Goodwill	$	1,031					$	1,108
Trademarks	$	541					$	551

Vehicle Rental Activities (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	As of		As of
	September 30,		December 31,
	2022		2021
Rental vehicles	$	17,077	$	14,612
Less: Accumulated depreciation	(2,087)		(1,911)
	14,990		12,701
Vehicles held for sale	365		165
Vehicles, net investment in lease (a)	36		—
Vehicles, net	$	15,391	$	12,866

________

(a) See Note 14 – Related Party Transactions.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Depreciation expense	$	455	$	386	$	1,232	$	981
Lease charges	38		43		103		129
(Gain) loss on sale of vehicles, net	(359)		(152)		(856)		(241)
Vehicle depreciation and lease charges, net	$	134	$	277	$	479	$	869

Accounts Payable and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accounts Payable and Other Current Liabilities

Accounts payable and other current liabilities consisted of:


	As of		As of
	September 30,		December 31,
	2022		2021
Accounts payable	$	501	$	407
Short-term operating lease liabilities	488		496
Accrued advertising and marketing	300		218
Accrued sales and use taxes	286		313
Deferred lease revenues - current	248		185
Accrued payroll and related	206		193
Public liability and property damage insurance liabilities – current	163		159
Other	527		418
Accounts payable and other current liabilities	$	2,719	$	2,389

Long-term Corporate Debt and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term corporate debt and borrowing arrangements consisted of:


		As of		As of
	Maturity Date	September 30,		December 31,
		2022		2021
4.125% euro-denominated Senior Notes	November 2024	$	294	$	341
4.500% euro-denominated Senior Notes	May 2025	245		284
4.750% euro-denominated Senior Notes	January 2026	343		398
5.750% Senior Notes	July 2027	731		728
4.750% Senior Notes	April 2028	500		500
5.375% Senior Notes	March 2029	600		600
Floating Rate Term Loan (a)	August 2027	1,179		1,187
Floating Rate Term Loan	March 2029	726		—
Other (b)		19		19
Deferred financing fees		(47)		(48)
Total		4,590		4,009
Less: Short-term debt and current portion of long-term debt		27		19
Long-term debt		$	4,563	$	3,990

__________

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

Schedule of Committed Credit Facilities

As of September 30, 2022, 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)	$	2,000	$	—	$	888	$	1,112

__________

Committed Credit Facilities and Available Funding Arrangements

As of September 30, 2022, available funding under our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:


	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas - Debt due to Avis Budget Rental Car Funding	$	12,049	$	10,470	$	1,579
Americas - Debt borrowings	950		557		393
International - Debt borrowings	2,439		1,865		574
International - Finance leases	190		154		36
Other	111		111		—
Total	$	15,739	$	13,157	$	2,582

__________

- 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.

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+ Details

Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2022

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		As of
	September 30,		December 31,
	2022		2021
Americas - Debt due to Avis Budget Rental Car Funding	$	10,470	$	8,889
Americas - Debt borrowings	557		612
International - Debt borrowings	1,865		1,757
International - Finance leases	154		177
Other	111		3
Deferred financing fees (a)	(53)		(48)
Total	$	13,104	$	11,390

__________

(a)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2022 and December 31, 2021 were $48 million and $41 million, respectively.

Schedule of Maturities of Long-term Debt

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 September 30, 2022:


	Debt under Vehicle Programs (a)
Within 1 year (b)	$	2,192
Between 1 and 2 years (c)	5,302
Between 2 and 3 years	1,908
Between 3 and 4 years	1,994
Between 4 and 5 years	1,383
Thereafter	378
Total	$	13,157

__________

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

(b) Includes $1.0 billion of bank and bank-sponsored facilities.

Schedule of Committed Credit Facilities

As of September 30, 2022, 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)	$	2,000	$	—	$	888	$	1,112

__________

Committed Credit Facilities and Available Funding Arrangements

As of September 30, 2022, available funding under our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:


	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas - Debt due to Avis Budget Rental Car Funding	$	12,049	$	10,470	$	1,579
Americas - Debt borrowings	950		557		393
International - Debt borrowings	2,439		1,865		574
International - Finance leases	190		154		36
Other	111		111		—
Total	$	15,739	$	13,157	$	2,582

__________

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Components of Other Comprehensive Income (Loss)

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


		Three Months Ended September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Net income		$	1,031	$	674	$	2,332	$	902
	Less: net loss attributable to non-controlling interests	(3)		(1)		(9)		(1)
Net income attributable to Avis Budget Group, Inc.		1,034		675		2,341		903
Other comprehensive income (loss):
	Currency translation adjustments (net of tax of $(16), $(6), $(33) and $(15), respectively)	(78)		(23)		(121)		(22)
	Net unrealized gain (loss) on cash flow hedges (net of tax of $(8), $(2), $(23) and $(9), respectively)	22		6		65		27
	Minimum pension liability adjustment (net of tax of $0, $(1), $0 and $(1), respectively)	1		2		4		6
		(55)		(15)		(52)		11
Comprehensive income attributable to Avis Budget Group, Inc.		$	979	$	660	$	2,289	$	914

__________

Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) were 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, January 1, 2022		$	16	$	(19)	$	(130)	$	(133)
	Other comprehensive income (loss) before reclassifications	(121)		57		1		(63)
	Amounts reclassified from accumulated other comprehensive income	—		8		3		11
Net current-period other comprehensive income (loss)		(121)		65		4		(52)
Balance, September 30, 2022		$	(105)	$	46	$	(126)	$	(185)

Balance, January 1, 2021		$	40	$	(51)	$	(176)	$	(187)
	Other comprehensive income (loss) before reclassifications	(33)		17		1		(15)
	Amounts reclassified from accumulated other comprehensive income	11		10		5		26
Net current-period other comprehensive income (loss)		(22)		27		6		11
Balance, September 30, 2021		$	18	$	(24)	$	(170)	$	(176)

__________

(a)For the nine months ended September 30, 2021, the amount was reclassified from accumulated other comprehensive income (loss) into restructuring and other related charges.

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Weighted Average Assumptions Used

The weighted average assumptions used in the model are as follows:


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

Schedule of Stock Based Compensation Activity

The activity related to RSUs 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, 2022		671	$	39.39
		Granted (a)	104	178.13
		Vested (b)	(358)	36.76
		Forfeited	(35)	57.90
	Outstanding and expected to vest at September 30, 2022 (c)		382	$	78.02	1.0	$	57
Performance-based and market-based RSUs
	Outstanding at January 1, 2022		886	$	35.40
		Granted (a)	99	193.48
		Vested (b)	(254)	34.24
		Forfeited	(37)	42.82
	Outstanding at September 30, 2022		694	$	57.89	1.1	$	103
	Outstanding and expected to vest at September 30, 2022 (c)		686	$	56.30	1.1	$	102

__________

(b)The total fair value of RSUs vested during the nine months ended September 30, 2022 and 2021 was $22 million and $17 million, respectively.

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022
Foreign exchange contracts	$	1,470
Interest rate caps (a)	13,960
Interest rate swaps	1,450

__________

Schedule of Fair Value of Derivative Instruments

Estimated fair values (Level 2) of derivative instruments were as follows:


		As of September 30, 2022				As of December 31, 2021
		Fair Value, Derivative Assets		Fair Value, Derivative Liabilities		Fair Value, Derivative Assets		Fair Value, Derivative Liabilities
Derivatives designated as hedging instruments
	Interest rate swaps (a)	$	62	$	—	$	2	$	27

Derivatives not designated as hedging instruments
	Foreign exchange contracts (b)	38		12		7		10
	Interest rate caps (c)	54		164		11		15

	Total	$	154	$	176	$	20	$	52

__________

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

(b)Included in other current assets or other current liabilities.

(c)Included in assets under vehicle programs or liabilities under vehicle programs.

The effects of derivatives recognized in our Consolidated Condensed Financial Statements were as follows:


		Three Months Ended September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Derivatives designated as hedging instruments (a)
	Interest rate swaps (b)	$	22	$	6	$	65	$	27
	Euro-denominated notes (c)	46		19		104		42
Derivatives not designated as hedging instruments (d)
	Foreign exchange contracts (e)	27		6		70		1
	Interest rate caps (f)	2		(1)		1		(3)

	Total	$	97	$	30	$	240	$	67

__________

(a)Recognized, net of tax, as a component of 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)Included primarily in vehicle interest, net.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

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


		As of September 30, 2022				As of December 31, 2021
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
	Short-term debt and current portion of long-term debt	$	27	$	26	$	19	$	18
	Long-term debt	4,563		4,224		3,990		4,153

Debt under vehicle programs
	Vehicle-backed debt due to Avis Budget Rental Car Funding	$	10,422	$	9,948	$	8,848	$	9,009
	Vehicle-backed debt	2,518		2,517		2,528		2,559
	Interest rate swaps and interest rate caps (a)	164		164		14		14

__________

(a) Derivatives in a liability position.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segments Information

Our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.


			Three Months Ended September 30,
			2022				2021
			Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Americas			$	2,703	$	1,185	$	2,403	$	952
International			844		291		598		128
Corporate and Other (a)			—		(16)		—		(23)
	Total Company		$	3,547	$	1,460	$	3,001	$	1,057

Reconciliation of Adjusted EBITDA to income before income taxes:
					2022				2021
Adjusted EBITDA					$	1,460			$	1,057
Less:		Non-vehicle related depreciation and amortization (b)			61				69
		Interest expense related to corporate debt, net:
		Interest expense			64				47
		Early extinguishment of debt			—				7
		Restructuring and other related charges			2				5
		Unprecedented personal-injury and other legal matters, net (c)			—				5
		Transaction-related costs, net			—				1


		COVID-19 charges (d)			—				(6)
		Other (income) expense, net (e)			(9)				—
Income before income taxes					$	1,342			$	929

__________

(a)Includes unallocated corporate overhead which is not attributable to a particular segment.

(b)For the three months ended September 30, 2022, includes operating expenses in our Consolidated Condensed Statements of Comprehensive Income related to cloud computing costs of $2 million.

(c)Reported within operating expenses.

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


	2022		2021
Minimum annual guaranteed rent in excess of concession fees, net	$	—	$	(4)
Vehicles damaged in overflow parking lots, net of insurance proceeds	—		(3)

Other charges	—		1
Operating expenses	$	—	$	(6)


COVID-19 charges, net	$	—	$	(6)

(e)Primarily relates to a gain upon deconsolidation of a former subsidiary.


			Nine Months Ended September 30,
			2022				2021
			Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Americas			$	7,270	$	3,036	$	5,457	$	1,694
International			1,953		497		1,287		86
Corporate and Other (a)			—		(58)		—		(52)
	Total Company		$	9,223	$	3,475	$	6,744	$	1,728

Reconciliation of Adjusted EBITDA to income before income taxes:
					2022				2021
Adjusted EBITDA					$	3,475			$	1,728
Less:		Non-vehicle related depreciation and amortization (b)			174				204
		Interest expense related to corporate debt, net:
		Interest expense			181				167
		Early extinguishment of debt			—				136
		Restructuring and other related charges			16				47
		Unprecedented personal-injury and other legal matters, net (c)			1				(6)
		Transaction-related costs, net			1				3


		COVID-19 charges (d)			(9)				12
		Other (income) expense, net (e)			(9)				—
Income before income taxes					$	3,120			$	1,165

__________

(a)Includes unallocated corporate overhead which is not attributable to a particular segment.

(c)Reported within operating expenses.

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


	2022		2021
Minimum annual guaranteed rent in excess of concession fees, net	$	(9)	$	12
Vehicles damaged in overflow parking lots, net of insurance proceeds	—		(7)

Other charges	—		7
Operating expenses	(9)		11

Selling, general and administrative expenses	—		1
COVID-19 charges, net	$	(9)	$	12

(e)Primarily relates to a gain upon deconsolidation of a former subsidiary.

Basis of Presentation (Schedule of Cash Activity) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 581	$ 534	$ 886
Program cash	139	89	55
Restricted cash	1		4
Total cash and cash equivalents, program and restricted cash	$ 721	$ 626	$ 945	$ 765

Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Feb. 28, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Investments		$ 69		$ 69			$ 72
Equity method investment		7	$ 6	10	$ 8
Royalty fee
Debt Instrument [Line Items]
Revenue		$ 51	$ 34	127	$ 93
Disposed of by Sale
Debt Instrument [Line Items]
Assets held for sale						$ 13
Gain on write down of assets held for sale				2
Amount of consideration received	$ 15
Restructuring and other related charges				$ 7

Basis of Presentation (Disaggregated Revenue in Basis of Presentation) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 3,547	$ 3,001	$ 9,223	$ 6,744
Avis
Disaggregation of Revenue [Line Items]
Revenues	1,958	1,588	4,992	3,509
Budget
Disaggregation of Revenue [Line Items]
Revenues	1,371	1,198	3,637	2,707
Other
Disaggregation of Revenue [Line Items]
Revenues	218	215	594	528
Americas
Disaggregation of Revenue [Line Items]
Revenues	2,703	2,403	7,270	5,457
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenues	678	527	1,527	1,011
Asia and Australasia
Disaggregation of Revenue [Line Items]
Revenues	$ 166	$ 71	$ 426	$ 276

- Definition

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

+ References

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+ Details

Leases (Lessor) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases (Lessor) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lessor, Lease, Description [Line Items]
Total lease revenues	$ 3,496	$ 2,967	$ 9,096	$ 6,651
Avis
Lessor, Lease, Description [Line Items]
Total lease revenues	1,926	1,573	4,915	3,464
Budget
Lessor, Lease, Description [Line Items]
Total lease revenues	1,356	1,185	3,598	2,676
Other
Lessor, Lease, Description [Line Items]
Total lease revenues	214	209	583	511
Americas
Lessor, Lease, Description [Line Items]
Total lease revenues	2,682	2,391	7,216	5,417
Europe, Middle East and Africa
Lessor, Lease, Description [Line Items]
Total lease revenues	654	508	1,468	968
Asia and Australasia
Lessor, Lease, Description [Line Items]
Total lease revenues	$ 160	$ 68	$ 412	$ 266

Leases (Lessee Components of Lease Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property leases
Operating lease expense	$ 184	$ 146	$ 513	$ 419
Variable lease expense	169	152	423	318
Total property lease expense	353	298	936	737
Minimum annual guaranteed rent in excess of concession fees, net	$ 0	$ (4)	$ (9)	$ 12

Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Property leases
Operating lease ROU assets	$ 2,275	$ 2,368
Short-term operating lease liabilities	488	496
Long-term operating lease liabilities	1,822	1,910
Operating lease liabilities	$ 2,310	$ 2,406
Weighted average remaining lease term	8 years 6 months	8 years 9 months 18 days
Weighted average discount rate	4.04%	3.84%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash payments for lease liabilities within operating activities:
Property operating leases	$ 537	$ 445
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$ 508	$ 226

Restructuring and Other Related Charges (Narrative) (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) employee
Veresh Sita
Restructuring Cost and Reserve [Line Items]
Labor and related expense \| $	$ 1
T22
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated	130
Number of positions eliminated	120
Expected cost remaining \| $	$ 5
T21
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated	65

Restructuring and Other Related Charges (Summary Of Changes To Restructuring-Related Liabilities) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period			$ 10
Restructuring expenses	$ 2	$ 5	16	$ 47
Balance at the end of the period	4		4
Personnel
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period			7
Balance at the end of the period	1		1
Facility Related
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period			2
Balance at the end of the period	2		2
Other
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period			1
Balance at the end of the period	1		1
Americas
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period			2
Balance at the end of the period	2		2
International
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period			8
Balance at the end of the period	$ 2		2
Cost Optimization
Restructuring Reserve [Roll Forward]
Restructuring expenses			6
Restructuring payment/utilization:			(5)
Cost Optimization \| Personnel
Restructuring Reserve [Roll Forward]
Restructuring expenses			6
Restructuring payment/utilization:			(5)
Cost Optimization \| Facility Related
Restructuring Reserve [Roll Forward]
Restructuring expenses			0
Restructuring payment/utilization:			0
Cost Optimization \| Other
Restructuring Reserve [Roll Forward]
Restructuring expenses			0
Restructuring payment/utilization:			0
Cost Optimization \| Americas
Restructuring Reserve [Roll Forward]
Restructuring expenses			2
Restructuring payment/utilization:			(2)
Cost Optimization \| International
Restructuring Reserve [Roll Forward]
Restructuring expenses			4
Restructuring payment/utilization:			(3)
T21
Restructuring Reserve [Roll Forward]
Restructuring expenses			3
Restructuring payment/utilization:			(9)
T21 \| Personnel
Restructuring Reserve [Roll Forward]
Restructuring expenses			3
Restructuring payment/utilization:			(9)
T21 \| Facility Related
Restructuring Reserve [Roll Forward]
Restructuring expenses			0
Restructuring payment/utilization:			0
T21 \| Other
Restructuring Reserve [Roll Forward]
Restructuring expenses			0
Restructuring payment/utilization:			0
T21 \| Americas
Restructuring Reserve [Roll Forward]
Restructuring expenses			1
Restructuring payment/utilization:			(1)
T21 \| International
Restructuring Reserve [Roll Forward]
Restructuring expenses			2
Restructuring payment/utilization:			(8)
2020 Optimization
Restructuring Reserve [Roll Forward]
Restructuring payment/utilization:			(1)
2020 Optimization \| Personnel
Restructuring Reserve [Roll Forward]
Restructuring payment/utilization:			(1)
2020 Optimization \| Facility Related
Restructuring Reserve [Roll Forward]
Restructuring payment/utilization:			0
2020 Optimization \| Other
Restructuring Reserve [Roll Forward]
Restructuring payment/utilization:			0
2020 Optimization \| Americas
Restructuring Reserve [Roll Forward]
Restructuring payment/utilization:			0
2020 Optimization \| International
Restructuring Reserve [Roll Forward]
Restructuring payment/utilization:			(1)
Brazil
Restructuring Reserve [Roll Forward]
Restructuring expenses			1
Restructuring payment/utilization:			(1)
Brazil \| Personnel
Restructuring Reserve [Roll Forward]
Restructuring expenses			0
Restructuring payment/utilization:			0
Brazil \| Facility Related
Restructuring Reserve [Roll Forward]
Restructuring expenses			0
Restructuring payment/utilization:			0
Brazil \| Other
Restructuring Reserve [Roll Forward]
Restructuring expenses			1
Restructuring payment/utilization:			(1)
Brazil \| Americas
Restructuring Reserve [Roll Forward]
Restructuring expenses			1
Restructuring payment/utilization:			(1)
Brazil \| International
Restructuring Reserve [Roll Forward]
Restructuring expenses			0
Restructuring payment/utilization:			$ 0

Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income attributable to Avis Budget Group, Inc. for basic and diluted EPS	$ 1,034	$ 675	$ 2,341	$ 903
Basic weighted average shares outstanding (in shares)	46.8	63.7	49.5	67.8
Non-vested stock (in shares)	0.9	0.9	1.1	0.8
Diluted weighted average shares outstanding (in shares)	47.7	64.6	50.6	68.6
Earnings per share:
Basic (in usd per share)	$ 22.08	$ 10.58	$ 47.34	$ 13.31
Diluted (in usd per share)	$ 21.67	$ 10.45	$ 46.32	$ 13.16
Non-vested stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0.1		0.1	0.4

Other Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets, Current [Abstract]
Prepaid expenses	$ 252	$ 205
Sales and use taxes	147	238
Other	127	95
Other current assets	$ 526	$ 538

Intangible Assets (Schedule Of Intangible Assets) (Detail) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 555	$ 606
Accumulated Amortization	434	433
Net Carrying Amount	121	173
Indefinite-lived Intangible Assets [Line Items]
Goodwill	1,031	1,108
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	541	551
License agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	276	298
Accumulated Amortization	204	193
Net Carrying Amount	72	105
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	235	257
Accumulated Amortization	196	204
Net Carrying Amount	39	53
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	44	51
Accumulated Amortization	34	36
Net Carrying Amount	$ 10	$ 15

Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense relating to all intangible assets	$ 9	$ 13	$ 35	$ 45
Amortization expense for remainder of the year	9		9
Intangible assets amortization expense, year one	24		24
Intangible assets amortization expense, year two	20		20
Intangible assets amortization expense, year three	14		14
Intangible assets amortization expense, year four	13		13
Intangible assets amortization expense, year five	$ 10		$ 10

Vehicle Rental Activities (Components Of The Company's Vehicles) (Detail) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Rental vehicles	$ 17,077	$ 14,612
Less: Accumulated depreciation	(2,087)	(1,911)
Rental Vehicles Net, Total	14,990	12,701
Vehicles held for sale	365	165
Vehicle, net investment in lease receivables	36	0
Vehicles, net	15,391	$ 12,866
Liabilities under vehicle programs	154		$ 167
Other receivables	$ 225		$ 145

Vehicle Rental Activities (Components Of Vehicle Depreciation And Lease Charges) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 455	$ 386	$ 1,232	$ 981
Lease charges	38	43	103	129
(Gain) loss on sale of vehicles, net	(359)	(152)	(856)	(241)
Vehicle depreciation and lease charges, net	$ 134	$ 277	$ 479	$ 869

Income Taxes (Narrative) (Details)	9 Months Ended
Income Taxes (Narrative) (Details)	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	25.30%	22.60%

Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 501	$ 407
Short-term operating lease liabilities	488	496
Deferred lease revenues - current	248	185
Accrued advertising and marketing	300	218
Accrued sales and use taxes	286	313
Accrued payroll and related	206	193
Public liability and property damage insurance liabilities – current	163	159
Other	527	418
Accounts payable and other current liabilities	$ 2,719	$ 2,389

Long-term Corporate Debt and Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Other	$ 19		$ 19
Deferred financing fees	(47)		(48)
Total	4,590		4,009
Less: Short-term debt and current portion of long-term debt	27		19
Long-term debt	$ 4,563		3,990
4.125% euro-denominated Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.125%
Long-term debt	$ 294		341
4.500% euro-denominated Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.50%
Long-term debt	$ 245		284
4.750% euro-denominated Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.75%
Long-term debt	$ 343		398
5.750% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	5.75%
Long-term debt	$ 731		728
4.750% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.75%
Long-term debt	$ 500		500
5.375% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	5.375%
Long-term debt	$ 600		600
Floating Rate Term Loan \| Loans Payable
Debt Instrument [Line Items]
Long-term debt	$ 1,179		1,187
Aggregate interest rate	4.87%
Floating Rate Term Loan \| Interest rate swaps \| Loans Payable
Debt Instrument [Line Items]
Amount of hedged item	$ 700
Aggregate rate	4.75%
Floating Rate Term Loan \| London Interbank Offered Rate (LIBOR) \| Loans Payable
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Floating Rate Term Loan \| Loans Payable
Debt Instrument [Line Items]
Long-term debt	$ 726		$ 0
Aggregate interest rate		6.63%

Long-term Corporate Debt and Borrowing Arrangements (Narrative) (Detail) - Loans Payable - Floating Rate Term Loan	1 Months Ended
	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Amount issued	$ 750,000,000
Debt issuance discount, percent	97.00%
Aggregate interest rate	6.63%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis points	3.50%

Long-term Corporate Debt and Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Line of Credit Facility [Line Items]
Outstanding Borrowings	$ 13,157
Available Capacity	$ 2,582
Line of Credit \| Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis points	1.75%
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Total Capacity	$ 2,000
Outstanding Borrowings	0
Letters of Credit Issued	888
Available Capacity	$ 1,112

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Debt Under Vehicle Programs) (Detail) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt under vehicle programs	$ 13,104	$ 11,390
Deferred financing fees	47	48
Americas - Debt due to Avis Budget Rental Car Funding
Debt Instrument [Line Items]
Debt under vehicle programs	10,470	8,889
Americas - Debt borrowings
Debt Instrument [Line Items]
Debt under vehicle programs	557	612
International - Debt borrowings
Debt Instrument [Line Items]
Debt under vehicle programs	1,865	1,757
International - Finance leases
Debt Instrument [Line Items]
Debt under vehicle programs	154	177
Other
Debt Instrument [Line Items]
Debt under vehicle programs	111	3
Deferred Financing Fees
Debt Instrument [Line Items]
Deferred financing fees	(53)	(48)
Avis Budget Rental Car Funding \| Deferred Financing Fees
Debt Instrument [Line Items]
Deferred financing fees	$ 48	$ 41

Debt Under Vehicle Programs and Borrowing Arrangements (Narrative) (Details) - USD ($) $ in Millions	Jul. 31, 2022	Jun. 30, 2022	May 31, 2022	Apr. 30, 2022
Debt Instrument [Line Items]
Asset-backed securities, at carrying value				$ 660
Weighted average interest rate			5.10%	3.96%
Avis Budget Rental Car Funding Program March 2025
Debt Instrument [Line Items]
Asset-backed securities, at carrying value			$ 87
Avis Budget Rental Car Funding Program March 2023
Debt Instrument [Line Items]
Asset-backed securities, at carrying value			68
Avis Budget Rental Car Funding Program September 2024
Debt Instrument [Line Items]
Asset-backed securities, at carrying value			$ 55
Avis Budget Rental Car Funding Program September 2022
Debt Instrument [Line Items]
Asset-backed securities, at carrying value		$ 800
Avis Budget Rental Car Funding Program June 2022
Debt Instrument [Line Items]
Asset-backed securities, at carrying value	$ 763
Weighted average interest rate	4.90%

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Contractual Maturities) (Detail) - Deferred Financing Fees $ in Millions	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Within 1 year	$ 2,192
Between 1 and 2 years	5,302
Between 2 and 3 years	1,908
Between 3 and 4 years	1,994
Between 4 and 5 years	1,383
Thereafter	378
Total	13,157
Bank And Bank-Sponsored Facilities
Debt Instrument [Line Items]
Within 1 year	1,000
Between 1 and 2 years	$ 3,700

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Available Funding Under The Vehicle Programs) (Detail) $ in Millions	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Total Capacity	$ 15,739
Outstanding Borrowings	13,157
Available Capacity	2,582
Americas - Debt due to Avis Budget Rental Car Funding \| Affiliated Entity
Debt Instrument [Line Items]
Total Capacity	12,049
Outstanding Borrowings	10,470
Available Capacity	1,579
Americas - Debt due to Avis Budget Rental Car Funding \| Affiliated Entity \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	12,700
Americas - Debt borrowings
Debt Instrument [Line Items]
Total Capacity	950
Outstanding Borrowings	557
Available Capacity	393
Americas - Debt borrowings \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	900
International - Debt borrowings
Debt Instrument [Line Items]
Total Capacity	2,439
Outstanding Borrowings	1,865
Available Capacity	574
International - Debt borrowings \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	2,600
International - Finance leases
Debt Instrument [Line Items]
Total Capacity	190
Outstanding Borrowings	154
Available Capacity	36
International - Finance leases \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	200
Other
Debt Instrument [Line Items]
Total Capacity	111
Outstanding Borrowings	111
Available Capacity	$ 0

Commitments And Contingencies (Narrative) (Detail) $ in Millions	1 Months Ended		9 Months Ended
	Nov. 30, 2017 lawsuit	Nov. 30, 2011 class	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Range of possible loss (up to)			$ 35
Purchase obligation over the next twelve months			4,200
Purchase commitment period decrease			1,700
Other receivables			225	$ 145
Electronic Toll Service Dispute \| Jose Mendez v Avis Budget Group Inc
Schedule Of Commitments And Contingencies [Line Items]
Number of cases brought by plaintiffs \| class		2
Breach of Contract \| Jose Mendez v Avis Budget Group Inc
Schedule Of Commitments And Contingencies [Line Items]
Number of claims filed \| lawsuit	2
Fines And Fees Charged To Renters \| Jose Mendez v Avis Budget Group Inc
Schedule Of Commitments And Contingencies [Line Items]
Number of claims filed \| lawsuit	1
Realogy
Schedule Of Commitments And Contingencies [Line Items]
Other receivables			26
Wyndham
Schedule Of Commitments And Contingencies [Line Items]
Other receivables			$ 16

Stockholders' Equity (Narrative) (Detail) - USD ($) $ in Billions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2013
Equity [Abstract]
Stock repurchase program, authorized amount (up to)		$ 7.1
Share repurchased during period	$ 2.6
Remaining authorized repurchase amount	$ 1.4

Stockholders' Equity (Components of Other Comprehensive Income) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Net income	$ 1,031	$ 674	$ 2,332	$ 902
Less: net loss attributable to non-controlling interests	3	1	9	1
Net income	1,034	675	2,341	903
Other comprehensive income (loss):
Currency translation adjustments (net of tax of $(16), $(6), $(33) and $(15), respectively)	(78)	(23)	(121)	(22)
Net unrealized gain (loss) on cash flow hedges (net of tax of $(8), $(2), $(23) and $(9), respectively)	22	6	65	27
Minimum pension liability adjustment (net of tax of $0, $(1), $0 and $(1), respectively)	1	2	4	6
Other comprehensive income (loss)	(55)	(15)	(52)	11
Comprehensive income attributable to Avis Budget Group, Inc.	979	660	2,289	914
Currency translation adjustments, tax	(16)	(6)	(33)	(15)
Net unrealized gain (loss) on cash flow hedges, tax	(8)	(2)	(23)	(9)
Minimum pension liability adjustment, tax	$ 0	$ (1)	$ 0	$ (1)

Stockholders' Equity (Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (649)	$ 92	$ (209)	$ (155)
Other comprehensive income (loss) before reclassifications			(63)	(15)
Amounts reclassified from accumulated other comprehensive income			11	26
Net current-period other comprehensive income (loss)	(55)	(15)	(52)	11
Ending balance	(507)	(198)	(507)	(198)
Foreign Exchange Contracts \| Derivatives designated as hedging instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Derivatives used in net investment hedge, net of tax	174		174
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			16	40
Other comprehensive income (loss) before reclassifications			(121)	(33)
Amounts reclassified from accumulated other comprehensive income			0	11
Net current-period other comprehensive income (loss)			(121)	(22)
Ending balance	(105)	18	(105)	18
Net Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(19)	(51)
Other comprehensive income (loss) before reclassifications			57	17
Amounts reclassified from accumulated other comprehensive income			8	10
Net current-period other comprehensive income (loss)			65	27
Ending balance	46	(24)	46	(24)
Net Unrealized Gains (Losses) on Cash Flow Hedges \| Corporate Interest Expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income	1	3	8	9
Amounts reclassified from accumulated other comprehensive income (loss)	1	4	10	12
Net Unrealized Gains (Losses) on Cash Flow Hedges \| Vehicle Interest Net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income		1	1	1
Amounts reclassified from accumulated other comprehensive income (loss)		1	2	2
Minimum Pension Liability Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(130)	(176)
Other comprehensive income (loss) before reclassifications			1	1
Amounts reclassified from accumulated other comprehensive income			3	5
Net current-period other comprehensive income (loss)			4	6
Ending balance	(126)	(170)	(126)	(170)
Minimum Pension Liability Adjustment \| Selling, general and administrative expenses
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income	1	2	3	5
Amounts reclassified from accumulated other comprehensive income (loss)	1	2	4	7
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(133)	(187)
Ending balance	$ (185)	$ (176)	$ (185)	$ (176)

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Sep. 01, 2022
Related Party Transaction [Line Items]
Contributions from non-controlling interests	$ 40.0	$ 38.0	$ 40.0	$ 38.0
Non-controlling interests	2.0		2.0		$ 11.0
Assets	25,197.0		25,197.0		22,600.0
Receivables From Related Party \| Affiliated Entity \| Avis Mobility Ventures LLC (AMV)
Related Party Transaction [Line Items]
Due from related parties	5.0		5.0
Finance Lease Receivable \| Affiliated Entity \| Avis Mobility Ventures LLC (AMV)
Related Party Transaction [Line Items]
Due from related parties	36.0		36.0
Avis Mobility Ventures LLC (AMV) \| Affiliated Entity \| Avis Mobility Ventures LLC (AMV)
Related Party Transaction [Line Items]
Equity investments	57.0		57.0
Loss on equity method investments	3.0		3.0
Avis Mobility Ventures LLC (AMV) \| Administrative Services \| Affiliated Entity \| Avis Mobility Ventures LLC (AMV)
Related Party Transaction [Line Items]
Revenue from related parties	2.0		2.0
Subsidiary Equity
Related Party Transaction [Line Items]
Assets	49.0		49.0
Gain on deconsolidation	$ 10.0		$ 10.0
SRS Mobility Ventures, LLC \| Subsidiary Equity
Related Party Transaction [Line Items]
Contributions from non-controlling interests					$ 37.5
Non-controlling interests						$ 62.0
SRS Mobility Ventures, LLC \| Subsidiary Equity \| Company Subsidiary
Related Party Transaction [Line Items]
Ownership acquired percentage					33.34%
Ownership interest						51.00%

Stock-Based Compensation (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 7	$ 11	$ 19	$ 25
Stock-based compensation expense (net of tax)	$ 5	$ 8	$ 14	$ 19

Stock-Based Compensation (Assumptions Used) (Details) - Performance-based and market-based RSUs	9 Months Ended
	Sep. 30, 2022
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%

Stock-Based Compensation (Stock Based Compensation Activity) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Number of Shares
Balance (in shares)	382
Weighted Average Grant Date Fair Value
Cost not yet recognized	$ 44
Period for recognition	1 year 1 month 6 days
Time-based RSUs
Number of Shares
Balance (in shares)	671
Granted (in shares)	104
Vested (in shares)	(358)
Forfeited (in shares)	(35)
Outstanding and expected to vest (in shares)	382
Weighted Average Grant Date Fair Value
Balance (in usd per share)	$ 39.39
Granted (in usd per share)	178.13	$ 63.12
Vested (in usd per share)	36.76
Forfeited (in usd per share)	57.90
Balance (in usd per share)	78.02
Outstanding and expected to vest, weighted average grant date fair value (in usd per share)	$ 78.02
Outstanding and expected to vest weighted average remaining contractual term (in years)	1 year
Aggregate intrinsic value, outstanding and expected to vest	$ 57
Fair value vested in period	$ 22	$ 17
Performance-based and market-based RSUs
Number of Shares
Balance (in shares)	886
Granted (in shares)	99
Vested (in shares)	(254)
Forfeited (in shares)	(37)
Balance (in shares)	694
Outstanding and expected to vest (in shares)	686
Weighted Average Grant Date Fair Value
Balance (in usd per share)	$ 35.40
Granted (in usd per share)	193.48	$ 62.27
Vested (in usd per share)	34.24
Forfeited (in usd per share)	42.82
Balance (in usd per share)	57.89
Outstanding and expected to vest, weighted average grant date fair value (in usd per share)	$ 56.30
Outstanding and expected to vest weighted average remaining contractual term (in years)	1 year 1 month 6 days
Outstanding weighted average remaining contractual terms (in years)	1 year 1 month 6 days
Aggregate intrinsic value, outstanding and expected to vest	$ 102
Aggregate intrinsic value outstanding	$ 103

Financial Instruments (Narrative) (Detail) $ in Millions	9 Months Ended
Financial Instruments (Narrative) (Detail) $ in Millions	Sep. 30, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash flow hedge loss to be reclassified within twelve months	$ 9

Financial Instruments (Notational Amounts of Derivatives Held) (Details) $ in Millions	Sep. 30, 2022 USD ($)
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 1,470
Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	13,960
Interest rate caps \| Subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	6,200
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	1,450
Sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	9,900
Purchase
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 4,100

Financial Instruments (Fair Values Of Derivatives Instruments) (Detail) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Derivative Assets	$ 154	$ 20
Fair Value, Derivative Liabilities	176	52
Derivatives Designated As Hedging Instruments \| Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Derivative Assets	62	2
Fair Value, Derivative Liabilities	0	27
Derivatives Not Designated As Hedging Instruments \| Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Derivative Assets	38	7
Fair Value, Derivative Liabilities	12	10
Derivatives Not Designated As Hedging Instruments \| Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Derivative Assets	54	11
Fair Value, Derivative Liabilities	$ 164	$ 15

Financial Instruments (Effects of Derivatives Recognized) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ 97	$ 30	$ 240	$ 67
Interest rate swaps \| Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	22	6	65	27
Euro-denominated notes \| Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	46	19	104	42
Foreign exchange contracts \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	27	6	70	1
Foreign exchange contracts \| Derivatives not designated as hedging instruments \| Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	25	7	65	2
Foreign exchange contracts \| Derivatives not designated as hedging instruments \| Operating Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	2	(1)	5	(1)
Interest rate caps \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ 2	$ (1)	$ 1	$ (3)

Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values) (Detail) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	$ 27	$ 19
Long-term debt	4,563	3,990
Carrying Amount \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	27	19
Long-term debt	4,563	3,990
Carrying Amount \| Interest Rate Caps \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and interest rate caps	164	14
Carrying Amount \| Vehicle-backed debt due to Avis Budget Rental Car Funding \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	2,518	2,528
Carrying Amount \| Avis Budget Rental Car Funding \| Vehicle-backed debt due to Avis Budget Rental Car Funding \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	10,422	8,848
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	26	18
Long-term debt	4,224	4,153
Estimated Fair Value \| Interest Rate Caps \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and interest rate caps	164	14
Estimated Fair Value \| Vehicle-backed debt due to Avis Budget Rental Car Funding \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	2,517	2,559
Estimated Fair Value \| Avis Budget Rental Car Funding \| Vehicle-backed debt due to Avis Budget Rental Car Funding \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	$ 9,948	$ 9,009

Segment Information (Narrative) (Detail) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Estimated litigation liability	$ 5
Assets under vehicle programs	16,935	$ 14,019
Americas
Segment Reporting Information [Line Items]
Assets under vehicle programs	$ 13,800	$ 11,400

Segment Information (Summary Of Segments Information) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenues	$ 3,547	$ 3,001	$ 9,223	$ 6,744
Adjusted EBITDA	1,460	1,057	3,475	1,728
Non-vehicle related depreciation and amortization	61	69	174	204
Less:
Interest expense	64	47	181	167
Early extinguishment of debt	0	7	0	136
Restructuring and other related charges	2	5	16	47
Unprecedented personal-injury and other legal matters, net	0	5	1	(6)
Transaction-related costs, net	0	1	1	3
COVID-19 charges	0	(6)	(9)	12
Other (income) expense, net	(9)	0	(9)	0
Net income	1,342	929	3,120	1,165
Minimum annual guaranteed rent in excess of concession fees, net	0	(4)	(9)	12
Vehicles damaged in overflow parking lots, net of insurance proceeds	0	(3)	0	(7)
Other charges	0	1	0	7
COVID-19 charges	0	(6)	(9)	12
Statements of Operations \| Cloud Based Computing Costs
Less:
COVID-19 charges	2		6	5
COVID-19 charges	2		6	5
Operating Expense
Less:
COVID-19 charges	0	(6)	(9)	11
COVID-19 charges	0	(6)	(9)	11
Selling, general and administrative expenses
Less:
COVID-19 charges			0	1
COVID-19 charges			0	1
COVID-19 Charges
Less:
COVID-19 charges	0	(6)	(9)	12
COVID-19 charges	0	(6)	(9)	12
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Adjusted EBITDA	(16)	(23)	(58)	(52)
Americas \| Geographical
Segment Reporting Information [Line Items]
Revenues	2,703	2,403	7,270	5,457
Adjusted EBITDA	1,185	952	3,036	1,694
International \| Geographical
Segment Reporting Information [Line Items]
Revenues	844	598	1,953	1,287
Adjusted EBITDA	$ 291	$ 128	$ 497	$ 86

Subsequent Event (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Subsequent Event [Line Items]
Stock repurchase program, authorized amount		$ 868	$ 994	$ 2,576	$ 1,004
Subsequent Event
Subsequent Event [Line Items]
Number of shares purchased (in shares)	1.5
Stock repurchase program, authorized amount	$ 259