0000723612-23-000015 | 10-K | XBRL Viewer

Vehicle Rental Activities

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


	As of December 31,
	2022		2021
Rental vehicles	$	17,819	$	14,612
Less: Accumulated depreciation	(2,211)		(1,911)
	15,608		12,701
Vehicles held for sale	317		165
Vehicles, net investment in lease(a)	36		—
Vehicles, net	$	15,961	$	12,866

_______

(a)See Note 17 – Related Party Transactions

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


	Year Ended December 31,
	2022		2021		2020
Depreciation expense	$	1,709	$	1,402	$	1,330
Lease charges	138		156		195
(Gain) loss on sale of vehicles, net	(1,019)		(361)		(157)
Vehicle depreciation and lease charges, net	$	828	$	1,197	$	1,368

At December 31, 2022, 2021 and 2020, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $265 million, $142 million and $232 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $212 million, $134 million and $162 million, respectively.

Property and equipment, net consisted of:


	As of December 31,
	2022		2021
Land	$	59	$	50
Buildings and leasehold improvements	507		525
Capitalized software	906		932
Furniture, fixtures and equipment	382		426
Projects in process	89		84
Buses and support vehicles	90		80
	2,033		2,097
Less: Accumulated depreciation and amortization	(1,439)		(1,560)
Property and equipment, net	$	594	$	537

Depreciation and amortization expense relating to property and equipment during 2022, 2021 and 2020 was $181 million, $205 million and $218 million, respectively (including $115 million, $105 million and $113 million, respectively, of amortization expense relating to capitalized software). At December 31, 2022, we had payables related to property and equipment included in accounts payable and other current liabilities and in other non-current liabilities of $19 million and $1 million, respectively. At December 31, 2021, we had payables related to property and equipment included in accounts payable and other current liabilities and in other non-current liabilities of $20 million and $2 million, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

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


		Year Ended December 31,
		2022		2021		2020
Current
	Federal	$	—	$	—	$	(5)
	State	137		35		21
	Foreign	61		12		29
	Current income tax provision	198		47		45

Deferred
	Federal	622		309		(104)
	State	(22)		78		(90)
	Foreign	82		(9)		(123)
	Deferred income tax provision (benefit)	682		378		(317)
Provision for (benefit from) income taxes		$	880	$	425	$	(272)

Income (loss) before income taxes is comprised of the following:


	Year Ended December 31,
	2022		2021		2020
United States	$	3,114	$	1,529	$	(590)
Foreign	522		179		(366)
Income (loss) before income taxes	$	3,636	$	1,708	$	(956)

Deferred income tax assets, net is comprised of the following:


		As of December 31,
		2022		2021
Deferred income tax assets:
	Net tax loss carryforwards	$	1,109	$	1,480
	Long-term operating lease liabilities	666		625
	Accrued liabilities and deferred revenue	231		272
	Tax credits	38		11
	Depreciation and amortization	25		19

	Provision for doubtful accounts	19		18


	Other	167		100
	Valuation allowance (a)	(101)		(167)
Deferred income tax assets		2,154		2,358

Deferred income tax liabilities:
	Operating lease right-of-use assets	657		614
	Depreciation and amortization	90		102
	Prepaid expenses	24		23
	Other	4		4
Deferred income tax liabilities		775		743
Deferred income tax assets, net		$	1,379	$	1,615

__________

(a) The valuation allowance of $101 million at December 31, 2022 relates to tax loss carryforwards and certain deferred tax assets of $97 million and $4 million, respectively. The valuation allowance of $167 million at December 31, 2021 relates to tax loss carryforwards and certain deferred tax assets of $163 million and $4 million, respectively. The valuation allowances will be reduced when and if we determine it is more likely than not that the related deferred income tax assets will be realized. The decrease in valuation allowance as compared to the year ended December 31, 2021 is primarily related to a release of valuation allowance for certain state net operating losses.

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


	As of December 31,
	2022		2021
Deferred income tax assets:
Depreciation and amortization	$	63	$	80
Other	22		19
Deferred income tax assets	85		99

Deferred income tax liabilities:
Depreciation and amortization	2,815		2,321
Other	24		20
Deferred income tax liabilities	2,839		2,341
Deferred income tax liabilities under vehicle programs, net	$	2,754	$	2,242

At December 31, 2022, we had U.S. federal net operating loss carryforwards of approximately $3.6 billion. The majority of the net operating loss carryforwards have an indefinite utilization period pursuant to the Tax Act and a significant remaining portion expires by 2031. Such net operating loss carryforwards are primarily related to accelerated depreciation of our U.S. vehicles. Currently, we do not record valuation allowances on the majority of our U.S. federal tax loss carryforwards as there are adequate deferred tax liabilities that could be realized within the carryforward period. At December 31, 2022, we had foreign net operating loss carryforwards of approximately $1.1 billion, the majority of which has an indefinite utilization period.

At December 31, 2022, we had undistributed earnings of certain foreign subsidiaries of approximately $1.2 billion that we have indefinitely reinvested, and on which we have not recognized deferred taxes. Estimating the amount of potential tax is not practicable because of the complexity and variety of assumptions necessary to compute the tax.

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


		Year Ended December 31,
		2022		2021		2020
U.S. federal statutory rate		21.0	%	21.0	%	21.0	%
Adjustments to reconcile to the effective rate:
	State and local income taxes, net of federal tax benefits	3.9		5.5		4.8
	Changes in valuation allowances	(1.3)		(0.6)		—
	Taxes on foreign operations at rates different than U.S. federal statutory rates	1.2		(2.0)		3.1


	Stock-based compensation	(0.5)		(0.3)		(0.1)


	Other non-deductible (non-taxable) items	0.4		0.6		(0.4)
	Other	(0.5)		0.7		—
		24.2	%	24.9	%	28.4	%

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


		2022		2021		2020
Balance, January 1		$	58	$	57	$	54
	Additions for tax positions related to current year	4		4		4
	Additions for tax positions for prior years	3		3		—
	Reductions for tax positions for prior years	(5)		(3)		(1)
	Settlements	(5)		—		(3)

	Foreign currency translation	(2)		(3)		3
Balance, December 31		$	53	$	58	$	57

We do not anticipate that total unrecognized tax benefits will change significantly in 2023.

We are subject to taxation in the United States and various foreign jurisdictions. As of December 31, 2022, the 2007 through 2021 tax years generally remain subject to examination by the federal tax authorities. The 2012 through 2021 tax years generally remain subject to examination by various state tax authorities. In significant foreign jurisdictions, the 2012 through 2021 tax years generally remain subject to examination by their respective tax authorities.

Substantially all of the gross amount of the unrecognized tax benefits at December 31, 2022, 2021 and 2020, if recognized, would affect our provision for (benefit from) income taxes. As of December 31, 2022, our unrecognized tax benefits were offset by tax loss carryforwards and other deferred tax assets in the amount of $24 million.

The following table presents unrecognized tax benefits:


	As of December 31,
	2022		2021
Unrecognized tax benefit in non-current income taxes payable (a)	$	33	$	30
Accrued interest payable on potential tax liabilities (b)	31		29

__________

(a)Pursuant to the agreements governing the disposition of certain subsidiaries in 2006, we are entitled to indemnification for certain predisposition tax contingencies. As of December 31, 2022 and 2021, $13 million, in each period, of unrecognized tax benefits are related to tax contingencies for which we believe we are entitled to indemnification.

(b)We recognize potential interest related to unrecognized tax benefits within interest expense related to corporate debt, net on the accompanying Consolidated Statements of Operations. Penalties incurred during the years ended December 31, 2022, 2021 and 2020, were not significant and were recognized as a component of the provision for (benefit from) income taxes.

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.

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

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

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

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

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

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

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

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

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

Other Current Assets

12 Months Ended

Dec. 31, 2022

Assets, Current [Abstract]

Other Current Assets

Other current assets consisted of:


	As of December 31,
	2022		2021
Prepaid expenses	$	252	$	205
Sales and use taxes	142		238
Other	112		95
Other current assets	$	506	$	538

Property and Equipment, net

12 Months Ended

Dec. 31, 2022

Property and Equipment, net

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


	As of December 31,
	2022		2021
Rental vehicles	$	17,819	$	14,612
Less: Accumulated depreciation	(2,211)		(1,911)
	15,608		12,701
Vehicles held for sale	317		165
Vehicles, net investment in lease(a)	36		—
Vehicles, net	$	15,961	$	12,866

_______

(a)See Note 17 – Related Party Transactions

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


	Year Ended December 31,
	2022		2021		2020
Depreciation expense	$	1,709	$	1,402	$	1,330
Lease charges	138		156		195
(Gain) loss on sale of vehicles, net	(1,019)		(361)		(157)
Vehicle depreciation and lease charges, net	$	828	$	1,197	$	1,368

Property and equipment, net consisted of:


	As of December 31,
	2022		2021
Land	$	59	$	50
Buildings and leasehold improvements	507		525
Capitalized software	906		932
Furniture, fixtures and equipment	382		426
Projects in process	89		84
Buses and support vehicles	90		80
	2,033		2,097
Less: Accumulated depreciation and amortization	(1,439)		(1,560)
Property and equipment, net	$	594	$	537

Accounts Payable and Other Current Liabilities

12 Months Ended

Dec. 31, 2022

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accounts Payable and Other Current Liabilities

Accounts payable and other current liabilities consisted of:


	As of December 31,
	2022		2021
Short-term operating lease liabilities	$	555	$	496
Accounts payable	466		407
Accrued advertising and marketing	268		218
Accrued sales and use taxes	246		313
Accrued payroll and related	205		193
Deferred lease revenues – current	188		185
Public liability and property damage insurance liabilities – current	174		159

Other	445		418
Accounts payable and other current liabilities	$	2,547	$	2,389

Long-term Corporate Debt and Borrowing Arrangements

12 Months Ended

Dec. 31, 2022

Long-term Corporate Debt and Borrowing Arrangements

Long-term debt and other borrowing arrangements consisted of:


	Maturity Date	As of December 31,
		2022		2021

4.125% euro-denominated Senior Notes	November 2024	$	321	$	341

4.500% euro-denominated Senior Notes	May 2025	268		284

4.750% euro-denominated Senior Notes	January 2026	375		398
5.750% Senior Notes	July 2027	732		728
4.750% Senior Notes	April 2028	500		500
5.375% Senior Notes	March 2029	600		600
Floating Rate Term Loan (a)	August 2027	1,176		1,187
Floating Rate Term Loan (a)	March 2029	725		—
Other (b)		18		19
Deferred financing fees		(44)		(48)
Total		4,671		4,009
Less: Short-term debt and current portion of long-term debt		27		19
Long-term debt		$	4,644	$	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 our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property.

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

Term Loan

Floating Rate Term Loan due 2029. 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. The Term Loan bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 350 basis points for an aggregate rate of 7.92%.

Floating Rate Term Loan due 2027. In February 2020, we amended our Floating Rate Term Loan and extended its maturity term to 2027. We increased the outstanding borrowing principal amount of the Floating Rate Term Loan to $1.2 billion and on April 1, 2020 used the additional loan amount to redeem $100 million of our outstanding 5.500% Senior Notes due 2023. As of December 31, 2022, the loan bears interest at one-month LIBOR plus 1.75%, for an aggregate rate of 6.14%; however, we entered into an interest rate swap to hedge $700 million of our interest rate exposure related to the floating rate term loan at an aggregate rate of 4.75%.

Senior Notes

4.125% euro-denominated Senior Notes due 2024. In September 2016, we issued €300 million of 4.125% euro-denominated Senior Notes due 2024 at par, with interest payable semi-annually. We have the right to redeem these notes in whole or in part at any time on or after November 15, 2019 at specified redemption prices plus accrued interest. In October 2016, we used the net proceeds from the offering primarily to redeem €275 million of our outstanding 6.000% euro-denominated Senior Notes due 2021.

4.500% euro-denominated Senior Notes due 2025. In March 2017, we issued €250 million of 4.500% euro-denominated Senior Notes due 2025, at par, with interest payable semi-annually. We have the right to redeem these notes in whole or in part on or after May 15, 2020 at specified redemption prices plus accrued interest. In April 2017, we used the net proceeds from the offering to redeem our outstanding €175 million principal amount of 6.000% euro-denominated Senior Notes due 2021 for €180 million plus accrued interest. In June 2017, we used the remaining proceeds to redeem a portion of our Floating Rate Senior Notes due 2017.

4.750% euro-denominated Senior Notes due 2026. In October 2018, we issued €350 million of 4.750% euro-denominated Senior Notes due 2026, at par, with interest payable semi-annually. We have the right to redeem these notes in whole or in part on or after September 30, 2021 at specified redemption prices plus

accrued interest. In October 2018, we used the net proceeds from the offering to redeem our 5.125% Senior Notes due June 2022 for $410 million plus accrued interest.

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

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

5.375% Senior Notes due 2029. In March 2021, we issued $600 million of 5.375% Senior Notes due March 2029, at par, with interest paid semiannually. We have the right to redeem these notes in whole or in part at any time on or after March 1, 2024 at specified redemption prices plus accrued interest. Net proceeds, together with cash on hand, were used to redeem all of the outstanding 10.500% Senior Secured Notes due 2025 for $599 million plus accrued interest.

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

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

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

Debt Maturities

The following table provides contractual maturities of our corporate debt at December 31, 2022:


Year	Amount
2023	$	27
2024	346
2025	291
2026	396
2027	1,867
Thereafter	1,788
	$	4,715

Committed Credit Facilities And Available Funding Arrangements

At December 31, 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	$	—	$	966	$	1,034

__________

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

Debt Covenants

The agreements governing our indebtedness contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries, the incurrence of additional indebtedness and/or liens by us and certain of our subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. Our senior credit facility also contains a maximum leverage ratio requirement. As of December 31, 2022, we were in compliance with the financial covenants governing our indebtedness.

Debt under Vehicle Programs and Borrowing Arrangements

12 Months Ended

Dec. 31, 2022

Debt under Vehicle Programs and Borrowing Arrangements

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


	As of December 31,
	2022		2021
Americas – Debt due to Avis Budget Rental Car Funding (a)	$	11,322	$	8,889
Americas – Debt borrowings	598		612
International – Debt borrowings	1,700		1,757
International – Finance leases	176		177
Other	65		3
Deferred financing fees (b)	(52)		(48)
Total	$	13,809	$	11,390

__________

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

(b)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2022 and 2021 were $47 million and $41 million, respectively.

Americas

Debt due to Avis Budget Rental Car Funding. Avis Budget Rental Car Funding, an unconsolidated bankruptcy remote qualifying special purpose limited liability company, issues privately placed notes to investors as well as to banks and bank-sponsored conduit entities. Avis Budget Rental Car Funding uses the proceeds from its note issuances to make loans to our wholly-owned subsidiary, AESOP Leasing LP (“AESOP Leasing”), on a continuing basis. AESOP Leasing is required to use the proceeds of such loans to acquire or finance the acquisition of vehicles used in our rental car operations. By issuing debt through the Avis Budget Rental Car Funding program, we pay a lower rate of interest than if we had issued debt directly to third parties. Avis Budget Rental Car Funding is not consolidated, as we are not the “primary beneficiary” of Avis Budget Rental Car Funding. We determined that we are not the primary beneficiary because we do not have the obligation to absorb the potential losses or receive the benefits of Avis Budget Rental Car Funding’s activities since our only significant source of variability in the earnings, losses or cash flows of Avis Budget Rental Car Funding is exposure to our own creditworthiness, due to our loan from Avis Budget Rental Car Funding. Because Avis Budget Rental Car Funding is not consolidated, AESOP Leasing’s loan obligations to Avis Budget Rental Car Funding are reflected as related party debt on our Consolidated Balance Sheets. We also have an asset within Assets under vehicle programs on our Consolidated Balance Sheets which represents securities issued to us by Avis Budget Rental Car Funding. AESOP Leasing is

consolidated, as we are the “primary beneficiary” of AESOP Leasing; as a result, the vehicles purchased by AESOP Leasing remain on our Consolidated Balance Sheets. We determined we are the primary beneficiary of AESOP Leasing, as we have the ability to direct its activities, an obligation to absorb a majority of its expected losses and the right to receive the benefits of AESOP Leasing’s activities. AESOP Leasing’s vehicles and related assets, which as of December 31, 2022, approximate $13.2 billion and some of which are subject to manufacturer repurchase and guaranteed depreciation agreements, collateralize the debt issued by Avis Budget Rental Car Funding. The assets and liabilities of AESOP Leasing are presented on our Consolidated Balance Sheets within Assets under vehicle programs and Liabilities under vehicle programs, respectively. The assets of AESOP Leasing, included within assets under vehicle programs (excluding the investment in Avis Budget Rental Car Funding (AESOP) LLC—related party) are restricted. Such assets may be used only to repay the respective AESOP Leasing liabilities, included within Liabilities under vehicle programs, and to purchase new vehicles, although if certain collateral coverage requirements are met, AESOP Leasing may pay dividends from excess cash. The creditors of AESOP Leasing and Avis Budget Rental Car Funding have no recourse to our general credit. We periodically provide Avis Budget Rental Car Funding with non-contractually required support, in the form of equity and loans, to serve as additional collateral for the debt issued by Avis Budget Rental Car Funding.

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

In May 2021, AESOP issued $800 million of asset-backed notes with an expected final payment date of August 2026. In June 2021, AESOP issued $96 million, $105 million and $103 million of asset-backed notes with expected final payment dates of March 2024, September 2024 and August 2025, respectively. In November 2021, AESOP issued $650 million of asset-backed notes with an expected final payment date of February 2027. In April 2022, AESOP issued $660 million of asset-backed notes to investors with an expected final payment date of August 2027. In May 2022, AESOP 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. In June 2022, AESOP entered into $800 million of variable funding asset-backed notes to investors with a final payment date of September 2022. In July 2022, AESOP issued $389 million and $374 million of asset-backed notes to investors with expected final payment dates of February 2026 and February 2028, respectively. Following this issuance, amounts available under our $800 million variable funding asset-backed notes supplement entered into during June 2022 were reduced to zero. In November 2022, AESOP issued $500 million of asset-backed notes to investors with an expected final payment date of April 2026. We used the proceeds from these borrowings to fund the repayment of maturing vehicle-backed debt and the acquisition of rental cars in the United States. Borrowings under the Avis Budget Rental Car Funding program primarily represent fixed rate notes and had a weighted average interest rate of 4.07% and 2.66% as of December 31, 2022 and 2021 respectively.

Debt borrowings. We finance the acquisition of vehicles used in our Canadian rental operations through a consolidated, bankruptcy remote special-purpose entity, which issues privately placed notes to investors and bank-sponsored conduits. We finance the acquisition of fleet for our truck rental operations in the United States through a combination of debt facilities and leases. These debt borrowings represent a mix of fixed and floating rate debt and had a weighted average interest rate of 4.26% and 2.64% as of December 31, 2022 and 2021 respectively.

International

Debt borrowings. In EMEA we operate a €1.7 billion European rental fleet securitization program, with maturity in 2024, which is used to finance fleet purchases for certain of our European operations. The International borrowings primarily represent floating rate notes and had a weighted average interest rate of 3.92% and 1.66% as of December 31, 2022 and 2021, respectively.

Finance leases. We obtain a portion of our International vehicles under finance lease arrangements. For the years ended December 31, 2022 and 2021, the weighted average interest rate on these borrowings was 1.82% and 1.25% respectively. All finance leases are on a fixed repayment basis and interest rates are fixed at the contract date.

Debt Maturities

The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2022:


	Debt under Vehicle Programs (a)
2023 (b)	$	2,235
2024 (c)	5,485
2025	2,351
2026	2,124
2027	1,238
Thereafter	428
	$	13,861

__________

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

(b) Includes $0.4 billion of bank and bank-sponsored facilities.

Committed Credit Facilities And Available Funding Arrangements

The following table presents available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2022:


	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding	$	11,921	$	11,322	$	599
Americas – Debt borrowings	970		598		372
International – Debt borrowings	2,628		1,700		928
International – Finance leases	208		176		32
Other	65		65		—
Total	$	15,792	$	13,861	$	1,931

__________

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

(b)The outstanding debt is collateralized by vehicles and related assets of $13.0 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.0 billion for Americas - Debt borrowings; $2.6 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

Debt Covenants

The agreements under our vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries and restrictions on indebtedness, mergers, liens, liquidations and sale and leaseback transactions, and in some cases also require compliance with certain financial requirements. As of December 31, 2022, we are not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under our vehicle-backed funding programs.

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

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

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

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

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

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

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Contingencies In 2006, we completed the spin-offs of our Realogy (formally Realogy, now Anywhere Real Estate Inc.) 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 law suits, including a class action filed against us in Florida seeking damages in connection with a breach of contract claim and two purported class action suits filed against us in New Jersey, one related to fines and fees charged to car renters by us for violations incurred during the course of their rental and another related to ancillary charges at our Payless subsidiary. In the Florida lawsuit, 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 $40 million in excess of amounts accrued as of December 31, 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 $6.7 billion of vehicles from manufacturers over the next 12 months, a $0.8 billion increase 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. Other Purchase Commitments In the normal course of business, we make various commitments to purchase other goods or services from specific suppliers, including those related to marketing, advertising, computer services and capital expenditures. As of December 31, 2022, we had approximately $102 million of purchase obligations, which extend through 2027. Concentrations Concentrations of credit risk at December 31, 2022, include (i) risks related to our repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers and primarily with respect to receivables for program cars that 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 $27 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. Asset Retirement Obligations We maintain a liability for asset retirement obligations. An asset retirement obligation is a legal obligation to perform certain activities in connection with the retirement, disposal or abandonment of assets. Our asset retirement obligations, which are measured at discounted fair values, are primarily related to the removal of underground gasoline storage tanks at our rental facilities. The liability accrued for asset retirement obligations was $26 million and $28 million at December 31, 2022 and 2021, respectively. Standard Guarantees/Indemnifications In the ordinary course of business, we enter into numerous agreements that contain standard guarantees and indemnities whereby we agree to indemnify another party, among other things, for performance under contracts and any breaches of representations and warranties thereunder. In addition, many of these parties are also indemnified against any third-party claim resulting from the transaction that is contemplated in the underlying agreement. Such guarantees or indemnifications are granted under various agreements, including those governing (i) purchases, sales or outsourcing of assets, businesses or activities, (ii) leases of real estate, (iii) licensing of trademarks, (iv) access to credit facilities and use of derivatives and (v) issuances of debt or equity securities. The guarantees or indemnifications issued are for the benefit of the (i) buyers in sale agreements and sellers in purchase agreements, (ii) landlords in lease contracts, (iii) licensees under licensing agreements, (iv) financial institutions in credit facility arrangements and derivative contracts and (v) underwriters and placement agents in debt or equity security issuances. While some of these guarantees extend only for the duration of the underlying agreement, many may survive the expiration of the term of the agreement or extend into perpetuity (unless subject to a legal statute of limitations). There are no specific limitations on the maximum potential amount of future payments that we could be required to make under these guarantees, nor are we able to develop an estimate of the maximum potential amount of future payments to be made under these guarantees as the triggering events are not subject to predictability. With respect to certain of the aforementioned guarantees, such as indemnifications provided to landlords against third-party claims for the use of real estate property leased by us, we maintains insurance coverage that mitigates our potential exposure.

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

Cash Dividend Payments

During 2022, 2021 and 2020, we did not declare or pay any cash dividends. Our ability to pay dividends to holders of our common stock is limited by our senior credit facility, the indentures governing our senior notes and our vehicle financing programs.

Share Repurchases

As of December 31, 2022, our Board of Directors authorized the repurchase of up to approximately $7.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded. During 2022, 2021 and 2020, we repurchased approximately 36 million shares of common stock at a cost of approximately $4.8 billion under the program. As of December 31, 2022, approximately $691 million of authorization remained available to repurchase common stock under this plan.

Share Issuances

On February 10, 2020, we announced we had appointed a new Chairman of the Board of Directors and in connection with this appointment, the new Chairman purchased an aggregate $15 million of unregistered shares of our common stock at a price per share equal to the closing price of our common stock on February 7, 2020. We issued the common stock from treasury shares.

Accumulated Other Comprehensive Income (Loss)

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


	Currency Translation Adjustments (a)		Net Unrealized Gains (Losses) on Cash Flow Hedges (b)		Minimum Pension Liability Adjustment (c)		Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2020	$	9	$	(20)	$	(146)	$	(157)
Other comprehensive income (loss) before reclassifications	33		(39)		(36)		(42)
Amounts reclassified from accumulated other comprehensive income (loss)	(2)		8		6		12
Net current-period other comprehensive income (loss)	31		(31)		(30)		(30)
Balance, December 31, 2020	40		(51)		(176)		(187)


Other comprehensive income (loss) before reclassifications	(35)		18		39		22
Amounts reclassified from accumulated other comprehensive income (loss)	11		14		7		32
Net current-period other comprehensive income (loss)	(24)		32		46		54
Balance, December 31, 2021	16		(19)		(130)		(133)
Other comprehensive income (loss) before reclassifications	(46)		57		11		22
Amounts reclassified from accumulated other comprehensive income (loss)	—		7		3		10
Net current-period other comprehensive income (loss)	(46)		64		14		32
Balance, December 31, 2022	$	(30)	$	45	$	(116)	$	(101)

__________

All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries (see Note 9 – Income Taxes for impacts of the Tax Act) and include a $114 million gain, net of tax, related to our hedge of our investment in euro-denominated foreign operations (See Note 20 – Financial Instruments).

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

(b)For the years ended December 31, 2022, 2021 and 2020, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $9 million ($7 million, net of tax), $17 million ($12 million, net of tax) and $9 million ($6 million, net of tax), respectively. For the years ended December 31, 2021 and 2020, the amounts reclassified from accumulated other comprehensive income (loss) into vehicle interest expense were $2 million ($2 million, net of tax).

(c)For the years ended December 31, 2022, 2021 and 2020, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $5 million ($3 million, net of tax), $9 million ($7 million, net of tax) and $9 million ($6 million, net of tax), respectively.

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

Share-Based Payment Arrangement [Abstract]

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	SRS Mobility Ventures, LLC 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 Statements of Operations 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 year ended December 31, 2022. We provide vehicles and related fleet services to AMV, as well as certain administrative services to support their operations. For the year ended December 31, 2022, we recognized $7 million of income related to these services within other (income) expense, net. At December 31, 2022, we had receivables from AMV of $6 million and a net investment in vehicle finance leases of $36 million. The carrying amount of our equity investment was approximately $49 million at December 31, 2022 and is recorded within other non-current assets in our Consolidated Balance Sheet. For the year ended December 31, 2022, we recorded losses of $10 million within other (income) expense, net related to our equity investment. SRS Investment Management LLC On December 23, 2022, we also entered into an amended and restated cooperation agreement with SRS Investment Management LLC and certain of its affiliates.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Stock-Based Compensation

Our Amended and Restated Equity and Incentive Plan provides for the grant of options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”) and other stock- or cash-based awards to employees, directors and other individuals who perform services for us and our subsidiaries. The maximum number of shares reserved for grant of awards under the plan is 22.5 million, with approximately 4.1 million shares available as of December 31, 2022. We typically settle stock-based awards with treasury shares.

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

Stock Unit Awards

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

In June 2020, we granted market-based RSUs that vest based on absolute stock price attainment. The grant date fair value of this award is estimated using a Monte Carlo simulation model. The weighted average assumptions used in the model are outlined in the table below. During the years ended December 31, 2022 and 2021, we did not issue any stock unit awards containing a market condition.


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

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


			Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Time-based RSUs
	Outstanding at January 1, 2022		671	$	39.39
		Granted (a)	180	172.34
		Vested (b)	(360)	37.35
		Forfeited	(40)	61.80
	Outstanding and expected to vest at December 31, 2022 (c)		451	$	92.06	1.1	$	74
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	(40)	49.75
	Outstanding at December 31, 2022		691	$	57.56	0.9	$	113
	Outstanding and expected to vest at December 31, 2022 (c)		683	$	55.99	0.9	$	112

__________

(a)Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors, which are discussed separately below. The weighted-average fair value of time-based RSUs, and performance-based and market-based RSUs granted in 2021 was $65.23 and $62.27, respectively, and the weighted-average fair value of time-based RSUs and performance-based RSUs granted in 2020 was $23.14 and $21.06, respectively.

(b)The total fair value of RSUs vested during 2022, 2021 and 2020 was $22 million, $17 million and $19 million, respectively.

(c)Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $49 million and will be recognized over a weighted average vesting period of 1.0 year.

Non-employee Directors Deferred Compensation Plan

We grant stock awards on an annual basis to non-employee directors representing between 50% and 100% of a director’s annual compensation and such awards could be deferred under the Non-employee Directors Deferred Compensation Plan. During 2022, 2021 and 2020, we granted 2,500, 8,800 and 34,000 awards, respectively, to non-employee directors.

Stock-Compensation Expense

During 2022, 2021 and 2020, we recorded stock-based compensation expense of $25 million ($17 million, net of tax), $30 million ($21 million, net of tax) and $9 million ($7 million, net of tax), respectively.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

Defined Contribution Savings Plans

We sponsor several defined contribution savings plans in the United States and certain foreign subsidiaries that provide certain of our eligible employees an opportunity to accumulate funds for retirement. We match portions of the contributions of participating employees on the basis specified by the plans. Our contributions to these plans were $26 million, $22 million and $23 million during 2022, 2021 and 2020, respectively.

Defined Benefit Pension Plans

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

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

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


	Year Ended December 31,
	2022		2021		2020
Service cost (a)	$	5	$	6	$	5
Interest cost (b)	16		12		17
Expected return on plan assets (b)	(37)		(35)		(31)
Amortization of unrecognized amounts (b)	5		9		9
Net periodic (benefit) cost	$	(11)	$	(8)	$	—

__________

(a)For the years ended December 31, 2022, 2021, and 2020, $4 million was included in operating expenses, in each period, and $1 million, $2 million and $1 million was included in selling, general and administrative expenses, respectively.

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

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


	As of December 31,
Change in Benefit Obligation	2022		2021
Benefit obligation at end of prior year	$	881	$	926
Service cost	5		6
Interest cost	16		12
Actuarial (gain) loss	(247)		(17)
Plan amendments	(1)		(3)
Currency translation adjustment	(51)		(12)
Net benefits paid	(28)		(31)
Benefit obligation at end of current year	$	575	$	881

Change in Plan Assets
Fair value of assets at end of prior year	$	772	$	722
Actual return on plan assets	(196)		71
Employer contributions	12		16
Currency translation adjustment	(46)		(5)
Net benefits paid	(28)		(32)
Fair value of assets at end of current year	$	514	$	772

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


	As of December 31,
Funded Status	2022		2021
Classification of net balance sheet assets (liabilities):
Non-current assets	$	36	$	50
Current liabilities	(4)		(5)
Non-current liabilities	(93)		(154)
Net funded status	$	(61)	$	(109)

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


		For the Year Ended December 31,
U.S. Pension Benefit Plans		2022		2021		2020
Discount rate:
	Net periodic benefit cost	2.67	%	2.25	%	3.10	%
	Benefit obligation	5.18	%	2.67	%	2.25	%
Long-term rate of return on plan assets		6.25	%	6.75	%	7.00	%

Non-U.S. Pension Benefit Plans
Discount rate:
	Net periodic benefit cost	1.83	%	1.40	%	1.95	%
	Benefit obligation	4.79	%	1.83	%	1.40	%
Long-term rate of return on plan assets		4.39	%	3.71	%	3.80	%

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

Our expected rate of return on plan assets of 6.25% and 4.39% for the U.S. plans and non-U.S. plans, respectively, used to determine pension obligations and pension costs, are long-term rates based on historic plan asset returns in individual jurisdictions, over varying long-term periods combined with current market expectations and broad asset mix considerations.

As of December 31, 2022 and 2021, plans with projected benefit obligations in excess of plan assets had projected benefit obligations of $332 million and $453 million, respectively, and plan assets of $235 million and $297 million, respectively. As of December 31, 2022 and 2021, plans with accumulated benefit obligations in excess of plan assets had accumulated benefit obligations of $329 million and $453 million, respectively, and plan assets of $235 million and $303 million, respectively. The accumulated benefit obligation for all plans was $571 million and $872 million as of December 31, 2022 and 2021, respectively. We expect to contribute approximately $1 million to the plans in 2023.

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

The defined benefit pension plans’ investment goals and objectives are managed by us or Company-appointed and member-appointed trustees with consultation from independent investment advisors. While the objectives may vary slightly by country and jurisdiction, collectively we seek to produce returns on pension plan investments, which are based on levels of liquidity and investment risk that we believe are prudent and reasonable, given prevailing capital market conditions. The pension plans’ assets are managed in the long-term interests of the participants and the beneficiaries of the plans. A suitable strategic asset

allocation benchmark is determined for each plan to maintain a diversified portfolio, taking into account government requirements, if any, regarding unnecessary investment risk and protection of pension plans’ assets. We believe that diversification of the pension plans’ assets is an important investment strategy to provide reasonable assurance that no single security or class of securities will have a disproportionate impact on the pension plans. As such, we allocate assets among traditional equity, fixed income (government issued securities, corporate bonds and short-term cash investments) and other investment strategies.

The equity component’s purpose is to provide a total return that will help preserve the purchasing power of the assets. The pension plans hold various mutual funds that invest in equity securities and are diversified among funds that invest in large cap, small cap, growth, value and international stocks as well as funds that are intended to “track” an index, such as the S&P 500. The equity investments in the portfolios will represent a greater assumption of market volatility and risk as well as provide higher anticipated total return over the long term. The equity component is expected to approximate 35%-55% of the plans’ assets.

The purpose of the fixed income component is to provide a deflation hedge, to reduce the overall volatility of the pension plans’ assets in relation to the liability and to produce current income. The pension plans hold mutual funds that invest in securities issued by governments, government agencies and corporations. The fixed income component is expected to approximate 35%-55% of the plans’ assets.

The purpose of the alternative investment component is to provide diversification and risk reduction through less correlated investment strategies with the goal of enhanced returns and downside protection. Alternative strategies will not be used if they are designed solely to enhance return and/or employ significant leverage. Diversification of asset categories, investment styles and managers is central to managing investment risk. The alternative investment component is expected to approximate 5%-15% of the plans’ assets.

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


	As of December 31, 2022
Asset Class	Level 1		Level 2		Level 3		Total
Cash equivalents and short-term investments	$	18	$	6	$	—	$	24
U.S. equities	69		19		—		88
Non-U.S. equities	39		30		—		69

Government bonds	—		2		—		2
Corporate bonds	126		48		—		174
Other assets	2		101		54		157
Total assets	$	254	$	206	$	54	$	514

__________

For the year ended December 31, 2022, we purchased and classified $54 million of investments as Level 3.


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

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

__________

For the year ended December 31, 2021, we purchased and classified $46 million of investments as Level 3.

We estimate that future benefit payments from plan assets will be $30 million, $31 million, $32 million, $33 million, $34 million and $183 million for 2023, 2024, 2025, 2026, 2027 and 2028 to 2032, respectively.

Multiemployer Plans

We contribute to a number of multiemployer plans under the terms of collective-bargaining agreements that cover a portion of our employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: (i) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (ii) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; (iii) if we elect to stop participating in a multiemployer plan, we may be required to contribute to such plan an amount based on the under-funded status of the plan; and (iv) we have no involvement in the management of the multiemployer plans’ investments. For the year ended December 31, 2022, we contributed $8 million and for the years ended December 31, 2021 and 2020, we contributed $7 million, in each period, to multiemployer plans.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

12 Months Ended

Dec. 31, 2022

Financial Instruments

Risk Management

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 $16 million of gain 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.

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

There were no significant concentrations of credit risk with any individual counterparty or groups of counterparties at December 31, 2022 or 2021, other than (i) risks related to our repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers, and primarily with respect to

receivables for program cars that were disposed but for which we have not yet received payment from the manufacturers (see Note 2 – Summary of Significant Accounting Policies), (ii) receivables from Realogy and Wyndham related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition and (iii) risks related to leases which have been assumed by Realogy but of which we are a guarantor. Concentrations of credit risk associated with trade receivables are considered minimal due to our diverse customer base. We do not normally require collateral or other security to support credit sales.

Fair Value

Derivative instruments and hedging activities

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


	As of December 31,
	2022		2021
Foreign exchange contracts	$	1,160	$	1,655
Interest rate caps (a)	14,219		11,900
Interest rate swaps	1,450		1,450

__________

(a)Represents $9.8 billion of interest rate caps sold, partially offset by approximately $4.4 billion of interest rate caps purchased at December 31, 2022 and $7.2 billion of interest rate caps sold, partially offset by approximately $4.7 billion of interest rate caps purchased at December 31, 2021. These amounts exclude $6.2 billion and $3.0 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary at December 31, 2022 and 2021, respectively.

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


		As of December 31, 2022				As of December 31, 2021
		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives
Derivatives designated as hedging instruments
	Interest rate swaps (a)	$	61	$	—	$	2	$	27
Derivatives not designated as hedging instruments
	Foreign exchange contracts (b)	4		6		7		10
	Interest rate caps (c)	46		111		11		15

	Total	$	111	$	117	$	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 16 – 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 Financial Statements are as follows:


		Year Ended December 31,
		2022		2021		2020
Financial instruments designated as hedging instruments (a)
	Interest rate swaps (b)	$	64	$	32	$	(31)
	Euro-denominated notes (c)	44		56		(67)
Financial instruments not designated as hedging instruments (d)
	Foreign exchange contracts (e)	36		(3)		(5)
	Interest rate caps (f)	(1)		(1)		—
	Commodity contracts (g)	—		—		(6)
Total		$	143	$	84	$	(109)

__________

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

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

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

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

(e)For the year ended December 31, 2022, included a $39 million gain in interest expense and a $3 million loss in operating expenses. For the year ended December 31, 2021, included a $2 million loss in interest expense and a $1 million loss in operating expenses. For the year ended December 31, 2020, included a $3 million loss in interest expense and a $2 million loss in operating expenses.

(f)Primarily included in vehicle interest, net.

(g)Included in operating expenses.

Debt Instruments

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


		As of December 31, 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	4,644		4,411		3,990		4,153

Debt under vehicle programs
	Vehicle-backed debt due to Avis Budget Rental Car Funding	$	11,275	$	10,848	$	8,848	$	9,009
	Vehicle-backed debt	2,423		2,422		2,528		2,559
	Interest rate swaps and interest rate caps (a)	111		111		14		14

___________

(a)Derivatives in liability position.

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

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

Management evaluates the operating results of each of our reportable segments based upon revenues and “Adjusted EBITDA,” which we define as income 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 fees; COVID-19 charges, net; other (income)

expense, net; and income taxes.

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. We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

Year Ended December 31, 2022


	Americas		International		Corporate and Other (a)		Total
Revenues	$	9,474	$	2,520	$	—	$	11,994
Vehicle depreciation and lease charges, net	414		414		—		828
Vehicle interest, net	348		54		—		402
Adjusted EBITDA	3,660		560		(87)		4,133
Non-vehicle depreciation and amortization	141		66		18		225
Assets exclusive of assets under vehicle programs	5,798		2,402		299		8,499
Assets under vehicle programs	14,269		3,159		—		17,428
Capital expenditures (excluding vehicles)	117		33		96		246

__________

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

Year Ended December 31, 2021


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

__________

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

Year Ended December 31, 2020


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

__________

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

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


		For the Year Ended December 31,
		2022		2021		2020
Adjusted EBITDA		$	4,133	$	2,411	$	(175)
Less:
	Non-vehicle related depreciation and amortization (a)	235		279		286
	Interest expense related to corporate debt, net
	Interest expense	250		218		231
	Early extinguishment of debt	—		136		9
	COVID-19 charges (b)	(9)		(2)		122
	Restructuring and other related charges	19		64		118
	Non-operational charges related to shareholder activist activity (c)	—		3		8
	Unprecedented personal-injury and other legal matters, net (d)	1		—		4
	Transaction-related costs, net	8		5		3

	Other (income) expense, net	(7)		—		—
Income (loss) before income taxes		$	3,636	$	1,708	$	(956)

__________

(a) Includes amortization of intangible assets recognized in purchase accounting of $43 million in 2022, $66 million in 2021 and $66 million in 2020. Includes operating expenses in our Consolidated Statements of Operations related to cloud computing costs of $10 million and $7 million in 2022 and 2021, respectively.

(b) 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)	$	(2)
Vehicles damaged in overflow parking lots, net of insurance proceeds	—		(7)

Other charges	—		7

Operating expenses	$	(9)	$	(3)

Selling, general and administrative expenses	—		1
COVID-19 charges, net	$	(9)	$	(2)

(d) Reported within operating expenses on our Consolidated Statements of Operations.

The geographic segment information provided below is classified based on the geographic location of our subsidiaries.


	United States		All Other Countries		Total
2022
Revenues	$	8,975	$	3,019	$	11,994
Assets exclusive of assets under vehicle programs	5,622		2,877		8,499
Assets under vehicle programs	13,514		3,914		17,428
Net long-lived assets	1,386		944		2,330

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

2020
Revenues	$	3,758	$	1,644	$	5,402
Assets exclusive of assets under vehicle programs	5,262		3,103		8,365
Assets under vehicle programs	6,797		2,376		9,173
Net long-lived assets	1,421		1,147		2,568

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

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

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

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In January 2023, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $850 million of asset-backed notes to investors with a weighted average interest rate of 5.34%. In February 2023, our Board of Directors approved a $1 billion increase in repurchase authorization to our Stock Repurchase Program.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

Valuation and Qualifying Accounts

Schedule II – Valuation and Qualifying Accounts

(in millions)


Description	Balance at Beginning of Period		Expense (Benefit)		Other Adjustments(a)		Deductions		Balance at End of Period
Allowance for Doubtful Accounts:
Year Ended December 31,
2022	$	84	$	91	$	(3)	$	(86)	$	86
2021	60		107		(2)		(81)		84
2020	52		73		3		(68)		60

Tax Valuation Allowance:
Year Ended December 31,
2022	$	169	$	(63)	$	(3)	$	—	$	103
2021	207		(35)		(3)		—		169
2020	214		(1)		(6)		—		207

__________

(a)Primarily currency translation adjustments.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying Consolidated Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, “we”, “our”, “us”, or the “Company”).

We operate the following reportable business segments:

•Americas - consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly.

•International - consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly.

We have completed the business acquisitions discussed in Note 6 – Acquisitions to these Consolidated Financial Statements. The operating results of the acquired businesses are included in the accompanying Consolidated Financial Statements from the dates of acquisition.

We present separately the financial data of our vehicle programs. These programs are distinct from our other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.

Principles of Consolidation

Principles of ConsolidationThe Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of our and all entities in which we have a direct or indirect controlling financial interest and variable interest entities for which we have determined we are the primary beneficiary. We consolidate joint venture activities when we have 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. Intercompany transactions have been eliminated in consolidation.

Use of Estimates and Assumptions

Revenue Recognition and Deferred Revenue

Revenue Recognition

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

Currency Translation

Currency Transactions

Cash and Cash Equivalents, Program Cash and Restricted Cash

Cash and Cash Equivalents, Program Cash and Restricted CashWe consider highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Program cash primarily represents amounts specifically designated to purchase assets under vehicle programs and/or to repay the related debt, as such we consider it a restricted cash equivalent.

Property and Equipment


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

Goodwill and Other Intangible Assets

Impairment of Long-Lived Assets

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

Vehicles

vehicle depreciation at the time of sale.

Advertising Expenses

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

Taxes

Fair Value Measurements

Derivative Instruments

Self-Insurance Reserves

Self-Insurance ReservesSuch liabilities relate primarily to public liability and third-party property damage claims, as well as claims arising from the sale of ancillary insurance products including, but not limited to, supplemental liability, personal effects protection and personal accident insurance. These obligations represent an estimate for both reported claims not yet paid and claims incurred but not yet reported. The estimated reserve requirements for such claims are recorded on an undiscounted basis utilizing actuarial methodologies and various assumptions which include, but are not limited to, our historical loss experience and projected loss development factors. The required liability is also subject to adjustment in the future based upon changes in claims experience, including changes in the number of incidents for which we are ultimately liable and changes in the cost per incident. These amounts are included within accounts payable and other current liabilities and other non-current liabilities.The liabilities represent an estimate for both reported claims not yet paid and claims incurred but not yet reported, utilizing actuarial methodologies similar to those described above. These amounts are included within accounts payable and other current liabilities and other non-current liabilities.

Share-based Compensation

Stock-Based Compensation

time of grant and, since we do not currently pay or plan to pay a dividend on our common stock, the expected dividend yield was zero.

Business Combinations

Transaction-related Costs, net

Investments

InvestmentsWe account for investments for which we have the ability to exercise significant influence, but do not have a controlling interest, using the equity method of accounting and record our proportional share of net income or loss within operating expenses in the Consolidated Statements of Operations. We assess equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Any difference between the carrying value of the equity method investment and its estimated fair value is recognized as an impairment charge if the loss in value is deemed other than temporary

Variable Interest Entity (“VIE”)

Nonmarketable Equity Securities

Recently Issued Accounting Pronouncements

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

Reference Rate Reform

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

The following table presents our revenues disaggregated by geography:


	Year Ended December 31,
	2022		2021		2020
Americas	$	9,474	$	7,557	$	3,965
Europe, Middle East and Africa	1,927		1,400		1,127
Asia and Australasia	593		356		310
Total revenues	$	11,994	$	9,313	$	5,402

The following table presents our revenues disaggregated by brand:


	Year Ended December 31,
	2022		2021		2020
Avis	$	6,519	$	4,894	$	2,961
Budget	4,701		3,715		1,908
Other	774		704		533
Total revenues	$	11,994	$	9,313	$	5,402

________

Other includes Zipcar and other operating brands.

Schedule of Changes in Deferred Revenue

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


	Year Ended December 31,
	2022		2021
Balance, January 1	$	50	$	34
Revenue deferred	52		49
Revenue recognized	(41)		(33)
Balance, December 31	$	61	$	50

_______

Schedule of Cash and Cash Equivalents

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


	As of December 31,
	2022		2021
Cash and cash equivalents	$	570	$	534
Program cash	70		89
Restricted cash (a)	2		3
Total cash and cash equivalents, program and restricted cash	$	642	$	626

_________

(a)Included within other current assets.

Schedule of Restrictions on Cash and Cash Equivalents


	As of December 31,
	2022		2021
Cash and cash equivalents	$	570	$	534
Program cash	70		89
Restricted cash (a)	2		3
Total cash and cash equivalents, program and restricted cash	$	642	$	626

_________

(a)Included within other current assets.

Schedule of Property and Equipment, Net

Useful lives are as follows:


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

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


	As of December 31,
	2022		2021
Rental vehicles	$	17,819	$	14,612
Less: Accumulated depreciation	(2,211)		(1,911)
	15,608		12,701
Vehicles held for sale	317		165
Vehicles, net investment in lease(a)	36		—
Vehicles, net	$	15,961	$	12,866

_______

(a)See Note 17 – Related Party Transactions

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


	Year Ended December 31,
	2022		2021		2020
Depreciation expense	$	1,709	$	1,402	$	1,330
Lease charges	138		156		195
(Gain) loss on sale of vehicles, net	(1,019)		(361)		(157)
Vehicle depreciation and lease charges, net	$	828	$	1,197	$	1,368

Property and equipment, net consisted of:


	As of December 31,
	2022		2021
Land	$	59	$	50
Buildings and leasehold improvements	507		525
Capitalized software	906		932
Furniture, fixtures and equipment	382		426
Projects in process	89		84
Buses and support vehicles	90		80
	2,033		2,097
Less: Accumulated depreciation and amortization	(1,439)		(1,560)
Property and equipment, net	$	594	$	537

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Operating Lease, Lease Income

The following table presents our lease revenues disaggregated by geography:


	Year Ended December 31,
	2022		2021		2020
Americas	$	9,401	$	7,501	$	3,864
Europe, Middle East and Africa	1,852		1,343		1,080
Asia and Australasia	576		342		299
Total lease revenues	$	11,829	$	9,186	$	5,243

The following table presents our lease revenues disaggregated by brand:


	Year Ended December 31,
	2022		2021		2020
Avis	$	6,420	$	4,828	$	2,851
Budget	4,650		3,674		1,878
Other	759		684		514
Total lease revenues	$	11,829	$	9,186	$	5,243

________

Other includes Zipcar and other operating brands.

Schedule of The Components of Lease Expense

The components of lease expense are as follows:


	Year Ended December 31,
	2022		2021		2020
Property leases (a)
Operating lease expense	$	703	$	561	$	575
Variable lease expense	520		433		152
Sublease income	(5)		(6)		(6)
Total property lease expense	$	1,218	$	988	$	721

Vehicle leases
Finance lease expense:
Amortization of ROU assets (b)	$	29	$	37	$	33
Interest on lease liabilities (c)	3		4		3
Operating lease expense (b)	138		156		195
Total vehicle lease expense	$	170	$	197	$	231

__________

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

Supplemental cash flow information related to leases is as follows:


	Year Ended December 31,
	2022		2021		2020
Cash payments for lease liabilities within operating activities:
Property operating leases	$	743	$	639	$	740
Vehicle finance leases	3		4		3
Vehicle operating leases	137		162		196
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	181		193		294
Non-cash activities - increase in ROU assets in exchange for lease liabilities:
Property operating leases	812		484		666
Vehicle finance leases	153		223		257
Vehicle operating leases	161		115		111

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:


	As of December 31,
	2022			2021
Property leases
Operating lease ROU assets	$	2,405		$	2,368

Short-term operating lease liabilities (a)	$	555		$	496
Long-term operating lease liabilities	1,884			1,910
Operating lease liabilities	$	2,439		$	2,406

Weighted average remaining lease term	8.2 years			8.8 years
Weighted average discount rate	4.30		%	3.84		%

Vehicle leases
Finance
Finance lease ROU assets, gross	$	267		$	353
Accumulated amortization	(45)			(72)
Finance lease ROU assets, net (b)	$	222		$	281

Short-term vehicle finance lease liabilities	$	44		$	126
Long-term vehicle finance lease liabilities	132			116
Vehicle finance lease liabilities (c)	$	176		$	242

Weighted average remaining lease term	2.0 years			2.2 years
Weighted average discount rate	1.82		%	1.97		%

Operating
Vehicle operating lease ROU assets (d)	$	86		$	63

Short-term vehicle operating lease liabilities	$	64		$	50
Long-term vehicle operating lease liabilities	22			14
Vehicle operating lease liabilities (e)	$	86		$	64

Weighted average remaining lease term	1.4 years			1.3 years
Weighted average discount rate	4.86		%	2.66		%

_________

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

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

(d) Included in receivables from vehicle manufacturers and other within assets under vehicle programs.

(e) Included in other within liabilities under vehicle programs.

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2022 are as follows:


	Property Operating Leases		Vehicle Finance Leases		Vehicle Operating Leases
Within 1 year	$	646	$	44	$	64
Between 1 and 2 years	441		4		18
Between 2 and 3 years	345		128		6
Between 3 and 4 years	286		—		1
Between 4 and 5 years	234		—		—
Thereafter	967		—		—
Total lease payments	2,919		176		89
Less: Imputed interest	(480)		—		(3)
Total	$	2,439	$	176	$	86

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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):


		Year Ended December 31,
		2022		2021		2020
Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS		$	2,764	$	1,285	$	(684)

Basic weighted average shares outstanding		47.3		64.9		70.5
Options and non-vested stock		1.1		1.2		—
Diluted weighted average shares outstanding		$	48.4	$	66.1	$	70.5

Earnings (loss) per share:
	Basic	$	58.41	$	19.79	$	(9.71)
	Diluted	$	57.16	$	19.44	$	(9.71)

Schedule of Outstanding Common Stock Equivalents That Were Anti-Dilutive

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


	As of December 31,
	2022	2021	2020
Non-vested stock (a)	0.2	—	1.2

__________

(a)The weighted average grant date fair value for anti-dilutive non-vested stock for 2022 and 2020 was $177.70 and $26.20, respectively.

Restructuring and Other Related Charges (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Schedule of Changes to Restructuring-Related Liabilities


	Personnel Related		Facility Related		Other (a)		Total
Balance at January 1, 2020	$	3	$	1	$	2	$	6
Restructuring expense:
2020 Optimization	73		3		3		79
Brazil	1		1		(2)		—
T19	—		—		14		14
Restructuring payment/utilization:
2020 Optimization	(68)		(2)		(1)		(71)
Brazil	—		(1)		2		1
T19	(5)		—		(15)		(20)
Balance as of December 31, 2020	$	4	$	2	$	3	$	9
Restructuring expense:
T21	26		4		2		32
T19	—		—		(2)		(2)
Restructuring payment/utilization:
T21	(17)		(4)		(4)		(25)
2020 Optimization	(5)		—		—		(5)
T19	(1)		—		2		1
Balance as of December 31, 2021	$	7	$	2	$	1	$	10
Restructuring expense:
Cost Optimization	9		—		—		9
T21	3		—		—		3
Brazil	—		—		1		1
Restructuring payment/utilization:
Cost Optimization	(6)		—		(1)		(7)
T21	(8)		(1)		—		(9)
2020 Optimization	(1)		—		—		(1)
Brazil	—		—		(1)		(1)
T19	—		(1)		—		(1)
Balance as of December 31, 2022	$	4	$	—	$	—	$	4

__________

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


	Americas		International		Total
Balance at January 1, 2020	$	2	$	4	$	6
Restructuring expense:
2020 Optimization	31		48		79
T19	14		—		14
Restructuring payment/utilization:
2020 Optimization	(29)		(42)		(71)
Brazil	1		—		1
T19	(16)		(4)		(20)
Balance as of December 31, 2020	3		6		9
Restructuring expense:
T21	5		27		32
T19	(2)		—		(2)
Restructuring payment/utilization:
T21	(4)		(21)		(25)
2020 Optimization	(2)		(3)		(5)
T19	2		(1)		1
Balance as of December 31, 2021	2		8		10
Restructuring expense:
Cost Optimization	2		7		9
T21	1		2		3
Brazil	1		—		1
Restructuring payment/utilization:
Cost Optimization	(2)		(5)		(7)
T21	(2)		(7)		(9)
2020 Optimization	—		(1)		(1)
Brazil	(1)		—		(1)
T19	—		(1)		(1)
Balance as of December 31, 2022	$	1	$	3	$	4

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of:


	As of December 31, 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 (a)	$	290	$	217	$	73	$	298	$	193	$	105
Customer relationships (b)	247		207		40		257		204		53
Other (c)	48		39		9		51		36		15
	$	585	$	463	$	122	$	606	$	433	$	173

Unamortized Intangible Assets
Goodwill	$	1,070					$	1,108
Trademarks	$	544					$	551

_________

(a)Primarily amortized over a period ranging from 0 to 40 years with a weighted average life of 16 years.

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

(c)Primarily amortized over a period ranging from 2 to 10 years with a weighted average life of 9 years.

Schedule of Intangible Assets Amortization Expense

Amortization expense relating to all intangible assets was as follows:


	Year Ended December 31,
	2022		2021		2020
License agreements	$	29	$	47	$	37
Customer relationships	10		14		23
Other	5		6		5
Total	$	44	$	67	$	65

Schedule of Goodwill

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


		Americas		International		Total Company
Goodwill as of January 1, 2021		$	2,140	$	1,115	$	3,255
	Accumulated impairment losses as of January 1, 2021	(1,587)		(531)		(2,118)
Goodwill as of January 1, 2021		553		584		1,137
	Currency translation adjustments and other	—		(29)		(29)
Goodwill as of December 31, 2021		553		555		1,108
	Currency translation adjustments and other	(3)		(35)		(38)
Goodwill as of December 31, 2022		$	550	$	520	$	1,070

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Vehicle Rental Activities (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Property and Equipment, Net

Useful lives are as follows:


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

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


	As of December 31,
	2022		2021
Rental vehicles	$	17,819	$	14,612
Less: Accumulated depreciation	(2,211)		(1,911)
	15,608		12,701
Vehicles held for sale	317		165
Vehicles, net investment in lease(a)	36		—
Vehicles, net	$	15,961	$	12,866

_______

(a)See Note 17 – Related Party Transactions

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


	Year Ended December 31,
	2022		2021		2020
Depreciation expense	$	1,709	$	1,402	$	1,330
Lease charges	138		156		195
(Gain) loss on sale of vehicles, net	(1,019)		(361)		(157)
Vehicle depreciation and lease charges, net	$	828	$	1,197	$	1,368

Property and equipment, net consisted of:


	As of December 31,
	2022		2021
Land	$	59	$	50
Buildings and leasehold improvements	507		525
Capitalized software	906		932
Furniture, fixtures and equipment	382		426
Projects in process	89		84
Buses and support vehicles	90		80
	2,033		2,097
Less: Accumulated depreciation and amortization	(1,439)		(1,560)
Property and equipment, net	$	594	$	537

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Provision for (Benefit From) Income Taxes

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


		Year Ended December 31,
		2022		2021		2020
Current
	Federal	$	—	$	—	$	(5)
	State	137		35		21
	Foreign	61		12		29
	Current income tax provision	198		47		45

Deferred
	Federal	622		309		(104)
	State	(22)		78		(90)
	Foreign	82		(9)		(123)
	Deferred income tax provision (benefit)	682		378		(317)
Provision for (benefit from) income taxes		$	880	$	425	$	(272)

Schedule of Pretax Income (Loss) for Domestic and Foreign Operations

Income (loss) before income taxes is comprised of the following:


	Year Ended December 31,
	2022		2021		2020
United States	$	3,114	$	1,529	$	(590)
Foreign	522		179		(366)
Income (loss) before income taxes	$	3,636	$	1,708	$	(956)

Schedule of Deferred Income Tax Assets and Liabilities

Deferred income tax assets, net is comprised of the following:


		As of December 31,
		2022		2021
Deferred income tax assets:
	Net tax loss carryforwards	$	1,109	$	1,480
	Long-term operating lease liabilities	666		625
	Accrued liabilities and deferred revenue	231		272
	Tax credits	38		11
	Depreciation and amortization	25		19

	Provision for doubtful accounts	19		18


	Other	167		100
	Valuation allowance (a)	(101)		(167)
Deferred income tax assets		2,154		2,358

Deferred income tax liabilities:
	Operating lease right-of-use assets	657		614
	Depreciation and amortization	90		102
	Prepaid expenses	24		23
	Other	4		4
Deferred income tax liabilities		775		743
Deferred income tax assets, net		$	1,379	$	1,615

__________

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


	As of December 31,
	2022		2021
Deferred income tax assets:
Depreciation and amortization	$	63	$	80
Other	22		19
Deferred income tax assets	85		99

Deferred income tax liabilities:
Depreciation and amortization	2,815		2,321
Other	24		20
Deferred income tax liabilities	2,839		2,341
Deferred income tax liabilities under vehicle programs, net	$	2,754	$	2,242

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

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


		Year Ended December 31,
		2022		2021		2020
U.S. federal statutory rate		21.0	%	21.0	%	21.0	%
Adjustments to reconcile to the effective rate:
	State and local income taxes, net of federal tax benefits	3.9		5.5		4.8
	Changes in valuation allowances	(1.3)		(0.6)		—
	Taxes on foreign operations at rates different than U.S. federal statutory rates	1.2		(2.0)		3.1


	Stock-based compensation	(0.5)		(0.3)		(0.1)


	Other non-deductible (non-taxable) items	0.4		0.6		(0.4)
	Other	(0.5)		0.7		—
		24.2	%	24.9	%	28.4	%

Schedule of Changes in Gross Unrecognized Tax Benefits

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


		2022		2021		2020
Balance, January 1		$	58	$	57	$	54
	Additions for tax positions related to current year	4		4		4
	Additions for tax positions for prior years	3		3		—
	Reductions for tax positions for prior years	(5)		(3)		(1)
	Settlements	(5)		—		(3)

	Foreign currency translation	(2)		(3)		3
Balance, December 31		$	53	$	58	$	57

Schedule of Unrecognized Tax Benefits

The following table presents unrecognized tax benefits:


	As of December 31,
	2022		2021
Unrecognized tax benefit in non-current income taxes payable (a)	$	33	$	30
Accrued interest payable on potential tax liabilities (b)	31		29

__________

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2022

Assets, Current [Abstract]

Schedule of Other Current Assets

Other current assets consisted of:


	As of December 31,
	2022		2021
Prepaid expenses	$	252	$	205
Sales and use taxes	142		238
Other	112		95
Other current assets	$	506	$	538

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Property and Equipment, Net

Useful lives are as follows:


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

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


	As of December 31,
	2022		2021
Rental vehicles	$	17,819	$	14,612
Less: Accumulated depreciation	(2,211)		(1,911)
	15,608		12,701
Vehicles held for sale	317		165
Vehicles, net investment in lease(a)	36		—
Vehicles, net	$	15,961	$	12,866

_______

(a)See Note 17 – Related Party Transactions

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


	Year Ended December 31,
	2022		2021		2020
Depreciation expense	$	1,709	$	1,402	$	1,330
Lease charges	138		156		195
(Gain) loss on sale of vehicles, net	(1,019)		(361)		(157)
Vehicle depreciation and lease charges, net	$	828	$	1,197	$	1,368

Property and equipment, net consisted of:


	As of December 31,
	2022		2021
Land	$	59	$	50
Buildings and leasehold improvements	507		525
Capitalized software	906		932
Furniture, fixtures and equipment	382		426
Projects in process	89		84
Buses and support vehicles	90		80
	2,033		2,097
Less: Accumulated depreciation and amortization	(1,439)		(1,560)
Property and equipment, net	$	594	$	537

Accounts Payable and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and other current liabilities consisted of:


	As of December 31,
	2022		2021
Short-term operating lease liabilities	$	555	$	496
Accounts payable	466		407
Accrued advertising and marketing	268		218
Accrued sales and use taxes	246		313
Accrued payroll and related	205		193
Deferred lease revenues – current	188		185
Public liability and property damage insurance liabilities – current	174		159

Other	445		418
Accounts payable and other current liabilities	$	2,547	$	2,389

Long-term Corporate Debt and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Long-term Debt Instruments

Long-term debt and other borrowing arrangements consisted of:


	Maturity Date	As of December 31,
		2022		2021

4.125% euro-denominated Senior Notes	November 2024	$	321	$	341

4.500% euro-denominated Senior Notes	May 2025	268		284

4.750% euro-denominated Senior Notes	January 2026	375		398
5.750% Senior Notes	July 2027	732		728
4.750% Senior Notes	April 2028	500		500
5.375% Senior Notes	March 2029	600		600
Floating Rate Term Loan (a)	August 2027	1,176		1,187
Floating Rate Term Loan (a)	March 2029	725		—
Other (b)		18		19
Deferred financing fees		(44)		(48)
Total		4,671		4,009
Less: Short-term debt and current portion of long-term debt		27		19
Long-term debt		$	4,644	$	3,990

_________

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

Schedule of Maturities of Long-term Debt

The following table provides contractual maturities of our corporate debt at December 31, 2022:


Year	Amount
2023	$	27
2024	346
2025	291
2026	396
2027	1,867
Thereafter	1,788
	$	4,715

The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2022:


	Debt under Vehicle Programs (a)
2023 (b)	$	2,235
2024 (c)	5,485
2025	2,351
2026	2,124
2027	1,238
Thereafter	428
	$	13,861

__________

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

(b) Includes $0.4 billion of bank and bank-sponsored facilities.

Schedule of Line of Credit Facilities

At December 31, 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	$	—	$	966	$	1,034

__________

The following table presents available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2022:


	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding	$	11,921	$	11,322	$	599
Americas – Debt borrowings	970		598		372
International – Debt borrowings	2,628		1,700		928
International – Finance leases	208		176		32
Other	65		65		—
Total	$	15,792	$	13,861	$	1,931

__________

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

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

Debt under Vehicle Programs and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Maturities of Long-term Debt

Schedule of Debt

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


	As of December 31,
	2022		2021
Americas – Debt due to Avis Budget Rental Car Funding (a)	$	11,322	$	8,889
Americas – Debt borrowings	598		612
International – Debt borrowings	1,700		1,757
International – Finance leases	176		177
Other	65		3
Deferred financing fees (b)	(52)		(48)
Total	$	13,809	$	11,390

__________

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

(b)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2022 and 2021 were $47 million and $41 million, respectively.

The following table provides contractual maturities of our corporate debt at December 31, 2022:


Year	Amount
2023	$	27
2024	346
2025	291
2026	396
2027	1,867
Thereafter	1,788
	$	4,715

The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2022:


	Debt under Vehicle Programs (a)
2023 (b)	$	2,235
2024 (c)	5,485
2025	2,351
2026	2,124
2027	1,238
Thereafter	428
	$	13,861

__________

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

(b) Includes $0.4 billion of bank and bank-sponsored facilities.

Schedule of Line of Credit Facilities

At December 31, 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	$	—	$	966	$	1,034

__________

The following table presents available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2022:


	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding	$	11,921	$	11,322	$	599
Americas – Debt borrowings	970		598		372
International – Debt borrowings	2,628		1,700		928
International – Finance leases	208		176		32
Other	65		65		—
Total	$	15,792	$	13,861	$	1,931

__________

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

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

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


	Currency Translation Adjustments (a)		Net Unrealized Gains (Losses) on Cash Flow Hedges (b)		Minimum Pension Liability Adjustment (c)		Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2020	$	9	$	(20)	$	(146)	$	(157)
Other comprehensive income (loss) before reclassifications	33		(39)		(36)		(42)
Amounts reclassified from accumulated other comprehensive income (loss)	(2)		8		6		12
Net current-period other comprehensive income (loss)	31		(31)		(30)		(30)
Balance, December 31, 2020	40		(51)		(176)		(187)


Other comprehensive income (loss) before reclassifications	(35)		18		39		22
Amounts reclassified from accumulated other comprehensive income (loss)	11		14		7		32
Net current-period other comprehensive income (loss)	(24)		32		46		54
Balance, December 31, 2021	16		(19)		(130)		(133)
Other comprehensive income (loss) before reclassifications	(46)		57		11		22
Amounts reclassified from accumulated other comprehensive income (loss)	—		7		3		10
Net current-period other comprehensive income (loss)	(46)		64		14		32
Balance, December 31, 2022	$	(30)	$	45	$	(116)	$	(101)

__________

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

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Weighted Average Assumptions Used

During the years ended December 31, 2022 and 2021, we did not issue any stock unit awards containing a market condition.


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

Schedule of Stock Based Compensation Activity

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


			Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Time-based RSUs
	Outstanding at January 1, 2022		671	$	39.39
		Granted (a)	180	172.34
		Vested (b)	(360)	37.35
		Forfeited	(40)	61.80
	Outstanding and expected to vest at December 31, 2022 (c)		451	$	92.06	1.1	$	74
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	(40)	49.75
	Outstanding at December 31, 2022		691	$	57.56	0.9	$	113
	Outstanding and expected to vest at December 31, 2022 (c)		683	$	55.99	0.9	$	112

__________

(b)The total fair value of RSUs vested during 2022, 2021 and 2020 was $22 million, $17 million and $19 million, respectively.

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Cost

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


	Year Ended December 31,
	2022		2021		2020
Service cost (a)	$	5	$	6	$	5
Interest cost (b)	16		12		17
Expected return on plan assets (b)	(37)		(35)		(31)
Amortization of unrecognized amounts (b)	5		9		9
Net periodic (benefit) cost	$	(11)	$	(8)	$	—

__________

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

Schedule of Funded Status of Pension Plans

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


	As of December 31,
Change in Benefit Obligation	2022		2021
Benefit obligation at end of prior year	$	881	$	926
Service cost	5		6
Interest cost	16		12
Actuarial (gain) loss	(247)		(17)
Plan amendments	(1)		(3)
Currency translation adjustment	(51)		(12)
Net benefits paid	(28)		(31)
Benefit obligation at end of current year	$	575	$	881

Change in Plan Assets
Fair value of assets at end of prior year	$	772	$	722
Actual return on plan assets	(196)		71
Employer contributions	12		16
Currency translation adjustment	(46)		(5)
Net benefits paid	(28)		(32)
Fair value of assets at end of current year	$	514	$	772

Schedule of Net Funded Status


	As of December 31,
Funded Status	2022		2021
Classification of net balance sheet assets (liabilities):
Non-current assets	$	36	$	50
Current liabilities	(4)		(5)
Non-current liabilities	(93)		(154)
Net funded status	$	(61)	$	(109)

Schedule of Assumptions Used to Determine Pension Obligations and Pension Costs

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


		For the Year Ended December 31,
U.S. Pension Benefit Plans		2022		2021		2020
Discount rate:
	Net periodic benefit cost	2.67	%	2.25	%	3.10	%
	Benefit obligation	5.18	%	2.67	%	2.25	%
Long-term rate of return on plan assets		6.25	%	6.75	%	7.00	%

Non-U.S. Pension Benefit Plans
Discount rate:
	Net periodic benefit cost	1.83	%	1.40	%	1.95	%
	Benefit obligation	4.79	%	1.83	%	1.40	%
Long-term rate of return on plan assets		4.39	%	3.71	%	3.80	%

Schedule of Defined Benefit Pension Plans' Assets Fair Value

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


	As of December 31, 2022
Asset Class	Level 1		Level 2		Level 3		Total
Cash equivalents and short-term investments	$	18	$	6	$	—	$	24
U.S. equities	69		19		—		88
Non-U.S. equities	39		30		—		69

Government bonds	—		2		—		2
Corporate bonds	126		48		—		174
Other assets	2		101		54		157
Total assets	$	254	$	206	$	54	$	514

__________

For the year ended December 31, 2022, we purchased and classified $54 million of investments as Level 3.


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

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

__________

For the year ended December 31, 2021, we purchased and classified $46 million of investments as Level 3.

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31,
	2022		2021
Foreign exchange contracts	$	1,160	$	1,655
Interest rate caps (a)	14,219		11,900
Interest rate swaps	1,450		1,450

__________

Schedule of Fair Value of Derivative Instruments

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


		As of December 31, 2022				As of December 31, 2021
		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives
Derivatives designated as hedging instruments
	Interest rate swaps (a)	$	61	$	—	$	2	$	27
Derivatives not designated as hedging instruments
	Foreign exchange contracts (b)	4		6		7		10
	Interest rate caps (c)	46		111		11		15

	Total	$	111	$	117	$	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.

Schedule of Effect of Derivatives Recognized

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


		Year Ended December 31,
		2022		2021		2020
Financial instruments designated as hedging instruments (a)
	Interest rate swaps (b)	$	64	$	32	$	(31)
	Euro-denominated notes (c)	44		56		(67)
Financial instruments not designated as hedging instruments (d)
	Foreign exchange contracts (e)	36		(3)		(5)
	Interest rate caps (f)	(1)		(1)		—
	Commodity contracts (g)	—		—		(6)
Total		$	143	$	84	$	(109)

__________

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

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

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

(f)Primarily included in vehicle interest, net.

(g)Included in operating expenses.

Schedule of Carrying Amounts and Estimated Fair Values

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


		As of December 31, 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	4,644		4,411		3,990		4,153

Debt under vehicle programs
	Vehicle-backed debt due to Avis Budget Rental Car Funding	$	11,275	$	10,848	$	8,848	$	9,009
	Vehicle-backed debt	2,423		2,422		2,528		2,559
	Interest rate swaps and interest rate caps (a)	111		111		14		14

___________

(a)Derivatives in liability position.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Operating Segments

Year Ended December 31, 2022


	Americas		International		Corporate and Other (a)		Total
Revenues	$	9,474	$	2,520	$	—	$	11,994
Vehicle depreciation and lease charges, net	414		414		—		828
Vehicle interest, net	348		54		—		402
Adjusted EBITDA	3,660		560		(87)		4,133
Non-vehicle depreciation and amortization	141		66		18		225
Assets exclusive of assets under vehicle programs	5,798		2,402		299		8,499
Assets under vehicle programs	14,269		3,159		—		17,428
Capital expenditures (excluding vehicles)	117		33		96		246

__________

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

Year Ended December 31, 2021


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

__________

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

Year Ended December 31, 2020


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

__________

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

Schedule of Reconciliation of Adjusted EBITDA to Income (Loss)

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


		For the Year Ended December 31,
		2022		2021		2020
Adjusted EBITDA		$	4,133	$	2,411	$	(175)
Less:
	Non-vehicle related depreciation and amortization (a)	235		279		286
	Interest expense related to corporate debt, net
	Interest expense	250		218		231
	Early extinguishment of debt	—		136		9
	COVID-19 charges (b)	(9)		(2)		122
	Restructuring and other related charges	19		64		118
	Non-operational charges related to shareholder activist activity (c)	—		3		8
	Unprecedented personal-injury and other legal matters, net (d)	1		—		4
	Transaction-related costs, net	8		5		3

	Other (income) expense, net	(7)		—		—
Income (loss) before income taxes		$	3,636	$	1,708	$	(956)

__________

(b) 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)	$	(2)
Vehicles damaged in overflow parking lots, net of insurance proceeds	—		(7)

Other charges	—		7

Operating expenses	$	(9)	$	(3)

Selling, general and administrative expenses	—		1
COVID-19 charges, net	$	(9)	$	(2)

(d) Reported within operating expenses on our Consolidated Statements of Operations.

Schedule of Geographic Segment Information

The geographic segment information provided below is classified based on the geographic location of our subsidiaries.


	United States		All Other Countries		Total
2022
Revenues	$	8,975	$	3,019	$	11,994
Assets exclusive of assets under vehicle programs	5,622		2,877		8,499
Assets under vehicle programs	13,514		3,914		17,428
Net long-lived assets	1,386		944		2,330

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

2020
Revenues	$	3,758	$	1,644	$	5,402
Assets exclusive of assets under vehicle programs	5,262		3,103		8,365
Assets under vehicle programs	6,797		2,376		9,173
Net long-lived assets	1,421		1,147		2,568

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2022	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 28, 2022
Summary Of Significant Accounting Policies [Line Items]
Net carrying value of software developed			$ 174	$ 188
Vehicle interest income			1	1	$ 12
Advertising expense			64	81	54
Digital marketing cost			71	44	37
Retained risks of liability to third parties			391	383
Workers compensation liabilities			53	48
Investments in joint ventures			77	72
Sale of equity investments			12	10	5
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Summary Of Significant Accounting Policies [Line Items]
Assets held for sale						$ 13
Gain on write down of assets held for sale			2
Amount of consideration received	$ 15
Loss on sale			7
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Assets In Argentina
Summary Of Significant Accounting Policies [Line Items]
Amount of consideration received		$ 4
Loss on sale				14
Consideration, rights to operate period		2 years
Severance costs				2
Royalty
Summary Of Significant Accounting Policies [Line Items]
Revenue			$ 165	$ 127	$ 159

Summary of Significant Accounting Policies - Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 11,994	$ 9,313	$ 5,402
Avis
Disaggregation of Revenue [Line Items]
Revenues	6,519	4,894	2,961
Budget
Disaggregation of Revenue [Line Items]
Revenues	4,701	3,715	1,908
Other
Disaggregation of Revenue [Line Items]
Revenues	774	704	533
Americas
Disaggregation of Revenue [Line Items]
Revenues	9,474	7,557	3,965
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenues	1,927	1,400	1,127
Asia and Australasia
Disaggregation of Revenue [Line Items]
Revenues	$ 593	$ 356	$ 310

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).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Summary of Significant Accounting Policies - Deferred Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Contract With Customer, Liability [Roll Forward]
Deferred lease revenues – current	$ 188	$ 185
Customer Loyalty
Disaggregation of Revenue [Line Items]
Term	12 months
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 50	34
Revenue deferred	52	49
Revenue recognized	(41)	(33)
Ending balance	61	50
Deferred lease revenues – current	15	33
Contract with customer, liability, noncurrent	$ 46	$ 17
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 \| Minimum
Contract With Customer, Liability [Roll Forward]
Revenue recognition period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 \| Maximum
Contract With Customer, Liability [Roll Forward]
Revenue recognition period	3 years

Summary of Significant Accounting Policies - Cash and Cash Equivalents, Program and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 570	$ 534
Program cash	70	89
Restricted cash	2	3
Total cash and cash equivalents, program and restricted cash	$ 642	$ 626	$ 765	$ 900

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2022
Buildings
Property And Equipment, Net [Line Items]
Property, plant and equipment, useful life	30 years
Furniture, fixtures & equipment \| Minimum
Property And Equipment, Net [Line Items]
Property, plant and equipment, useful life	3 years
Furniture, fixtures & equipment \| Maximum
Property And Equipment, Net [Line Items]
Property, plant and equipment, useful life	10 years
Capitalized software \| Minimum
Property And Equipment, Net [Line Items]
Property, plant and equipment, useful life	3 years
Capitalized software \| Maximum
Property And Equipment, Net [Line Items]
Property, plant and equipment, useful life	7 years
Buses and support vehicles \| Minimum
Property And Equipment, Net [Line Items]
Property, plant and equipment, useful life	4 years
Buses and support vehicles \| Maximum
Property And Equipment, Net [Line Items]
Property, plant and equipment, useful life	15 years

Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Dividend yield	0.00%

Leases - Lessor (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lessor (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total lease revenues	$ 11,829	$ 9,186	$ 5,243
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues	Revenues
Avis
Disaggregation of Revenue [Line Items]
Total lease revenues	$ 6,420	$ 4,828	$ 2,851
Budget
Disaggregation of Revenue [Line Items]
Total lease revenues	4,650	3,674	1,878
Other
Disaggregation of Revenue [Line Items]
Total lease revenues	759	684	514
Americas
Disaggregation of Revenue [Line Items]
Total lease revenues	9,401	7,501	3,864
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total lease revenues	1,852	1,343	1,080
Asia and Australasia
Disaggregation of Revenue [Line Items]
Total lease revenues	$ 576	$ 342	$ 299

Leases - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Residual value of leased asset (up to)	$ 65	$ 102

Leases - Lessee Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finance lease expense:
Operating lease expense	$ 138	$ 156	$ 195
Minimum annual guaranteed rent in excess of concession fees, net	(9)	(2)	60
Property
Property leases
Operating lease expense	703	561	575
Variable lease expense	520	433	152
Sublease income	(5)	(6)	(6)
Total property lease expense	1,218	988	721
Finance lease expense:
Total vehicle lease expense	1,218	988	721
Buses and support vehicles
Property leases
Total property lease expense	170	197	231
Finance lease expense:
Amortization of ROU assets	29	37	33
Interest on lease liabilities	3	4	3
Total vehicle lease expense	$ 170	$ 197	$ 231

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Supplemental Balance Sheet Information Related to Leases [Line Items]
Operating lease ROU assets	$ 2,405	$ 2,368
Short-term operating lease liabilities	555	496
Long-term operating lease liabilities	$ 1,884	$ 1,910
Weighted average discount rate	1.82%	1.25%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Vehicles, net	Vehicles, net
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total	Total
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease ROU assets	Operating lease ROU assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Operating lease ROU assets	Operating lease ROU assets
Property
Supplemental Balance Sheet Information Related to Leases [Line Items]
Operating lease ROU assets	$ 2,405	$ 2,368
Short-term operating lease liabilities	555	496
Long-term operating lease liabilities	1,884	1,910
Operating lease liabilities	$ 2,439	$ 2,406
Weighted average remaining lease term	8 years 2 months 12 days	8 years 9 months 18 days
Weighted average discount rate	4.30%	3.84%
Buses and support vehicles
Supplemental Balance Sheet Information Related to Leases [Line Items]
Operating lease ROU assets	$ 86	$ 63
Short-term operating lease liabilities	64	50
Long-term operating lease liabilities	22	14
Operating lease liabilities	$ 86	$ 64
Weighted average remaining lease term	1 year 4 months 24 days	1 year 3 months 18 days
Weighted average discount rate	4.86%	2.66%
Finance lease ROU assets, gross	$ 267	$ 353
Accumulated amortization	(45)	(72)
Finance Lease ROU assets, net	222	281
Short-term vehicle finance lease liabilities	44	126
Long-term vehicle finance lease liabilities	132	116
Total	$ 176	$ 242
Weighted average remaining lease term	2 years	2 years 2 months 12 days
Weighted average discount rate	1.82%	1.97%

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property
Cash payments for lease liabilities within operating activities:
Operating leases	$ 743	$ 639	$ 740
Non-cash activities - increase in ROU assets in exchange for lease liabilities:
Operating leases	812	484	666
Buses and support vehicles
Cash payments for lease liabilities within operating activities:
Operating leases	137	162	196
Vehicle finance leases	3	4	3
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	181	193	294
Non-cash activities - increase in ROU assets in exchange for lease liabilities:
Operating leases	161	115	111
Vehicle finance leases	$ 153	$ 223	$ 257

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Property
Operating Leases
Within 1 year	$ 646
Between 1 and 2 years	441
Between 2 and 3 years	345
Between 3 and 4 years	286
Between 4 and 5 years	234
Thereafter	967
Total lease payments	2,919
Less: Imputed interest	(480)
Total	2,439	$ 2,406
Buses and support vehicles
Operating Leases
Within 1 year	64
Between 1 and 2 years	18
Between 2 and 3 years	6
Between 3 and 4 years	1
Between 4 and 5 years	0
Thereafter	0
Total lease payments	89
Less: Imputed interest	(3)
Total	86	64
Finance Leases
Within 1 year	44
Between 1 and 2 years	4
Between 2 and 3 years	128
Between 3 and 4 years	0
Between 4 and 5 years	0
Thereafter	0
Total lease payments	176
Less: Imputed interest	0
Total	$ 176	$ 242

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income (loss) attributable to Avis Budget Group, Inc.	$ 2,764	$ 1,285	$ (684)
Basic weighted average shares outstanding (in shares)	47.3	64.9	70.5
Options and non-vested stock (in shares)	1.1	1.2	0.0
Diluted weighted average shares outstanding (in shares)	48.4	66.1	70.5
Earnings (loss) per share:
Basic (in USD per share)	$ 58.41	$ 19.79	$ (9.71)
Diluted (in USD per share)	$ 57.16	$ 19.44	$ (9.71)

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e3842-109258

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1252-109256

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e3842-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Earnings Per Share - Outstanding Common Stock Equivalents That Were Anti-Dilutive (Detail) - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive non-vested stock(in dollar per share)	$ 177.70		$ 26.20
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive non-vested stock (in shares)	0.2	0.0	1.2

Restructuring and Other Related Charges - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) employee	Dec. 31, 2021 USD ($) employee	Dec. 31, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated \| employee		130
Restructuring expense:	$ 19	$ 64	$ 118
Charges related to voluntary termination program			18
Michael K. Tucker
Restructuring Cost and Reserve [Line Items]
Labor and related expense	$ 1		2
John F. North
Restructuring Cost and Reserve [Line Items]
Labor and related expense			$ 5
T22
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated \| employee	200
Limited Voluntary Opportunity Plan (“LVOP”) \| Personnel Related
Restructuring Cost and Reserve [Line Items]
Restructuring expense:		$ 17

Restructuring and Other Related Charges - Summary of Changes to Restructuring-Related Liabilities (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Balance, beginning	$ 10	$ 9	$ 6
Restructuring expense:	19	64	118
Balance, ending	4	10	9
Americas
Restructuring Reserve [Roll Forward]
Balance, beginning	2	3	2
Balance, ending	1	2	3
International
Restructuring Reserve [Roll Forward]
Balance, beginning	8	6	4
Balance, ending	3	8	6
Personnel Related
Restructuring Reserve [Roll Forward]
Balance, beginning	7	4	3
Balance, ending	4	7	4
Facility Related
Restructuring Reserve [Roll Forward]
Balance, beginning	2	2	1
Balance, ending	0	2	2
Other
Restructuring Reserve [Roll Forward]
Balance, beginning	1	3	2
Balance, ending	0	1	3
2020 Optimization
Restructuring Reserve [Roll Forward]
Restructuring expense:			79
Restructuring payment/utilization:	(1)	(5)	(71)
2020 Optimization \| Americas
Restructuring Reserve [Roll Forward]
Restructuring expense:			31
Restructuring payment/utilization:	0	(2)	(29)
2020 Optimization \| International
Restructuring Reserve [Roll Forward]
Restructuring expense:			48
Restructuring payment/utilization:	(1)	(3)	(42)
2020 Optimization \| Personnel Related
Restructuring Reserve [Roll Forward]
Restructuring expense:			73
Restructuring payment/utilization:	(1)	(5)	(68)
2020 Optimization \| Facility Related
Restructuring Reserve [Roll Forward]
Restructuring expense:			3
Restructuring payment/utilization:	0	0	(2)
2020 Optimization \| Other
Restructuring Reserve [Roll Forward]
Restructuring expense:			3
Restructuring payment/utilization:	0	0	(1)
Brazil
Restructuring Reserve [Roll Forward]
Restructuring expense:	1		0
Restructuring payment/utilization:	(1)		1
Brazil \| Americas
Restructuring Reserve [Roll Forward]
Restructuring expense:	1
Restructuring payment/utilization:	(1)		1
Brazil \| International
Restructuring Reserve [Roll Forward]
Restructuring expense:	0
Restructuring payment/utilization:	0		0
Brazil \| Personnel Related
Restructuring Reserve [Roll Forward]
Restructuring expense:	0		1
Restructuring payment/utilization:	0		0
Brazil \| Facility Related
Restructuring Reserve [Roll Forward]
Restructuring expense:	0		1
Restructuring payment/utilization:	0		(1)
Brazil \| Other
Restructuring Reserve [Roll Forward]
Restructuring expense:	1		(2)
Restructuring payment/utilization:	(1)		2
T19
Restructuring Reserve [Roll Forward]
Restructuring expense:		(2)	14
Restructuring payment/utilization:	(1)	1	(20)
T19 \| Americas
Restructuring Reserve [Roll Forward]
Restructuring expense:		(2)	14
Restructuring payment/utilization:	0	2	(16)
T19 \| International
Restructuring Reserve [Roll Forward]
Restructuring expense:		0	0
Restructuring payment/utilization:	(1)	(1)	(4)
T19 \| Personnel Related
Restructuring Reserve [Roll Forward]
Restructuring expense:		0	0
Restructuring payment/utilization:	0	(1)	(5)
T19 \| Facility Related
Restructuring Reserve [Roll Forward]
Restructuring expense:		0	0
Restructuring payment/utilization:	(1)	0	0
T19 \| Other
Restructuring Reserve [Roll Forward]
Restructuring expense:		(2)	14
Restructuring payment/utilization:	0	2	$ (15)
T21
Restructuring Reserve [Roll Forward]
Restructuring expense:	3	32
Restructuring payment/utilization:	(9)	(25)
T21 \| Americas
Restructuring Reserve [Roll Forward]
Restructuring expense:	1	5
Restructuring payment/utilization:	(2)	(4)
T21 \| International
Restructuring Reserve [Roll Forward]
Restructuring expense:	2	27
Restructuring payment/utilization:	(7)	(21)
T21 \| Personnel Related
Restructuring Reserve [Roll Forward]
Restructuring expense:	3	26
Restructuring payment/utilization:	(8)	(17)
T21 \| Facility Related
Restructuring Reserve [Roll Forward]
Restructuring expense:	0	4
Restructuring payment/utilization:	(1)	(4)
T21 \| Other
Restructuring Reserve [Roll Forward]
Restructuring expense:	0	2
Restructuring payment/utilization:	0	$ (4)
Cost Optimization
Restructuring Reserve [Roll Forward]
Restructuring expense:	9
Restructuring payment/utilization:	(7)
Cost Optimization \| Americas
Restructuring Reserve [Roll Forward]
Restructuring expense:	2
Restructuring payment/utilization:	(2)
Cost Optimization \| International
Restructuring Reserve [Roll Forward]
Restructuring expense:	7
Restructuring payment/utilization:	(5)
Cost Optimization \| Personnel Related
Restructuring Reserve [Roll Forward]
Restructuring expense:	9
Restructuring payment/utilization:	(6)
Cost Optimization \| Facility Related
Restructuring Reserve [Roll Forward]
Restructuring expense:	0
Restructuring payment/utilization:	0
Cost Optimization \| Other
Restructuring Reserve [Roll Forward]
Restructuring expense:	0
Restructuring payment/utilization:	$ (1)

Acquisitions (Detail) - USD ($) $ in Millions	12 Months Ended
Acquisitions (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Asset acquisition, consideration transferred	$ 23	$ 28
Franchise Rights
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 28	$ 28
Acquired finite-lived intangible assets, weighted average useful life	1 year	2 years
Fleet
Business Acquisition [Line Items]
Property acquired	$ 22	$ 22

Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 585	$ 606
Accumulated Amortization	463	433
Net Carrying Amount	122	173
Indefinite-lived Intangible Assets [Line Items]
Goodwill	1,070	1,108	$ 1,137
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	544	551
License agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	290	298
Accumulated Amortization	217	193
Net Carrying Amount	$ 73	105
License agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	0 years
License agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	40 years
License agreements \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	16 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 247	257
Accumulated Amortization	207	204
Net Carrying Amount	$ 40	53
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	3 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	20 years
Customer relationships \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	12 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 48	51
Accumulated Amortization	39	36
Net Carrying Amount	$ 9	$ 15
Other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	2 years
Other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	10 years
Other \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	9 years

Intangible Assets - Schedule of Intangible Assets Amortization Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 44	$ 67	$ 65
License agreements
Finite-Lived Intangible Assets [Line Items]
Amortization expense	29	47	37
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense	10	14	23
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 5	$ 6	$ 5

Intangible Assets - Additional Information (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets amortization expense, year one	$ 27
Intangible assets amortization expense, year two	22
Intangible assets amortization expense, year three	16
Intangible assets amortization expense, year four	15
Intangible assets amortization expense, year five	$ 12

Intangible Assets - Schedule of Goodwill (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill			$ 3,255
Accumulated impairment losses as of January 1, 2021			(2,118)
Goodwill beginning balance	$ 1,108	$ 1,137
Currency translation adjustments and other	(38)	(29)
Goodwill ending balance	1,070	1,108
Americas
Goodwill [Roll Forward]
Goodwill			2,140
Accumulated impairment losses as of January 1, 2021			(1,587)
Goodwill beginning balance	553	553
Currency translation adjustments and other	(3)	0
Goodwill ending balance	550	553
International
Goodwill [Roll Forward]
Goodwill			1,115
Accumulated impairment losses as of January 1, 2021			$ (531)
Goodwill beginning balance	555	584
Currency translation adjustments and other	(35)	(29)
Goodwill ending balance	$ 520	$ 555

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Vehicle Rental Activities - Components of Company's Vehicles (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Rental vehicles	$ 17,819	$ 14,612
Less: Accumulated depreciation	(2,211)	(1,911)
Rental Vehicles net, total	15,608	12,701
Vehicles held for sale	317	165
Vehicles, net investment in lease	36	0
Vehicles, net	15,961	12,866
Other accounts payables	265	142	$ 232
Receivables due from former subsidiaries	$ 212	$ 134	$ 162

Vehicle Rental Activities - Components Of Vehicle Depreciation And Lease Charges (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,709	$ 1,402	$ 1,330
Lease charges	138	156	195
(Gain) loss on sale of vehicles, net	(1,019)	(361)	(157)
Vehicle depreciation and lease charges, net	$ 828	$ 1,197	$ 1,368

Income Taxes - Provision for (Benefit from) Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current
Federal	$ 0	$ 0	$ (5)
State	137	35	21
Foreign	61	12	29
Current income tax provision	198	47	45
Deferred
Federal	622	309	(104)
State	(22)	78	(90)
Foreign	82	(9)	(123)
Deferred income tax provision (benefit)	682	378	(317)
Provision for (benefit from) income taxes	$ 880	$ 425	$ (272)

Income Taxes - Pretax Income (Loss) for Domestic and Foreign Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ 3,114	$ 1,529	$ (590)
Foreign	522	179	(366)
Income (loss) before income taxes	$ 3,636	$ 1,708	$ (956)

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Income Taxes - Deferred Income Tax Assets And Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred income tax assets:
Net tax loss carryforwards	$ 1,109	$ 1,480
Long-term operating lease liabilities	666	625
Accrued liabilities and deferred revenue	231	272
Tax credits	38	11
Depreciation and amortization	25	19
Provision for doubtful accounts	19	18
Other	167	100
Valuation allowance	(101)	(167)
Deferred income tax assets	2,154	2,358
Deferred income tax liabilities:
Operating lease right-of-use assets	657	614
Depreciation and amortization	90	102
Prepaid expenses	24	23
Other	4	4
Deferred income tax liabilities under vehicle programs, net	775	743
Deferred income tax assets, net	1,379	1,615
Tax loss carryforwards	97	163
Deferred tax assets	$ 4	$ 4

Income Taxes - Deferred Income Tax assets And Liabilities Related To Vehicle Programs (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred income tax assets:
Other	$ 167	$ 100
Deferred income tax assets	2,154	2,358
Deferred income tax liabilities:
Other	4	4
Deferred income tax liabilities under vehicle programs, net	775	743
Vehicle Programs
Deferred income tax assets:
Depreciation and amortization	63	80
Deferred income tax liabilities:
Depreciation and amortization	2,815	2,321
Other assets
Deferred income tax assets:
Other	22	19
Assets
Deferred income tax assets:
Deferred income tax assets	85	99
Other
Deferred income tax liabilities:
Other	24	20
Liability
Deferred income tax liabilities:
Deferred income tax liabilities	2,839	2,341
Vehicle Programs, Net
Deferred income tax liabilities:
Deferred income tax liabilities under vehicle programs, net	$ 2,754	$ 2,242

Income Taxes - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Income Tax Examination [Line Items]
Foreign net operating loss carryforwards	$ 1,100
Earnings of foreign subsidiaries	1,200
Unrecognized tax benefits	24
Internal Revenue Service (IRS)
Income Tax Examination [Line Items]
Federal net operating loss carryforwards net of valuation allowances	$ 3,600

Income Taxes - Reconciliation of U.S Federal Income Tax Statutory Rate and Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21.00%	21.00%	21.00%
Adjustments to reconcile to the effective rate:
State and local income taxes, net of federal tax benefits	3.90%	5.50%	4.80%
Changes in valuation allowances	(1.30%)	(0.60%)	0.00%
Taxes on foreign operations at rates different than U.S. federal statutory rates	1.20%	(2.00%)	3.10%
Stock-based compensation	(0.50%)	(0.30%)	(0.10%)
Other non-deductible (non-taxable) items	0.40%	0.60%	(0.40%)
Other	(0.50%)	0.70%	0.00%
Effective income tax rate, continuing operations, total	24.20%	24.90%	28.40%

Income Taxes - Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 58	$ 57	$ 54
Additions for tax positions related to current year	4	4	4
Additions for tax positions for prior years	3	3	0
Reductions for tax positions for prior years	(5)	(3)	(1)
Settlements	(5)	0	(3)
Foreign currency translation	(2)	(3)
Foreign currency translation			3
Ending Balance	$ 53	$ 58	$ 57

Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
Unrecognized tax benefit in non-current income taxes payable	$ 33	$ 30
Accrued interest payable on potential tax liabilities	31	29
Unrecognized tax benefits	53	58	$ 57	$ 54
Non Avis Budget Car Rental Tax Contingencies
Income Taxes [Line Items]
Unrecognized tax benefits	$ 13	$ 13

Other Current Assets - Schedule of Other Current Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets, Current [Abstract]
Prepaid expenses	$ 252	$ 205
Sales and use taxes	142	238
Other	112	95
Other current assets	$ 506	$ 538

Property and Equipment, net - Schedule of Property and Equipment Net (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,033	$ 2,097
Less: Accumulated depreciation and amortization	(1,439)	(1,560)
Property and equipment, net	594	537
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	59	50
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	507	525
Capitalized software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	906	932
Furniture, fixtures & equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	382	426
Projects in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	89	84
Buses and support vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 90	$ 80

Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 181	$ 205	$ 218
Amortization expense relating to capitalized computer software	115	105	113
Other accounts payables	265	142	$ 232
Other non-current liabilities	554	625
Capitalized software
Property, Plant and Equipment [Line Items]
Other accounts payables	19	20
Other non-current liabilities	$ 1	$ 2

Accounts Payable and Other Current Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities, Current [Abstract]
Short-term operating lease liabilities	$ 555	$ 496
Accounts payable	466	407
Accrued advertising and marketing	268	218
Accrued sales and use taxes	246	313
Accrued payroll and related	205	193
Deferred lease revenues – current	188	185
Public liability and property damage insurance liabilities – current	174	159
Other	445	418
Accounts payable and other current liabilities	$ 2,547	$ 2,389

Long-term Corporate Debt and Borrowing Arrangements - Schedule of Long-Term Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Aug. 31, 2020	Jul. 31, 2019	Oct. 31, 2018	Mar. 31, 2017	Sep. 30, 2016
Debt Instrument [Line Items]
Other	$ 18	$ 19
Deferred financing fees	(44)	(48)
Total	4,671	4,009
Less: Short-term debt and current portion of long-term debt	27	19
Long-term debt	$ 4,644	3,990
Senior Notes \| 4.125% euro-denominated Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	4.125%							4.125%
Long-term debt	$ 321	341
Senior Notes \| 4.500% euro-denominated Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	4.50%						4.50%
Long-term debt	$ 268	284
Senior Notes \| 4.750% euro-denominated Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	4.75%					4.75%
Long-term debt	$ 375	398
Senior Notes \| 5.750% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	5.75%			5.75%	5.75%
Long-term debt	$ 732	728
Senior Notes \| 4.750% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	4.75%		4.75%
Long-term debt	$ 500	500
Senior Notes \| 5.375% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage	5.375%		5.375%
Long-term debt	$ 600	600
Loans Payable \| Floating Rate Term Loan
Debt Instrument [Line Items]
Long-term debt	1,176	1,187
Loans Payable \| Floating Rate Term Loan
Debt Instrument [Line Items]
Long-term debt	$ 725	$ 0

Long-term Corporate Debt and Borrowing Arrangements - Additional Information (Detail)		1 Months Ended			12 Months Ended
	Apr. 01, 2020 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Aug. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Feb. 29, 2020 USD ($)	Jul. 31, 2019 USD ($)	Oct. 31, 2018 EUR (€)	Apr. 30, 2017 EUR (€)	Mar. 31, 2017 EUR (€)	Oct. 31, 2016 EUR (€)	Sep. 30, 2016 EUR (€)
Debt Instrument [Line Items]
Early extinguishment of debt					$ 0	$ 136,000,000	$ 9,000,000
Loans Payable \| Floating Rate Term Loan
Debt Instrument [Line Items]
Face amount		$ 750,000,000
Debt issuance discount, percent		97.00%
Aggregate interest rate					7.92%
Loans Payable \| Floating Rate Term Loan
Debt Instrument [Line Items]
Face amount								$ 1,200,000,000
Fixed interest rate					1.75%
Percentage of margin aggregate interest rate					6.14%
Loans Payable \| 5.5% Senior Notes Due 2023
Debt Instrument [Line Items]
Repayments of debt	$ 100,000,000
Loans Payable \| Interest rate swaps \| Floating Rate Term Loan
Debt Instrument [Line Items]
Fixed interest rate					4.75%
Amount of hedged item					$ 700,000,000
Loans Payable \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Floating Rate Term Loan
Debt Instrument [Line Items]
Basis points		3.50%
Senior Notes \| 5.5% Senior Notes Due 2023
Debt Instrument [Line Items]
Face amount				$ 100,000,000					$ 400,000,000
Debt instrument interest percentage	5.50%			5.50%					5.50%
Senior Notes \| 4.125% euro-denominated Senior Notes
Debt Instrument [Line Items]
Face amount \| €														€ 300,000,000
Debt instrument interest percentage					4.125%									4.125%
Senior Notes \| 6% euro-denominated Senior Notes
Debt Instrument [Line Items]
Debt instrument interest percentage											6.00%		6.00%
Repurchased face amount \| €											€ 175,000,000		€ 275,000,000
Repurchase amount \| €											€ 180,000,000
Senior Notes \| 4.500% euro-denominated Senior Notes
Debt Instrument [Line Items]
Face amount \| €												€ 250,000,000
Debt instrument interest percentage					4.50%							4.50%
Senior Notes \| 4.750% euro-denominated Senior Notes
Debt Instrument [Line Items]
Face amount \| €										€ 350,000,000
Debt instrument interest percentage					4.75%					4.75%
Senior Notes \| 5.125% Senior Notes Due 2022
Debt Instrument [Line Items]
Debt instrument interest percentage										5.125%
Repurchase amount \| €										€ 410,000,000
Senior Notes \| 5.750% Senior Notes
Debt Instrument [Line Items]
Face amount				$ 350,000,000					$ 400,000,000
Debt instrument interest percentage				5.75%	5.75%				5.75%
Issued percentage of face value				92.00%
Senior Notes \| 4.750% Senior Notes
Debt Instrument [Line Items]
Face amount			$ 500,000,000
Debt instrument interest percentage			4.75%		4.75%
Senior Notes \| 6.375% Senior Notes
Debt Instrument [Line Items]
Repayments of debt			$ 356,000,000
Debt instrument interest percentage			6.375%
Senior Notes \| 5.250% Senior Notes
Debt Instrument [Line Items]
Repayments of debt			$ 142,000,000
Debt instrument interest percentage			5.25%
Senior Notes \| 5.375% Senior Notes
Debt Instrument [Line Items]
Face amount			$ 600,000,000
Debt instrument interest percentage			5.375%		5.375%
Senior Notes \| 10.500% Senior Secured Notes
Debt Instrument [Line Items]
Repayments of debt			$ 599,000,000
Debt instrument interest percentage			10.50%

Long-term Corporate Debt and Borrowing Arrangements - Schedule of Committed Credit Facilities (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Outstanding Borrowings	$ 13,861
Available Capacity	1,931
Debt Insturments
Line of Credit Facility [Line Items]
2023	27
2024	346
2025	291
2026	396
2027	1,867
Thereafter	1,788
Long-term debt	$ 4,715
Line of Credit \| London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis points	1.75%
Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Total Capacity	$ 2,000
Outstanding Borrowings	0
Letters of Credit Issued	966
Available Capacity	$ 1,034

Debt under Vehicle Programs and Borrowing Arrangements - Schedule Of Debt Under Vehicle Programs (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total	$ 13,809	$ 11,390
Deferred financing fees	44	48
Americas – Debt due to Avis Budget Rental Car Funding
Debt Instrument [Line Items]
Total	11,322	8,889
Americas – Debt borrowings
Debt Instrument [Line Items]
Total	598	612
International – Debt borrowings
Debt Instrument [Line Items]
Total	1,700	1,757
International – Finance leases
Debt Instrument [Line Items]
Total	176	177
Other
Debt Instrument [Line Items]
Total	65	3
Deferred financing fees
Debt Instrument [Line Items]
Deferred financing fees	(52)	(48)
Deferred financing fees \| Vehicle-backed debt due to Avis Budget Rental Car Funding
Debt Instrument [Line Items]
Deferred financing fees	$ 47	$ 41

Debt under Vehicle Programs And Borrowing Arrangements - Additional Information (Detail) $ in Millions, € in Billions	108 Months Ended
	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Nov. 30, 2022 USD ($)	Jul. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	May 31, 2022 USD ($)	Apr. 30, 2022 USD ($)	Dec. 31, 2021	Nov. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	May 31, 2021 USD ($)
Debt Instrument [Line Items]
Leasing’s vehicles and related assets		$ 13,200
Asset-backed securities, at carrying value		$ 0					$ 660
Weighted average discount rate		1.82%						1.25%
Debt Due To Rental Car Funding August 2026
Debt Instrument [Line Items]
Asset-backed securities, at carrying value											$ 800
Avis Budget Rental Car Funding Program March 2024
Debt Instrument [Line Items]
Asset-backed securities, at carrying value										$ 96
Avis Budget Rental Car Funding Program September 2024
Debt Instrument [Line Items]
Asset-backed securities, at carrying value										105
Avis Budget Rental Car Funding Program August 2025
Debt Instrument [Line Items]
Asset-backed securities, at carrying value										$ 103
Debt Due To Rental Car Funding February2027
Debt Instrument [Line Items]
Asset-backed securities, at carrying value									$ 650
Avis Budget Rental Car Funding Program 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 2023
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 February 2026
Debt Instrument [Line Items]
Asset-backed securities, at carrying value				$ 374
Avis Budget Rental Car Funding Program February 2028
Debt Instrument [Line Items]
Asset-backed securities, at carrying value				$ 389
Avis Budget Rental Car Funding Program April 2026
Debt Instrument [Line Items]
Asset-backed securities, at carrying value			$ 500
Avis Budget Rental Car Funding Program
Debt Instrument [Line Items]
Weighted average interest rate		4.07%						2.66%
Americas – Debt borrowings
Debt Instrument [Line Items]
Weighted average interest rate		4.26%						2.64%
European Rental Fleet Securitization
Debt Instrument [Line Items]
European credit facility \| €	€ 1.7
International – Debt borrowings
Debt Instrument [Line Items]
Weighted average interest rate		3.92%						1.66%

Debt under Vehicle Programs and Borrowing Arrangements - Schedule Of Contractual Maturities (Detail) - Vehicle Programs $ in Millions	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023	$ 2,235
2024	5,485
2025	2,351
2026	2,124
2027	1,238
Thereafter	428
Total	13,861
Bank And Bank-Sponsored Facilities
Debt Instrument [Line Items]
2023	400
2024	$ 2,400

Debt under Vehicle Programs and Borrowing Arrangements - Schedule Of Available Funding Under Vehicle Programs (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total Capacity	$ 15,792
Total	13,809	$ 11,390
Available Capacity	1,931
Outstanding Borrowings	13,861
Americas – Debt due to Avis Budget Rental Car Funding
Debt Instrument [Line Items]
Total	11,322	8,889
Americas – Debt due to Avis Budget Rental Car Funding \| Affiliated Entity
Debt Instrument [Line Items]
Total Capacity	11,921
Available Capacity	599
Americas – Debt due to Avis Budget Rental Car Funding \| Affiliated Entity \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	13,000
Americas – Debt borrowings
Debt Instrument [Line Items]
Total Capacity	970
Total	598	612
Available Capacity	372
Americas – Debt borrowings \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	1,000
International – Debt borrowings
Debt Instrument [Line Items]
Total Capacity	2,628
Total	1,700	1,757
Available Capacity	928
International – Debt borrowings \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	2,600
International – Finance leases
Debt Instrument [Line Items]
Total Capacity	208
Total	176	177
Available Capacity	32
International – Finance leases \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	200
Other
Debt Instrument [Line Items]
Total Capacity	65
Total	65	$ 3
Available Capacity	$ 0

Commitments And Contingencies (Detail) $ in Millions	1 Months Ended		12 Months Ended
Commitments And Contingencies (Detail) $ in Millions	Nov. 30, 2017 lawsuit	Nov. 30, 2011 class	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Range of possible loss (up to)			$ 40
Purchase obligation over the next twelve months			6,700
Purchase commitment period increase			800
Aggregate purchase obligations			102
Receivables due from former subsidiaries			212	$ 134	$ 162
Liabilities accrued for asset retirement obligations			26	$ 28
Realogy
Schedule Of Commitments And Contingencies [Line Items]
Receivables due from former subsidiaries			27
Wyndham
Schedule Of Commitments And Contingencies [Line Items]
Receivables due from former subsidiaries			$ 16
Jose Mendez v Avis Budget Group Inc \| Electronic Toll Service Dispute
Schedule Of Commitments And Contingencies [Line Items]
Number of cases brought by plaintiffs \| class		2
Jose Mendez v Avis Budget Group Inc \| Breach of Contract
Schedule Of Commitments And Contingencies [Line Items]
Number of claims filed \| lawsuit	2
Jose Mendez v Avis Budget Group Inc \| Fines And Fees Charged To Renters
Schedule Of Commitments And Contingencies [Line Items]
Number of claims filed \| lawsuit	1

Stockholders' Equity - Additional Information (Detail) - USD ($) shares in Millions		12 Months Ended			36 Months Ended
	Feb. 10, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Equity [Abstract]
Stock repurchase program, authorized amount (up to)		$ 7,100,000,000			$ 7,100,000,000
Net activity related to restricted stock units (in shares)		36	36	36
Share repurchased during period		$ 3,267,000,000	$ 1,443,000,000	$ 113,000,000	4,800,000,000
Remaining authorized repurchase amount		$ 691,000,000			$ 691,000,000
Board of Directors Chairman
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Shares issued (in shares)	15

Stockholders' Equity - Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity	$ (700)	$ (209)	$ (155)	$ 656
Other comprehensive income (loss) before reclassifications	22	22	(42)
Amounts reclassified from accumulated other comprehensive income (loss)	10	32	12
Other comprehensive income (loss)	32	54	(30)
Ending balance	(700)	(209)	(155)
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity	(30)	16	40	9
Other comprehensive income (loss) before reclassifications	(46)	(35)	33
Amounts reclassified from accumulated other comprehensive income (loss)	0	11	(2)
Other comprehensive income (loss)	(46)	(24)	31
Ending balance	(30)	16	40
Net Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity	45	(19)	(51)	(20)
Other comprehensive income (loss) before reclassifications	57	18	(39)
Amounts reclassified from accumulated other comprehensive income (loss)	7	14	8
Other comprehensive income (loss)	64	32	(31)
Ending balance	45	(19)	(51)
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 (loss)	7	12	6
Reclassification from accumulated other comprehensive income (loss) into interest expense	9	17	9
Net Unrealized Gains (Losses) on Cash Flow Hedges \| Vehicle Interest Expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income (loss)		2	2
Minimum Pension Liability Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity	(116)	(130)	(176)	(146)
Other comprehensive income (loss) before reclassifications	11	39	(36)
Amounts reclassified from accumulated other comprehensive income (loss)	3	7	6
Other comprehensive income (loss)	14	46	(30)
Ending balance	(116)	(130)	(176)
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 (loss)	3	7	6
Reclassification from accumulated other comprehensive income (loss) into interest expense	5	9	9
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity	(101)	(133)	(187)	$ (157)
Ending balance	(101)	$ (133)	$ (187)
Foreign Exchange Forward \| Derivatives designated as hedging instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Derivatives used in net investment hedge, net of tax	$ 114

Related Party Transactions (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Sep. 01, 2022
Related Party Transaction [Line Items]
Contributions from non-controlling interests		$ 24.0	$ 38.0
Non-controlling interests		3.0	11.0
Assets		25,927.0	$ 22,600.0
Avis Mobility Ventures LLC (AMV) \| Receivables From Related Party \| Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		6.0
Avis Mobility Ventures LLC (AMV) \| Finance Lease Receivable \| Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		36.0
Avis Mobility Ventures LLC (AMV) \| Avis Mobility Ventures LLC (AMV) \| Affiliated Entity
Related Party Transaction [Line Items]
Equity investments		49.0
Loss on equity method investments		10.0
Avis Mobility Ventures LLC (AMV) \| Avis Mobility Ventures LLC (AMV) \| Administrative Services \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from related parties		7.0
SRS Mobility Ventures, LLC \| Subsidiary Equity
Related Party Transaction [Line Items]
Ownership acquired percentage	33.34%
Subsidiary Equity
Related Party Transaction [Line Items]
Assets		49.0
Gain on deconsolidation		$ 10.0
Subsidiary Equity \| SRS Mobility Ventures, LLC
Related Party Transaction [Line Items]
Contributions from non-controlling interests	$ 37.5
Non-controlling interests				$ 62.0
Subsidiary Equity \| SRS Mobility Ventures, LLC \| Company Subsidiary
Related Party Transaction [Line Items]
Ownership interest				51.00%

Stock-Based Compensation - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares reserved for grant of awards (in shares)	22,500,000
Shares available for grant under the plan (in shares)	4,100,000
Share based compensation percentage in annual base salary, min	50.00%
Share based compensation percentage in annual base salary, max	100.00%
Shares issued to non-employee directors (in shares)	2,500	8,800	34,000
Stock-based compensation expense \| $	$ 25	$ 30	$ 9
stock-based compensation expense, net of tax \| $	$ 17	$ 21	$ 7
Time-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance-based and market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Share holder to receive shares of common stock upon vesting period	1
Number of RSUs target award vested range maximum	20.00%

Stock-Based Compensation - Assumptions Used (Details)	12 Months Ended
Stock-Based Compensation - Assumptions Used (Details)	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%
Performance-based and market-based RSUs
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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted Average Grant Date Fair Value
Fair value vested in period	$ 22	$ 17	$ 19
Cost not yet recognized	$ 49
Period for recognition	1 year
Time-based RSUs
Number of Shares
Balance (in shares)	671
Granted (in shares)	180
Vested (in shares)	(360)
Forfeited (in shares)	(40)
Balance (in shares)	451	671
Weighted Average Grant Date Fair Value
Balance (in dollars per share)	$ 39.39
Granted (in dollars per share)	172.34	$ 65.23	$ 23.14
Vested (in dollars per share)	37.35
Forfeited (in dollars per share)	61.80
Balance (in dollars per share)		$ 39.39
Outstanding and expected to vest, weighted average grant date fair value (in dollars per share)	$ 92.06
Outstanding and expected to vest weighted average remaining contractual term (in years)	1 year 1 month 6 days
Aggregate intrinsic value, outstanding and expected to vest	$ 74
Performance-based and market-based RSUs
Number of Shares
Balance (in shares)	886
Granted (in shares)	99
Vested (in shares)	(254)
Forfeited (in shares)	(40)
Balance (in shares)	691	886
Outstanding and expected to vest (in shares)	683
Weighted Average Grant Date Fair Value
Balance (in dollars per share)	$ 35.40
Granted (in dollars per share)	193.48	$ 62.27	$ 21.06
Vested (in dollars per share)	34.24
Forfeited (in dollars per share)	49.75
Balance (in dollars per share)	57.56	$ 35.40
Outstanding and expected to vest, weighted average grant date fair value (in dollars per share)	$ 55.99
Outstanding and expected to vest weighted average remaining contractual term (in years)	10 months 24 days
Outstanding weighted average remaining contractual terms (in years)	10 months 24 days
Aggregate intrinsic value, outstanding and expected to vest	$ 112
Aggregate intrinsic value outstanding	$ 113

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Contributions	$ 26	$ 22	$ 23
Projected benefit obligation	332	453
Plan assets	235	297
Accumulated benefit obligation	329	453
Plan assets	235	303
Accumulated benefit obligation	571	872
Estimated future benefit payments, 2023	30
Estimated future benefit payments, 2024	31
Estimated future benefit payments, 2025	32
Estimated future benefit payments, 2026	33
Estimated future benefit payments, 2027	34
Estimated future benefit payments, 2028 to 2032	183
Company contributions to multiemployer plans	$ 8	$ 7	$ 7
Equity Securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Investment in plan assets (in percent)	35.00%
Equity Securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Investment in plan assets (in percent)	55.00%
Debt Securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Investment in plan assets (in percent)	35.00%
Debt Securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Investment in plan assets (in percent)	55.00%
Alternative Investment \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Investment in plan assets (in percent)	5.00%
Alternative Investment \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Investment in plan assets (in percent)	15.00%
Domestic Plan
Defined Benefit Plan Disclosure [Line Items]
Long-term rate of return on plan assets	6.25%	6.75%	7.00%
Expected company contributions	$ 1
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Long-term rate of return on plan assets	4.39%	3.71%	3.80%

Employee Benefit Plans - Summary Of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 5	$ 6	$ 5
Interest cost	16	12	17
Expected return on plan assets	(37)	(35)	(31)
Amortization of unrecognized amounts	5	9	9
Net periodic (benefit) cost	$ (11)	$ (8)	$ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative	Selling, general and administrative	Selling, general and administrative
Operating Expense
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 4	$ 4	$ 4
Selling, General and Administrative Expenses
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 2	$ 1

Employee Benefit Plans - Summary of Funded Status of Pension Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in Benefit Obligation
Benefit obligation at end of prior year	$ 881	$ 926
Service cost	5	6	$ 5
Interest cost	16	12	17
Actuarial (gain) loss	(247)	(17)
Plan amendments	(1)	(3)
Currency translation adjustment	(51)	(12)
Net benefits paid	(28)	(31)
Benefit obligation at end of current year	575	881	926
Change in Plan Assets
Fair value of assets at end of prior year	772	722
Actual return on plan assets	(196)	71
Employer contributions	12	16
Currency translation adjustment	(46)	(5)
Net benefits paid	(28)	(32)
Fair value of assets at end of current year	514	772	$ 722
Funded Status
Non-current assets	36	50
Current liabilities	(4)	(5)
Non-current liabilities	(93)	(154)
Net funded status	$ (61)	$ (109)

Employee Benefit Plans - Summary Of Assumptions Used To Determine Pension Obligations And Pension Costs (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
United States
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost	2.67%	2.25%	3.10%
Benefit obligation	5.18%	2.67%	2.25%
Long-term rate of return on plan assets	6.25%	6.75%	7.00%
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost	1.83%	1.40%	1.95%
Benefit obligation	4.79%	1.83%	1.40%
Long-term rate of return on plan assets	4.39%	3.71%	3.80%

Employee Benefit Plans - Summary Of Defined Benefit Pension Plans' Assets Fair Value (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Total assets	$ 514	$ 772	$ 722
Cash equivalents and short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total assets	24	62
U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	88	160
Non-U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	69	145
Government bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	2	17
Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	174	185
Other assets
Defined Benefit Plan Disclosure [Line Items]
Total assets	157	203
Level 1
Defined Benefit Plan Disclosure [Line Items]
Total assets	254	330
Level 1 \| Cash equivalents and short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total assets	18	14
Level 1 \| U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	69	115
Level 1 \| Non-U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	39	56
Level 1 \| Government bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	0	6
Level 1 \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	126	134
Level 1 \| Other assets
Defined Benefit Plan Disclosure [Line Items]
Total assets	2	5
Level 2
Defined Benefit Plan Disclosure [Line Items]
Total assets	206	396
Level 2 \| Cash equivalents and short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total assets	6	48
Level 2 \| U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	19	45
Level 2 \| Non-U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	30	89
Level 2 \| Government bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	2	11
Level 2 \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	48	51
Level 2 \| Other assets
Defined Benefit Plan Disclosure [Line Items]
Total assets	101	152
Level 3
Defined Benefit Plan Disclosure [Line Items]
Total assets	54	46
Level 3 \| Cash equivalents and short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total assets	0	0
Level 3 \| U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	0	0
Level 3 \| Non-U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Total assets	0	0
Level 3 \| Government bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	0	0
Level 3 \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Total assets	0	0
Level 3 \| Other assets
Defined Benefit Plan Disclosure [Line Items]
Total assets	$ 54	$ 46

Financial Instruments - Additional Information (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Estimated loss	$ 16

Financial Instruments - Fair Value of Derivative Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 1,160	$ 1,655
Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	14,219	11,900
Interest rate caps \| Subsidiary Issuers
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	6,200	3,000
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	1,450	1,450
Interest rate caps sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	9,800	7,200
Purchase
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 4,400	$ 4,700

Financial Instruments - Fair Value (Level 2) of Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	$ 111	$ 20
Fair Value, Liability Derivatives	117	52
Interest rate swaps \| Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	61	2
Fair Value, Liability Derivatives	0	27
Foreign exchange contracts \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	4	7
Fair Value, Liability Derivatives	6	10
Interest rate caps \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	46	11
Fair Value, Liability Derivatives	$ 111	$ 15

Financial Instruments - Schedule Of Effect Of Derivatives Recognized (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ 143	$ 84	$ (109)
Interest rate swaps \| Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	64	32	(31)
Euro-denominated notes \| Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	44	56	(67)
Foreign exchange contract \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	36	(3)	(5)
Foreign exchange contract \| Interest Expense \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	39	(2)	(3)
Foreign exchange contract \| Operating Expense \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	(3)	(1)	(2)
Interest rate caps \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	(1)	(1)	0
Commodity contract \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ 0	$ 0	$ (6)

Financial Instruments - Schedule Of Carrying Amounts And Estimated Fair Values (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 4,644	$ 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	4,644	3,990
Carrying Amount \| Level 2 \| Interest rate swaps and interest rate caps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and interest rate caps	111	14
Carrying Amount \| Vehicle-Backed Debt \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	2,423	2,528
Carrying Amount \| Vehicle-backed debt due to Avis Budget Rental Car Funding \| Vehicle-Backed Debt \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	11,275	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	4,411	4,153
Estimated Fair Value \| Level 2 \| Interest rate swaps and interest rate caps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and interest rate caps	111	14
Estimated Fair Value \| Vehicle-Backed Debt \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	2,422	2,559
Estimated Fair Value \| Vehicle-backed debt due to Avis Budget Rental Car Funding \| Vehicle-Backed Debt \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	$ 10,848	$ 9,009

Segment Information - Additional Information (Details) $ in Millions	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Estimated litigation liability	$ 5

Segment Information - Summary of Segments Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 11,994	$ 9,313	$ 5,402
Vehicle depreciation and lease charges, net	828	1,197	1,368
Vehicle interest, net	402	313	318
Adjusted EBITDA	4,133	2,411	(175)
Non-vehicle depreciation and amortization	225	272	286
Assets exclusive of assets under vehicle programs	8,499	8,581	8,365
Assets under vehicle programs	17,428	14,019	9,173
Capital expenditures (excluding vehicles)	246	108	94
Americas
Segment Reporting Information [Line Items]
Revenues	9,474	7,557	3,965
Vehicle depreciation and lease charges, net	414	851	968
Vehicle interest, net	348	258	274
Adjusted EBITDA	3,660	2,364	72
Non-vehicle depreciation and amortization	141	178	185
Assets exclusive of assets under vehicle programs	5,798	5,746	5,510
Assets under vehicle programs	14,269	11,437	7,155
Capital expenditures (excluding vehicles)	117	74	65
International
Segment Reporting Information [Line Items]
Revenues	2,520	1,756	1,437
Vehicle depreciation and lease charges, net	414	346	400
Vehicle interest, net	54	55	44
Adjusted EBITDA	560	118	(202)
Non-vehicle depreciation and amortization	66	84	91
Assets exclusive of assets under vehicle programs	2,402	2,716	2,754
Assets under vehicle programs	3,159	2,582	2,018
Capital expenditures (excluding vehicles)	33	26	29
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	0	0	0
Vehicle depreciation and lease charges, net	0	0	0
Vehicle interest, net	0	0	0
Adjusted EBITDA	(87)	(71)	(45)
Non-vehicle depreciation and amortization	18	10	10
Assets exclusive of assets under vehicle programs	299	119	101
Assets under vehicle programs	0	0	0
Capital expenditures (excluding vehicles)	$ 96	$ 8	$ 0

Segment Information - Reconciliation of Adjusted EBITDA to Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 4,133	$ 2,411	$ (175)
Less:
Non Vehicle Related Depreciation And Amortization, Excluding Cloud Computing Expense	235	279	286
Interest expense related to corporate debt, net
Interest expense	250	218	231
Early extinguishment of debt	0	136	9
Covid-19 charges	(9)	(2)	122
Restructuring and other related charges	19	64	118
Non-operational charges related to shareholder activist activity	0	3	8
Unprecedented personal-injury and other legal matters, net	1	0	4
Transaction-related costs, net	8	5	3
Other (income) expense, net	(7)	0	0
Income (loss) before income taxes	3,636	1,708	(956)
Minimum annual guaranteed rent in excess of concession fees, net	(9)	(2)	60
Vehicles damaged in overflow parking lots, net of insurance proceeds	0	(7)
Other charges	0	7
Covid-19 charges	(9)	(2)	122
Operating Expense
Interest expense related to corporate debt, net
Covid-19 charges	(9)	(3)
Covid-19 charges	(9)	(3)
Operating Expense \| Cloud Computing Costs
Less:
Non-vehicle depreciation and amortization	10	7
Selling, General and Administrative Expenses
Interest expense related to corporate debt, net
Covid-19 charges	0	1
Covid-19 charges	0	1
COVID-19 Charges
Interest expense related to corporate debt, net
Covid-19 charges	(9)	(2)
Covid-19 charges	(9)	(2)
Acquisition-related Costs
Less:
Non-vehicle depreciation and amortization	$ 43	$ 66	$ 66

Segment Information - Summary of Geographic Segment Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 11,994	$ 9,313	$ 5,402
Assets exclusive of assets under vehicle programs	8,499	8,581	8,365
Assets under vehicle programs	17,428	14,019	9,173
Net long-lived assets	2,330	2,369	2,568
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	8,975	7,254	3,758
Assets exclusive of assets under vehicle programs	5,622	5,575	5,262
Assets under vehicle programs	13,514	10,915	6,797
Net long-lived assets	1,386	1,328	1,421
All Other Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	3,019	2,059	1,644
Assets exclusive of assets under vehicle programs	2,877	3,006	3,103
Assets under vehicle programs	3,914	3,104	2,376
Net long-lived assets	$ 944	$ 1,041	$ 1,147