Avis Budget (CAR) 10-Q 30 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 29, 2020
Cover page.
Title of 12(b) Security	Common Stock, Par Value $0.01
Document Transition Report	false
Document Quarterly Report	true
Entity Incorporation, State or Country Code	DE
Document Period End Date	Mar. 31, 2020
Entity File Number	001-10308
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	CAR
Entity Registrant Name	Avis Budget Group, Inc.
Entity Central Index Key	0000723612
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Tax Identification Number	06-0918165
Entity Address, Address Line One	6 Sylvan Way
Entity Address, City or Town	Parsippany,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	(973)
Local Phone Number	496-4700
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		69,555,822

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Revenues	$ 1,753	$ 1,920
Expenses
Operating	1,058	1,071
Vehicle depreciation and lease charges, net	459	485
Selling, general and administrative	251	284
Vehicle interest, net	83	81
Non-vehicle related depreciation and amortization	69	67
Interest expense	48	42
Early extinguishment of debt	4	0
Restructuring and other related charges	44	21
Transaction-related costs, net	2	5
Total expenses	2,018	2,056
Loss before income taxes	(265)	(136)
Benefit from income taxes	(107)	(45)
Net loss	(158)	(91)
Comprehensive loss	$ (257)	$ (96)
Loss per share
Basic	$ (2.16)	$ (1.20)
Diluted	$ (2.16)	$ (1.20)

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 679	$ 686
Receivables, net	712	911
Other current assets	536	548
Total current assets	1,927	2,145
Property and equipment, net	767	792
Operating lease right-of-use assets	2,686	2,596
Deferred income taxes	1,797	1,662
Goodwill	1,069	1,101
Other intangibles, net	794	798
Other non-current assets	212	217
Total assets exclusive of assets under vehicle programs	9,252	9,311
Assets under vehicle programs:
Program cash	39	211
Vehicles, net	12,815	12,177
Receivables from vehicle manufacturers and other	661	778
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	785	649
Total assets under vehicle programs:	14,300	13,815
Total assets	23,552	23,126
Current liabilities:
Accounts payable and other current liabilities	2,145	2,206
Short-term debt and current portion of long-term debt	118	19
Total current liabilities	2,263	2,225
Long-term debt	3,396	3,416
Long-term operating lease liabilities	2,198	2,140
Other non-current liabilities	746	757
Total liabilities exclusive of liabilities under vehicle programs	8,603	8,538
Liabilities under vehicle programs:
Debt	2,648	3,132
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party		7,936
Deferred income taxes	2,204	2,189
Other	455	675
Total Liabilities under vehicle programs	14,657	13,932
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.01 par value—authorized 10 shares; none issued and outstanding, respectively	0	0
Common stock, $0.01 par value—authorized 250 shares; issued 137 shares, respectively	1	1
Additional paid-in capital	6,677	6,741
Accumulated deficit	(944)	(785)
Accumulated other comprehensive loss	(256)	(157)
Treasury stock, at cost—68 and 63 shares, respectively	(5,186)	(5,144)
Total stockholders’ equity	292	656
Total liabilities and stockholders’ equity	$ 23,552	$ 23,126

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10	10
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250	250
Common stock, shares issued	137	137
Treasury stock, shares	61	61

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net loss	$ (158)	$ (91)
Adjustments to reconcile net loss to net cash provided by operating activities:
Vehicle depreciation	414	436
Amortization of right-of-use assets	231	215
(Gain) loss on sale of vehicles, net	(11)	(8)
Non-vehicle related depreciation and amortization	69	67
Stock-based compensation	(2)	5
Amortization of debt financing fees	8	8
Early extinguishment of debt	4	0
Net change in assets and liabilities:
Receivables	163	2
Income taxes and deferred income taxes	(112)	(51)
Accounts payable and other current liabilities	(96)	97
Operating lease liabilities	(230)	(216)
Other, net	90	(24)
Net cash provided by operating activities	370	440
Investing activities
Property and equipment additions	(43)	(57)
Proceeds received on asset sales	2	2
Net assets acquired (net of cash acquired)	51	5
Other, net	0	(3)
Net cash used in investing activities exclusive of vehicle programs	(92)	(63)
Vehicle programs:
Investment in vehicles	(3,751)	(4,376)
Proceeds received on disposition of vehicles	2,497	3,083
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	(175)	(78)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	39	0
Net cash used in investing activities of vehicle programs	1,390	1,371
Net cash used in investing activities	(1,482)	(1,434)
Financing activities
Proceeds from long-term borrowings	184	0
Payments on long-term borrowings	(92)	(5)
Proceeds from Issuance of Common Stock	15	15
Repurchases of common stock	(118)	(4)
Debt financing fees	(3)	0
Net cash used in financing activities exclusive of vehicle programs	(14)	(9)
Vehicle programs:
Proceeds from borrowings	5,461	5,989
Payments on borrowings	(4,479)	(5,038)
Debt financing fees	(6)	(5)
Net cash provided by financing activities of vehicle programs	976	946
Net cash provided by financing activities	962	937
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	(29)	(2)
Net decrease in cash and cash equivalents, program and restricted cash	(179)	(59)
Cash and cash equivalents, program and restricted cash, beginning of period	900	735
Cash and cash equivalents, program and restricted cash, end of period	$ 721	$ 676

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY Statement - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]
Stockholders Equity [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 5			$ 4	$ 1
Shares, Issued		(137.1)				61.5
Total stockholders’ equity	414	$ 1	$ 6,771	(1,091)	(133)	$ (5,134)
Net loss	(91)
Other Comprehensive Income (Loss), Net of Tax	(5)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(1)		29			$ (30)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period						0.3
Stock Issued During Period, Value, Stock Options Exercised			(5)			$ 5
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period						0.1
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(96)
Shares, Issued		(137.1)				61.1
Total stockholders’ equity	324	$ 1	6,737	(1,178)	(137)	$ (5,099)
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	(1)			(1)
Shares, Issued		(137.1)				63.2
Total stockholders’ equity	656	$ 1	6,741	(785)	(157)	$ (5,144)
Net loss	(158)
Other Comprehensive Income (Loss), Net of Tax	(99)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(8)		79			$ (71)
Stock Issued During Period, Value, Treasury Stock Reissued	15		15
Stock Issued During Period, Shares, Treasury Stock Reissued						0.4
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period						0.3
Treasury Stock, Shares, Acquired						(5)
Treasury Stock, Value, Acquired, Cost Method	(113)					$ 113
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(257)
Shares, Issued		(137.1)				67.5
Total stockholders’ equity	$ 292	$ 1	$ 6,677	$ (944)	$ (256)	$ (5,186)

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Notes)	3 Months Ended
	Mar. 31, 2020
Basis of Presentation [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	Basis of Presentation Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying unaudited Consolidated Condensed Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting. The Company operates the following reportable business segments: • Americas —consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which the Company does not operate directly. • International —consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which the Company does not operate directly. The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. The fair value of the assets acquired and liabilities assumed in connection with the Company’s 2019 acquisitions of various licensees has not yet been finalized; however, there have been no significant changes to the preliminary allocation of the purchase price during the three months ended March 31, 2020 . In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with the Company’s 2019 Form 10-K. Liquidity and Management’s Plans The spread of COVID-19 and the recent developments surrounding the global pandemic are having a material negative impact on all aspects of the Company’s business. Significant events affecting travel have historically had an impact on vehicle rental volumes, with the full extent of the impact generally determined by the length of time the event influences travel decisions. The COVID-19 outbreak has had, and the Company believes will continue to have, a significant adverse impact on its operations and vehicle rental volumes, and on its financial results and liquidity, and such negative impact may continue well beyond the containment of the outbreak. The Company cannot assure its assumptions used to estimate its liquidity requirements will be correct because it has never previously experienced such a decrease in demand, and as a consequence, its ability to be predictive is uncertain. In addition, the magnitude, duration and speed of the global pandemic is uncertain. Therefore, the Company has taken, and plans to take further actions to manage its liquidity, including reducing capital expenditures, operating expenses and the number of vehicles in its fleet. The Company has no meaningful corporate debt maturities until 2023 and do not need to refinance any fleet debt in 2020. We plan to finance the routine 2020 ABS maturities with program cash on hand. As a result, based on current operational assumptions, the Company believes it has adequate liquidity for the balance of 2020 and into 2021. In April 2020, the Company entered into an amendment (the “Amendment”) to its senior credit facilities, consisting of an approximately $ 1.2 billion term loan maturing in 2027 and a $ 1.8 billion revolving credit facility maturing in 2023, which remain in place after the Amendment. The Amendment provides for a relief from the quarterly-tested leverage covenant contained in the credit agreement governing the senior credit facilities until the end of a specific relief period, including a holiday from such leverage covenant through June 30, 2021, during which time (i) certain negative covenant exceptions are not available to the Company, (ii) pricing on the senior credit facilities is increased, (iii) the Company must comply with a liquidity covenant and additional reporting requirements and (iv) the Company must meet additional conditions to borrow loans under the revolving credit facility. Summary of Significant Accounting Policies The Company’s significant accounting policies are fully described in Note 2, “Summary of Significant Accounting Policies,” in the 2019 Form 10-K. Cash and cash equivalents, Program cash and Restricted cash. The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows. As of March 31, 2020 2019 Cash and cash equivalents $ 679 $ 540 Program cash 39 131 Restricted cash (a) 3 5 Total cash and cash equivalents, program and restricted cash $ 721 $ 676 ________ (a) Included within other current assets. Vehicle Programs. The Company presents separately the financial data of its vehicle programs. These programs are distinct from the Company’s other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of the Company’s vehicle programs. The Company believes it is appropriate to segregate the financial data of its vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets. Transaction-related costs, net. Transaction-related costs, net are classified separately in the Consolidated Condensed Statements of Comprehensive Income. These costs are comprised of expenses related to acquisition-related activities such as due diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with those of the Company, including the implementation of best practices and process improvements, non-cash gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions. Currency Transactions. The Company records the gain or loss on foreign-currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net. During the three months ended March 31, 2020 and 2019, the Company recorded a $5 million loss and $5 million gain, respectively, related to such items. Divestitures. In 2018, the Company entered into a definitive stock purchase agreement to sell its 50% equity method investment in Anji Car Rental & Leasing Company Limited (“China”), located in China, to Shanghai Automotive Industry Sales Company, Ltd., a 50% owner of China. In 2019, the Company completed the sale for $64 million , net of cross-border withholding taxes and recorded a $44 million gain within operating expenses. China’s operations were reported within the Company’s International segment. Investments. As of March 31, 2020 and December 31, 2019, the Company had equity method investments with a carrying value of $53 million and $56 million respectively, which are recorded within other non-current assets. Earnings from the Company’s equity method investments are reported within operating expenses. For the three months ended March 31, 2020 and 2019, the Company recorded an immaterial amount related to its equity method investments. Nonmarketable Equity Securities. As of March 31, 2020 and December 31, 2019, the Company had nonmarketable equity securities with a carrying value of $8 million in each period, which are recorded within other non-current assets. During the three months ended March 31, 2019 the Company recorded a $12 million favorable adjustment to the carrying amount of nonmarketable equity securities within operating expense. No adjustments were made to the carrying amounts during the three months ended March 31, 2020. Revenues. R evenues are recognized under “Leases (Topic 842),” with the exception of royalty fee revenue derived from the Company’s licensees and revenue related to the Company’s customer loyalty program, which were approximately $32 million and $30 million during the three months ended March 31, 2020 and 2019, respectively. The following table presents the Company’s revenues disaggregated by geography. Three Months Ended 2020 2019 Americas $ 1,257 $ 1,327 Europe, Middle East and Africa 357 433 Asia and Australasia 139 160 Total revenues $ 1,753 $ 1,920 The following table presents the Company’s revenues disaggregated by brand. Three Months Ended March 31, 2020 2019 Avis $ 985 $ 1,100 Budget 619 651 Other 149 169 Total revenues $ 1,753 $ 1,920 ________ Other includes Zipcar and other operating brands. Adoption of New Accounting Pronouncements Intangibles—Goodwill and Other—Internal-Use Software On January 1, 2020, as the result of a new accounting pronouncement, the Company adopted Accounting Standard Update (“ASU”) 2018-15 “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement That Is a Service Contract,” which provides guidance for determining when the arrangement includes a software license. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The amendments in this Update also require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, to present the expense in the same line in its statement of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in its statement of cash flows in the same manner as payments made for fees associated with the hosting element. The entity is also required to present the capitalized implementation costs in its balance sheet in the same line that a prepayment for the fees of the associated hosting arrangement would be presented. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Condensed Financial Statements. Fair Value Measurement On January 1, 2020, as the result of a new accounting pronouncement, the Company adopted ASU 2018-13, “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement,” which adds, removes, and modifies disclosure requirements related to fair value measurements. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Condensed Financial Statements. Measurement of Credit Losses on Financial Instruments On January 1, 2020, as the result of a new accounting pronouncement, the Company adopted ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” and related updates which sets forth a current expected credit loss impairment model for financial assets that replaces the current incurred loss model. This model requires a financial asset (or group of financial assets), including trade receivables, measured at amortized cost to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Condensed Financial Statements. Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities During first quarter 2020, the Company early adopted the Securities Exchange Commission’s, “Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities” rules, which simplify the disclosure requirements related to the Company’s registered securities under Rule 3-10 of Regulation S-X. The final rule also allows for the simplified disclosure to be included within Management’s Discussion and Analysis of Financial Condition and Results of Operations. Recently Issued Accounting Pronouncements Simplifying the Accounting for Income Taxes In December 2019, the FASB issued 2019-12, “Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions and improving the application of existing guidance. ASU 2019-12 becomes effective for the Company on January 1, 2021. Early adoption is permitted. The Company is currently evaluating the impact of this accounting pronouncement on its Consolidated Condensed Financial Statements. Compensation—Retirement Benefits—Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans,” which adds, removes, and clarifies disclosure requirements related to defined benefit pension and other postretirement plans. These changes are part of the FASB’s disclosure framework project, which the Board launched in 2014 to improve the effectiveness of disclosures in notes to financial statements. ASU 2018-14 becomes effective for the Company on January 1, 2021. Early adoption is permitted. The adoption of this accounting pronouncement is not expected to have a material impact on the Company's Consolidated Condensed Financial Statements.

Leases (Notes)

Leases (Notes)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases [Text Block]	Leases The following table presents the Company’s lease revenues disaggregated by geography. Three Months Ended 2020 2019 Americas $ 1,244 $ 1,319 Europe, Middle East and Africa 342 414 Asia and Australasia 135 157 Total lease revenues $ 1,721 $ 1,890 The following table presents the Company’s lease revenues disaggregated by brand. Three Months Ended 2020 2019 Avis $ 968 $ 1,083 Budget 608 640 Other 145 167 Total lease revenues $ 1,721 $ 1,890 ________ Other includes Zipcar and other operating brands. Lessee The Company has operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of the Company’s operating leases for rental locations contain concession agreements with various airport authorities that allow the Company to conduct its vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease ROU assets and operating lease liabilities, and are recorded as variable lease expense as incurred. The Company’s operating leases for rental locations often also require the Company to pay or reimburse operating expenses. The components of lease expense are as follows: Three Months Ended 2020 2019 Property leases (a) Operating lease expense $ 185 $ 177 Variable lease expense 36 51 Total property lease expense $ 221 $ 228 __________ (a) Primarily included in operating expense. Supplemental balance sheet information related to leases is as follows: As of As of December 31, 2019 Property leases Operating lease ROU assets $ 2,686 $ 2,596 Short-term operating lease liabilities (a) $ 512 $ 479 Long-term operating lease liabilities 2,198 2,140 Operating lease liabilities $ 2,710 $ 2,619 Weighted average remaining lease term 9.0 years 8.9 years Weighted average discount rate 4.23 % 4.31 % _________ (a) Included in Accounts payable and other current liabilities. Supplemental cash flow information related to leases is as follows: Three Months Ended 2020 2019 Cash payments for lease liabilities within operating activities: Property operating leases $ 170 $ 189 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases (a) 296 (113 ) _________ (a) For the three months ended March 31, 2019, ROU assets obtained in exchange for lease liabilities from initial recognition .

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring and Other Related Charges Restructuring During first quarter 2020, the Company initiated a global restructuring plan to reduce operating costs, such as headcount and facilities, due to declining reservations and revenue resulting from the COVID-19 outbreak (“2020 Optimization Plan”). During the three months ended March 31, 2020 , as part of this process, the Company formally communicated the termination of employment to approximately 585 employees, and as of March 31, 2020 , the Company had terminated approximately 450 of these employees. The Company expects further restructuring expense of approximately $15 million related to this initiative to be incurred in 2020. During third quarter 2019, the Company initiated a restructuring plan to exit its operations in Brazil by closing rental facilities, disposing of assets and terminating personnel (“Brazil”). During the three months ended March 31, 2020 , as part of this initiative, the Company formally communicated the termination of employment to approximately 20 employees. The Company expects further restructuring expense of approximately $7 million to be incurred. During first quarter 2019, the Company initiated a restructuring plan to drive global efficiency by improving processes and consolidating functions, and to create new objectives and strategies for its U.S. truck rental operations by reducing headcount, large vehicles and rental locations (“T19”). This initiative is substantially complete. The following tables summarize the changes to our restructuring-related liabilities and identifies the amounts recorded within the Company’s reporting segments for restructuring charges and corresponding payments and utilizations: Americas International Total Balance as of January 1, 2020 $ 2 $ 4 $ 6 Restructuring expense: 2020 Optimization Plan 15 11 26 Brazil 1 — 1 Restructuring payment/utilization: 2020 Optimization Plan (1 ) (2 ) (3 ) Brazil (1 ) — (1 ) T19 (2 ) (2 ) (4 ) Balance as of March 31, 2020 $ 14 $ 11 $ 25 Personnel Facility Other (a) Total Balance as of January 1, 2020 $ 3 $ 1 $ 2 $ 6 Restructuring expense: 2020 Optimization Plan 24 2 — 26 Brazil 1 — — 1 Restructuring payment/utilization: 2020 Optimization Plan (3 ) — — (3 ) Brazil (1 ) — — (1 ) T19 (4 ) — — (4 ) Balance as of March 31, 2020 $ 20 $ 3 $ 2 $ 25 __________ (a) Includes expenses primarily related to the disposition of vehicles. Other Related Charges Limited Voluntary Opportunity Plan (“LVOP”) During 2020, the Company offered a voluntary termination program to certain employees in field operations, shared services, and general and administrative functions for a limited time. These employees, if qualified, elected resignation from employment in return for enhanced severance benefits to be settled in cash. During the three months ended March 31, 2020, the Company recorded other related charges of approximately $15 million in connection with the LVOP. As of March 31, 2020, approximately 400 qualified employees elected to participate in the plan and approximately 280 of all participants had been terminated. Officer Separation Costs In March 2020, the Company announced the departure of Michael K. Tucker as Executive Vice President, General Counsel effective March 27, 2020. In connection with Mr. Tucker’s separation, the Company recorded other related charges of approximately $2 million . In March 2019, the Company announced the resignation of Mark J. Servodidio as the Company’s President, International effective June 14, 2019. In connection with Mr. Servodidio’s departure, the Company recorded other related charges of approximately $3 million , inclusive of accelerated stock-based compensation expense.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions): Three Months Ended 2020 2019 Net loss for basic and diluted EPS $ (158 ) $ (91 ) Basic and diluted weighted average shares outstanding (a) 72.9 75.8 Loss per share: Basic and diluted $ (2.16 ) $ (1.20 ) __________ (a) For the three months ended March 31, 2020 and 2019 , 1.3 million and 1.3 million non-vested stock awards, respectively, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding.

Acquisitions (Notes)

Acquisitions (Notes)	3 Months Ended
	Mar. 31, 2020
Acquisitions [Abstract]
Business Combination Disclosure [Text Block]	Acquisitions Avis and Budget Licensees During first quarter 2020, the Company completed the acquisitions of various licensees in North America, for approximately $21 million , plus $21 million for acquired fleet. These investments were in-line with the Company’s strategy to re-acquire licensees when advantageous to expand its footprint of Company-operated locations. The acquired fleet was financed under the Company’s existing financing arrangements. In connection with these acquisitions, approximately $21 million was recorded in other intangibles related to license agreements. The license agreements are being amortized over a weighted average useful life of approximately two years

Other Current Assets

Other Current Assets	3 Months Ended
	Mar. 31, 2020
Other Current Assets Disclosure [Abstract]
Other Current Assets [Text Block]	Other Current Assets Other current assets consisted of: As of As of December 31, 2019 Prepaid expenses $ 197 $ 234 Sales and use taxes 159 173 Other 180 141 Other current assets $ 536 $ 548

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of: As of March 31, 2020 As of December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized Intangible Assets License agreements $ 257 $ 112 $ 145 $ 241 $ 108 $ 133 Customer relationships 250 169 81 255 165 90 Other 50 26 24 50 25 25 Total $ 557 $ 307 $ 250 $ 546 $ 298 $ 248 Unamortized Intangible Assets Goodwill $ 1,069 $ 1,101 Trademarks $ 544 $ 550 For the three months ended March 31, 2020 and 2019 , amortization expense related to amortizable intangible assets was approximately $13 million and $17 million , respectively. Based on the Company’s amortizable intangible assets at March 31, 2020 , the Company expects amortization expense of approximately $47 million for the remainder of 2020 , $53 million for 2021 , $32 million for 2022 , $24 million for 2023 , $21 million for 2024 and $16 million for 2025 , excluding effects of currency exchange rates.

Vehicle Rental Activities

Vehicle Rental Activities	3 Months Ended
	Mar. 31, 2020
Vehicle Rental Activities [Abstract]
Vehicle Rental Activities	Vehicle Rental Activities The components of vehicles, net within assets under vehicle programs were as follows: As of As of March 31, December 31, 2020 2019 Rental vehicles $ 13,001 $ 13,461 Less: Accumulated depreciation (1,429 ) (1,621 ) 11,572 11,840 Vehicles held for sale 1,243 337 Vehicles, net $ 12,815 $ 12,177 The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended 2020 2019 Depreciation expense $ 414 $ 436 Lease charges 56 57 (Gain) loss on sale of vehicles, net (11 ) (8 ) Vehicle depreciation and lease charges, net $ 459 $ 485 At March 31, 2020 and 2019 , the Company had payables related to vehicle purchases included in liabilities under vehicle programs - other of $240 million and $632 million , respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $491 million and $474 million , respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Income Taxes The Company’s effective tax rate for the three months ended March 31, 2020 and 2019 were benefits of 40.4% and 33.1% , respectively. Such rates differed from the Federal statutory rate of 21.0% primarily due to foreign taxes on our international operations and state taxes.

Accounts Payable and Other Curr

Accounts Payable and Other Current Liabilities	3 Months Ended
	Mar. 31, 2020
Accounts Payable and Other Current Liabilities [Abstract]
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	Accounts Payable and Other Current Liabilities Accounts payable and other current liabilities consisted of: As of As of March 31, December 31, 2020 2019 Short-term operating lease liabilities $ 512 $ 479 Accounts payable 402 378 Accrued sales and use taxes 216 223 Public liability and property damage insurance liabilities – current 176 178 Accrued advertising and marketing 154 191 Accrued payroll and related 121 195 Other 564 562 Accounts payable and other current liabilities $ 2,145 $ 2,206

Long-term Debt and Borrowing Ar

Long-term Debt and Borrowing Arrangements	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-term Debt and Borrowing Arrangements	Long-term Corporate Debt and Borrowing Arrangements Long-term corporate debt and borrowing arrangements consisted of: As of As of Maturity Date March 31, December 31, 2020 2019 5½% Senior Notes (a) April 2023 $ 200 $ 200 6⅜% Senior Notes April 2024 350 350 4⅛% euro-denominated Senior Notes November 2024 331 336 5¼% Senior Notes March 2025 375 375 4½% euro-denominated Senior Notes May 2025 276 280 4¾% euro-denominated Senior Notes January 2026 386 393 5¾% Senior Notes July 2027 400 400 Floating Rate Term Loan (b) August 2027 1,207 1,112 Other (c) 26 28 Deferred financing fees (37 ) (39 ) Total 3,514 3,435 Less: Short-term debt and current portion of long-term debt 118 19 Long-term debt $ 3,396 $ 3,416 __________ (a) A portion of these notes have been called for early redemption. (b) The floating rate term loan is part of the Company’s senior revolving credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of March 31, 2020, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 175 basis points, for an aggregate rate of 2.74%. The Company has entered into a swap to hedge $700 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.42%. (c) Primarily includes finance leases which are secured by liens on the related assets. In February 2020, the Company amended its Floating Rate Term Loan due 2025 to extend its maturity term to 2027 and reduce its interest to one-month LIBOR plus 1.75%. The Company increased the outstanding borrowing principal amount of the Floating Rate Term Loan to $ 1.2 billion and on April 1, 2020 used the additional loan amount to redeem $ 100 million of its outstanding 5½% Senior Notes due 2023. Committed Credit Facilities and Available Funding Arrangements At March 31, 2020 , the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows: Total Capacity Outstanding Borrowings Letters of Credit Issued Available Capacity Senior revolving credit facility maturing 2023 (a) $ 1,800 $ — $ 1,210 $ 590 __________ (a) The senior revolving credit facility bears interest at one-month LIBOR plus 200 basis points and is part of the Company’s senior credit 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 subsidiaries of the Company, liens on substantially all of the Company’s intellectual property and certain other real and personal property. Debt Covenants The agreements governing the Company’s indebtedness contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries, the incurrence of additional indebtedness by the Company and certain of its subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. The Company’s senior credit facilities also contain a consolidated first lien leverage ratio requirement. As of March 31, 2020 , the Company was in compliance with the financial covenants governing its indebtedness.

Debt Under Vehicle Programs and

Debt Under Vehicle Programs and Borrowing Arrangements	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt Under Vehicle Programs and Borrowing Arrangements	Debt Under Vehicle Programs and Borrowing Arrangements Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of: As of As of March 31, December 31, 2020 2019 Americas - Debt due to Avis Budget Rental Car Funding $ 9,392 $ 7,975 Americas - Debt borrowings 702 827 International - Debt borrowings 1,779 2,100 International - Finance leases 172 215 Other 3 — Deferred financing fees (a) (50 ) (49 ) Total $ 11,998 $ 11,068 __________ (a) Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2020 and December 31, 2019 was $42 million and $40 million, respectively. In January 2020, the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $700 million in asset-backed notes with an expected final payment date of August 2025 incurring interest at a weighted average rate of 2.42% . Debt Maturities The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at March 31, 2020 . Debt under Vehicle Programs (a) Within 1 year $ 1,694 Between 1 and 2 years (b) 5,607 Between 2 and 3 years 1,406 Between 3 and 4 years 1,136 Between 4 and 5 years 1,583 Thereafter 622 Total $ 12,048 __________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $4.8 billion of bank and bank-sponsored facilities. Committed Credit Facilities and Available Funding Arrangements As of March 31, 2020 , available funding under the Company’s vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of: Total Capacity (a) Outstanding Borrowings (b) Available Capacity Americas - Debt due to Avis Budget Rental Car Funding $ 9,392 $ 9,392 $ — Americas - Debt borrowings 909 702 207 International - Debt borrowings 2,880 1,779 1,101 International - Finance leases 204 172 32 Other 3 3 — Total $ 13,388 $ 12,048 $ 1,340 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by vehicles and related assets of $10.5 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.8 billion for Americas - Debt borrowings; $2.1 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases. Debt Covenants The agreements under the Company’s vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries and restrictions on indebtedness, mergers, liens, liquidations, and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of March 31, 2020 , the Company is not aware of any instances of non-compliance with any of the financial covenants contained in the debt agreements under its vehicle-backed funding programs.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies In 2006, the Company completed the spin-offs of its Realogy and Wyndham subsidiaries. The Company does not believe that the impact of any resolution of pre-existing contingent liabilities in connection with the spin-offs should result in a material liability to the Company in relation to its consolidated financial position or liquidity, as Realogy and Wyndham each have agreed to assume responsibility for these liabilities. The Company is also named in litigation that is primarily related to the businesses of its former subsidiaries, including Realogy and Wyndham. The Company is entitled to indemnification from such entities for any liability resulting from such litigation. In February 2017, following a state court trial in Georgia, a jury found the Company liable for damages in a case brought by a plaintiff who was injured in a vehicle accident allegedly caused by an employee of an independent contractor of the Company who was acting outside of the scope of employment. In fourth quarter 2019, the Company appealed both verdicts resulting in a reversal of the opinions rendered. The plaintiffs filed a petition to have the Georgia Supreme Court review the state appellate court’s reversal of the opinion. The Company has recognized a liability related to these cases, net of recoverable insurance proceeds, of approximately $12 million . The Company is currently involved, and in the future may be involved, in claims, legal proceedings and governmental inquiries that are incidental to its vehicle rental and car sharing operations, including, among others, contract and licensee disputes, competition matters, employment and wage-and-hour claims, insurance and liability claims, intellectual property claims, business practice disputes and other regulatory, environmental, commercial and tax matters. Litigation is inherently unpredictable and, although the Company believes that its accruals are adequate and/or that it has valid defenses in these matters, unfavorable resolutions could occur. The Company estimates that the potential exposure resulting from adverse outcomes of 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 March 31, 2020 . The Company does not believe that the impact should result in a material liability to the Company in relation to its consolidated financial condition or results of operations. Commitments to Purchase Vehicles The Company maintains agreements with vehicle manufacturers under which the Company has agreed to purchase approximately $2.7 billion of vehicles from manufacturers over the next 12 months, a $5.1 billion decrease compared to December 31, 2019, financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles. Certain of these commitments are subject to the vehicle manufacturers satisfying their obligations under their respective repurchase and guaranteed depreciation agreements. Concentrations Concentrations of credit risk at March 31, 2020 include (i) risks related to the Company’s repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers, primarily with respect to receivables for program cars that have been disposed but for which the Company has not yet received payment from the manufacturers and (ii) risks related to Realogy and Wyndham, including receivables of $24 million and $15 million , respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Share Repurchases The Company’s Board of Directors has authorized the repurchase of up to $1.8 billion of its common stock under a plan originally approved in 2013 and subsequently expanded, most recently in August 2019. During the three months ended March 31, 2020 , the Company repurchased approximately 5.0 million shares of common stock at a cost of approximately $113 million at an average price of $22.49 under the program. As of March 31, 2020 , approximately $76 million of authorization remains available to repurchase common stock under this plan. Share Issuances On February 10, 2020, the Company announced it had appointed a new Chairman of the Board of Directors and in connection with this appointment, the new Chairman purchased an aggregate $15 million of unregistered shares of the Company’s common stock at a price per share equal to the closing price of the Company’s common stock on February 7, 2020. Total Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income (loss). The components of other comprehensive income (loss) were as follows: Three Months Ended 2020 2019 Net loss $ (158 ) $ (91 ) Other comprehensive income (loss): Currency translation adjustments (net of tax of $(4), and $(6) respectively) (83 ) 1 Net unrealized gain (loss) on cash flow hedges (net of tax of $6 and $3 respectively) (18 ) (8 ) Minimum pension liability adjustment (net of tax of $0 and $0, respectively) 2 2 (99 ) (5 ) Comprehensive loss $ (257 ) $ (96 ) __________ Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) were as follows: Currency Translation Adjustments Net Unrealized Gains (Losses) on Cash Flow Hedges (a) Minimum Pension Liability Adjustment (b) Accumulated Other Comprehensive Income (Loss) Balance, January 1, 2020 $ 9 $ (20 ) $ (146 ) $ (157 ) Other comprehensive income (loss) before reclassifications (83 ) (18 ) 1 (100 ) Amounts reclassified from accumulated other comprehensive income (loss) — — 1 1 Net current-period other comprehensive income (loss) (83 ) (18 ) 2 (99 ) Balance, March 31, 2020 $ (74 ) $ (38 ) $ (144 ) $ (256 ) Balance, December 31, 2018 $ (3 ) $ 2 $ (132 ) $ (133 ) Cumulative effect of accounting change — 1 — 1 Balance, January 1, 2019 $ (3 ) $ 3 $ (132 ) $ (132 ) Other comprehensive income (loss) before reclassifications 1 (7 ) 1 (5 ) Amounts reclassified from accumulated other comprehensive income (loss) — (1 ) 1 — Net current-period other comprehensive income (loss) 1 (8 ) 2 (5 ) Balance, March 31, 2019 $ (2 ) $ (5 ) $ (130 ) $ (137 ) __________ All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include a $92 million gain, net of tax, as of March 31, 2020 related to the Company’s hedge of its net investment in euro-denominated foreign operations (see Note 16–Financial Instruments). (a) For the three months ended March 31,2019, the amount reclassified from accumulated other comprehensive income (loss) into corporate interest expense was $2 million ( $1 million , net of tax). (b) For the three months ended March 31, 2020 and March 31, 2019 , amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ( $1 million , net of tax) and $2 million ( $1 million , net of tax), respectively.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company recorded stock-based compensation of $(2) million net, due to reversal of expenses recorded in previous quarters, and $5 million expense ( $(1) million and $4 million , net of tax) during the three months ended March 31, 2020 and 2019 , respectively. The activity related to restricted stock units (“RSUs”) consisted of (in thousands of shares): Number of Shares Weighted Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Time-based RSUs Outstanding at January 1, 2020 847 $ 36.99 Granted (a) 568 21.67 Vested (b) (376 ) 38.29 Forfeited (34 ) 38.91 Outstanding and expected to vest at March 31, 2020 (c) 1,005 $ 27.78 1.6 $ 14 Performance-based RSUs Outstanding at January 1, 2020 1,061 $ 38.89 Granted (a) 515 21.09 Vested (b) (73 ) 36.64 Forfeited (380 ) 35.54 Outstanding at March 31, 2020 1,123 $ 32.01 2.2 $ 16 Outstanding and expected to vest at March 31, 2020 (c) 257 $ 21.09 2.9 $ 4 __________ (a) Reflects the maximum number of stock units assuming achievement of all performance- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the three months ended March 31, 2019 was $34.82 . (b) The total fair value of RSUs vested during March 31, 2020 and 2019 was $17 million and $12 million , respectively. (c) Aggregate unrecognized compensation expense related to time-based RSUs and performance-based RSUs amounted to $32 million and will be recognized over a weighted average vesting period of 1.9 years .

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2020
Investments, All Other Investments [Abstract]
Financial Instruments	Financial Instruments Derivative Instruments and Hedging Activities Currency Risk. The Company uses currency exchange contracts to manage its exposure to changes in currency exchange rates associated with certain of its non-U.S.-dollar denominated receivables and forecasted royalties, forecasted earnings of non-U.S. subsidiaries and forecasted non-U.S.-dollar denominated acquisitions. The Company primarily hedges a portion of its current-year currency exposure to the Australian, Canadian and New Zealand dollars, the euro and the British pound sterling. The majority of forward contracts do not qualify for hedge accounting treatment. The fluctuations in the value of these forward contracts do, however, largely offset the impact of changes in the value of the underlying risk they economically hedge. Forward contracts used to hedge forecasted third-party receipts and disbursements up to 12 months are designated and do qualify as cash flow hedges. The Company has designated its euro-denominated notes as a hedge of its investment in euro-denominated foreign operations. The estimated net amount of existing gains or losses the Company expects to reclassify from accumulated other comprehensive income (loss) to earnings for cash flow and net investment hedges over the next 12 months is not material. Interest Rate Risk. The Company uses various hedging strategies including interest rate swaps and interest rate caps to create what it deems an appropriate mix of fixed and floating rate assets and liabilities. The Company uses interest rate swaps and interest rate caps to manage the risk related to its floating rate corporate debt and its floating rate vehicle-backed debt. The Company records the changes in the fair value of its cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassifies 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. The Company records 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. The Company estimates that approximately $14 million of losses currently recorded in accumulated other comprehensive income (loss) will be recognized in earnings over the next 12 months. Commodity Risk. The Company periodically enters into derivative commodity contracts to manage its exposure to changes in the price of gasoline. These instruments were designated as freestanding derivatives and the changes in fair value are recorded in earnings and are presented in the same line of the income statement expected for the hedged item. The Company held derivative instruments with absolute notional values as follows: As of March 31, 2020 Foreign exchange contracts $ 1,685 Interest rate caps (a) 8,192 Interest rate swaps 2,250 Commodity contracts (millions of gallons of unleaded gasoline) 15 __________ (a) Represents $5.6 billion of interest rate caps sold, partially offset by approximately $2.6 billion of interest rate caps purchased. These amounts exclude $3.0 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary as it is not consolidated by the Company. Estimated fair values (Level 2) of derivative instruments were as follows: As of March 31, 2020 As of December 31, 2019 Fair Value, Derivative Assets Fair Value, Derivative Liabilities Fair Value, Fair Value, Derivatives designated as hedging instruments Interest rate swaps (a) $ — $ 51 $ — $ 27 Derivatives not designated as hedging instruments Foreign exchange contracts (b) 22 31 5 10 Interest rate caps (c) — 3 — 1 Commodity contracts (b) — 7 — — Total $ 22 $ 92 $ 5 $ 38 __________ Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by the Company; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 14–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 the Company’s Consolidated Condensed Financial Statements were as follows: Three Months Ended 2020 2019 Derivatives designated as hedging instruments (a) Interest rate swaps (b) $ (18 ) $ (8 ) Euro-denominated notes (c) 11 16 Derivatives not designated as hedging instruments (d) Foreign exchange contracts (e) 27 1 Commodity contracts (f) (7 ) 3 Total $ 13 $ 12 __________ (a) Recognized, net of tax, as a component of other comprehensive income (loss) within stockholders’ equity. (b) Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 14–Stockholders’ Equity for amounts reclassified from accumulated other comprehensive income into earnings. (c) Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss). (d) Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. (e) For the three months ended March 31, 2020 , included a $28 million gain in interest expense and a $1 million loss in operating expense. For the three months ended March 31, 2019 , included $4 million loss in interest expense and a $5 million gain in operating expense. (f) Included in operating expense. Debt Instruments The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows: As of March 31, 2020 As of December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Corporate debt Short-term debt and current portion of long-term debt $ 118 $ 105 $ 19 $ 19 Long-term debt 3,396 2,695 3,416 3,572 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 9,350 $ 8,989 $ 7,936 $ 8,077 Vehicle-backed debt 2,641 2,641 3,129 3,142 Interest rate swaps and interest rate caps (a) 7 7 3 3 __________ (a) Derivatives in a liability position.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information The Company’s chief operating decision-maker assesses performance and allocates resources based upon the separate financial information from each of the Company’s operating segments. In identifying its reportable segments, the Company considered the nature of services provided, the geographical areas in which the segments operated and other relevant factors. The Company aggregates certain of its operating segments into its reportable segments. Management evaluates the operating results of each of its reportable segments based upon revenues and “Adjusted EBITDA,” which the Company defines as income (loss) from continuing operations before non-vehicle related depreciation and amortization, any impairment charges, restructuring and other related charges, early extinguishment of debt costs, non-vehicle related interest, transaction-related costs, net charges for unprecedented personal-injury legal matters, non-operational charges related to shareholder activist activity, gain on sale of equity method investment in China, COVID-19 charges and income taxes. Net charges for unprecedented personal-injury legal matters and gain on sale of equity method investment in China are recorded within operating expenses in the Company’s Consolidated Condensed Statement of Comprehensive Income. Non-operational charges related to shareholder activist activity include third party advisory, legal and other professional service fees and are recorded within selling, general and administrative expenses in the Company’s Consolidated Condensed Statement of Comprehensive Income. COVID-19 charges include unusual, direct and incremental costs due to the COVID-19 global pandemic such as overflow parking for idle vehicles, incremental cleaning supplies to sanitize vehicles and facilities, and losses associated with vehicles damaged in overflow parking lots and are recorded within operating expenses in the Company’s Consolidated Condensed Statement of Comprehensive Income. The Company has revised its definition of Adjusted EBITDA to exclude COVID-19 charges. The Company has not revised prior years' Adjusted EBITDA amounts because there were no other charges similar in nature to these. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. Three Months Ended March 31, 2020 2019 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 1,257 $ (30 ) $ 1,327 $ 35 International 496 (40 ) 593 (21 ) Corporate and Other (a) — (17 ) — (15 ) Total Company $ 1,753 $ (87 ) $ 1,920 $ (1 ) Reconciliation of Adjusted EBITDA to loss before income taxes 2020 2019 Adjusted EBITDA $ (87 ) $ (1 ) Less: Non-vehicle related depreciation and amortization 69 67 Interest expense related to corporate debt, net: Interest expense 48 42 Early extinguishment of debt 4 — Restructuring and other related charges 44 21 COVID-19 charges (b) 7 — Non-operational charges related to shareholder activist activity (c) 4 — Transaction-related costs, net 2 5 Loss before income taxes $ (265 ) $ (136 ) __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. (b) Reported within operating expenses. (c) Reported within selling, general and administrative expenses. As of March 31, 2020 and December 31, 2019 , Americas’ segment assets exclusive of assets under vehicle programs were approximately $6.2 billion , respectively, and International segment assets exclusive of assets under vehicle programs were approximately $2.9 billion and $3.0 billion , respectively. As of March 31, 2020 and December 31, 2019 , Americas’ assets under vehicle programs were approximately $11.6 billion and $10.5 billion , respectively, and International assets under vehicle programs were approximately $2.7 billion and $3.3 billion , respectively. The changes in assets under vehicle programs is primarily due to the timing of seasonal changes in vehicle fleet.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Event [Line Items]
Subsequent Events [Text Block]	Subsequent Events In April 2020, the Company redeemed $100 million of its Senior Notes due April 2023. In April 2020, the Company experienced a fire at an overflow parking lot near Southwest Florida International Airport. Vehicles with an estimated carrying value of approximately $50 million are a total loss. The Company estimates a loss of up to $10 million related to this incident, net of insurance proceeds. In April 2020, the Company amended the credit agreement governing its senior credit facilities to, among other things, waive the quarterly-tested leverage covenant through June 30, 2021 and increase its interest and fees payable on the senior credit facilities until the termination of a specific relief period.

Basis of Presentation Basis o_2

Basis of Presentation Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
Basis of Presentation [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying unaudited Consolidated Condensed Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting. The Company operates the following reportable business segments: • Americas —consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which the Company does not operate directly. • International —consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which the Company does not operate directly. The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. The fair value of the assets acquired and liabilities assumed in connection with the Company’s 2019 acquisitions of various licensees has not yet been finalized; however, there have been no significant changes to the preliminary allocation of the purchase price during the three months ended March 31, 2020 . In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with the Company’s 2019 Form 10-K.
Vehicle Program Policy [Policy Text Block]	Vehicle Programs. The Company presents separately the financial data of its vehicle programs. These programs are distinct from the Company’s other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of the Company’s vehicle programs. The Company believes it is appropriate to segregate the financial data of its vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.
Transaction Related Costs Policy [Policy Text Block]	Transaction-related costs, net. Transaction-related costs, net are classified separately in the Consolidated Condensed Statements of Comprehensive Income. These costs are comprised of expenses related to acquisition-related activities such as due diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with those of the Company, including the implementation of best practices and process improvements, non-cash gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Currency Transactions. The Company records the gain or loss on foreign-currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net. During the three months ended March 31, 2020 and 2019, the Company recorded a $5 million loss and $5 million gain, respectively, related to such items.
New Accounting Pronouncements, Policy [Policy Text Block]	Adoption of New Accounting Pronouncements Intangibles—Goodwill and Other—Internal-Use Software On January 1, 2020, as the result of a new accounting pronouncement, the Company adopted Accounting Standard Update (“ASU”) 2018-15 “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement That Is a Service Contract,” which provides guidance for determining when the arrangement includes a software license. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The amendments in this Update also require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, to present the expense in the same line in its statement of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in its statement of cash flows in the same manner as payments made for fees associated with the hosting element. The entity is also required to present the capitalized implementation costs in its balance sheet in the same line that a prepayment for the fees of the associated hosting arrangement would be presented. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Condensed Financial Statements. Fair Value Measurement On January 1, 2020, as the result of a new accounting pronouncement, the Company adopted ASU 2018-13, “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement,” which adds, removes, and modifies disclosure requirements related to fair value measurements. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Condensed Financial Statements. Measurement of Credit Losses on Financial Instruments On January 1, 2020, as the result of a new accounting pronouncement, the Company adopted ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” and related updates which sets forth a current expected credit loss impairment model for financial assets that replaces the current incurred loss model. This model requires a financial asset (or group of financial assets), including trade receivables, measured at amortized cost to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Condensed Financial Statements. Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities During first quarter 2020, the Company early adopted the Securities Exchange Commission’s, “Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities” rules, which simplify the disclosure requirements related to the Company’s registered securities under Rule 3-10 of Regulation S-X. The final rule also allows for the simplified disclosure to be included within Management’s Discussion and Analysis of Financial Condition and Results of Operations. Recently Issued Accounting Pronouncements Simplifying the Accounting for Income Taxes In December 2019, the FASB issued 2019-12, “Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions and improving the application of existing guidance. ASU 2019-12 becomes effective for the Company on January 1, 2021. Early adoption is permitted. The Company is currently evaluating the impact of this accounting pronouncement on its Consolidated Condensed Financial Statements. Compensation—Retirement Benefits—Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans,” which adds, removes, and clarifies disclosure requirements related to defined benefit pension and other postretirement plans. These changes are part of the FASB’s disclosure framework project, which the Board launched in 2014 to improve the effectiveness of disclosures in notes to financial statements. ASU 2018-14 becomes effective for the Company on January 1, 2021. Early adoption is permitted. The adoption of this accounting pronouncement is not expected to have a material impact on the Company's Consolidated Condensed Financial Statements.

Leases (Policies)

Leases (Policies)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lessee, Leases [Policy Text Block]	Lessee The Company has operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of the Company’s operating leases for rental locations contain concession agreements with various airport authorities that allow the Company to conduct its vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease ROU assets and operating lease liabilities, and are recorded as variable lease expense as incurred. The Company’s operating leases for rental locations often also require the Company to pay or reimburse operating expenses.

Basis of Presentation Basis o_3

Basis of Presentation Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2020
Basis of Presentation [Abstract]
Reconciliation of cash and cash equivalents (2016-18) [Table Text Block]	Cash and cash equivalents, Program cash and Restricted cash. The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows. As of March 31, 2020 2019 Cash and cash equivalents $ 679 $ 540 Program cash 39 131 Restricted cash (a) 3 5 Total cash and cash equivalents, program and restricted cash $ 721 $ 676 ________ (a) Included within other current assets.
Disaggregation of Revenue [Table Text Block]	The following table presents the Company’s revenues disaggregated by geography. Three Months Ended 2020 2019 Americas $ 1,257 $ 1,327 Europe, Middle East and Africa 357 433 Asia and Australasia 139 160 Total revenues $ 1,753 $ 1,920
Disaggregation of Revenue by Brand [Table Text Block]	The following table presents the Company’s revenues disaggregated by brand. Three Months Ended March 31, 2020 2019 Avis $ 985 $ 1,100 Budget 619 651 Other 149 169 Total revenues $ 1,753 $ 1,920 ________
Deferred Revenue Rollforward [Table Text Block]	Other includes Zipcar and other operating brands.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lease Revenues Disaggregated by Geography [Table Text Block]	Leases The following table presents the Company’s lease revenues disaggregated by geography. Three Months Ended 2020 2019 Americas $ 1,244 $ 1,319 Europe, Middle East and Africa 342 414 Asia and Australasia 135 157 Total lease revenues $ 1,721 $ 1,890
Lease Revenues Disaggregated by Brand [Table Text Block]	The following table presents the Company’s lease revenues disaggregated by brand. Three Months Ended 2020 2019 Avis $ 968 $ 1,083 Budget 608 640 Other 145 167 Total lease revenues $ 1,721 $ 1,890 ________ Other includes Zipcar and other operating brands.
Lease, Cost [Table Text Block]	The components of lease expense are as follows: Three Months Ended 2020 2019 Property leases (a) Operating lease expense $ 185 $ 177 Variable lease expense 36 51 Total property lease expense $ 221 $ 228 __________ (a) Primarily included in operating expense.
Supplemental Balance Sheet Information related to Leases [Table Text Block]	Supplemental balance sheet information related to leases is as follows: As of As of December 31, 2019 Property leases Operating lease ROU assets $ 2,686 $ 2,596 Short-term operating lease liabilities (a) $ 512 $ 479 Long-term operating lease liabilities 2,198 2,140 Operating lease liabilities $ 2,710 $ 2,619 Weighted average remaining lease term 9.0 years 8.9 years Weighted average discount rate 4.23 % 4.31 % _________ (a) Included in Accounts payable and other current liabilities.
Supplemental Cash Flow Information related to Leases [Table Text Block]	Supplemental cash flow information related to leases is as follows: Three Months Ended 2020 2019 Cash payments for lease liabilities within operating activities: Property operating leases $ 170 $ 189 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases (a) 296 (113 ) _________ (a) For the three months ended March 31, 2019, ROU assets obtained in exchange for lease liabilities from initial recognition .

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Summary Of Changes To Restructuring-Related Liabilities	The following tables summarize the changes to our restructuring-related liabilities and identifies the amounts recorded within the Company’s reporting segments for restructuring charges and corresponding payments and utilizations: Americas International Total Balance as of January 1, 2020 $ 2 $ 4 $ 6 Restructuring expense: 2020 Optimization Plan 15 11 26 Brazil 1 — 1 Restructuring payment/utilization: 2020 Optimization Plan (1 ) (2 ) (3 ) Brazil (1 ) — (1 ) T19 (2 ) (2 ) (4 ) Balance as of March 31, 2020 $ 14 $ 11 $ 25 Personnel Facility Other (a) Total Balance as of January 1, 2020 $ 3 $ 1 $ 2 $ 6 Restructuring expense: 2020 Optimization Plan 24 2 — 26 Brazil 1 — — 1 Restructuring payment/utilization: 2020 Optimization Plan (3 ) — — (3 ) Brazil (1 ) — — (1 ) T19 (4 ) — — (4 ) Balance as of March 31, 2020 $ 20 $ 3 $ 2 $ 25 __________ (a) Includes expenses primarily related to the disposition of vehicles.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions): Three Months Ended 2020 2019 Net loss for basic and diluted EPS $ (158 ) $ (91 ) Basic and diluted weighted average shares outstanding (a) 72.9 75.8 Loss per share: Basic and diluted $ (2.16 ) $ (1.20 ) __________ (a) For the three months ended March 31, 2020 and 2019 , 1.3 million and 1.3 million non-vested stock awards, respectively, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding.

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Other Current Assets Disclosure [Abstract]
Schedule of Other Current Assets [Table Text Block]	As of As of December 31, 2019 Prepaid expenses $ 197 $ 234 Sales and use taxes 159 173 Other 180 141 Other current assets $ 536 $ 548

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule Of Intangible Assets	Intangible Assets Intangible assets consisted of: As of March 31, 2020 As of December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized Intangible Assets License agreements $ 257 $ 112 $ 145 $ 241 $ 108 $ 133 Customer relationships 250 169 81 255 165 90 Other 50 26 24 50 25 25 Total $ 557 $ 307 $ 250 $ 546 $ 298 $ 248 Unamortized Intangible Assets Goodwill $ 1,069 $ 1,101 Trademarks $ 544 $ 550

Vehicle Rental Activities (Tabl

Vehicle Rental Activities (Tables)	3 Months Ended
	Mar. 31, 2020
Vehicle Rental Activities [Abstract]
Components Of The Company's Vehicles	Vehicle Rental Activities The components of vehicles, net within assets under vehicle programs were as follows: As of As of March 31, December 31, 2020 2019 Rental vehicles $ 13,001 $ 13,461 Less: Accumulated depreciation (1,429 ) (1,621 ) 11,572 11,840 Vehicles held for sale 1,243 337 Vehicles, net $ 12,815 $ 12,177
Components Of Vehicle Depreciation And Lease Charges	The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended 2020 2019 Depreciation expense $ 414 $ 436 Lease charges 56 57 (Gain) loss on sale of vehicles, net (11 ) (8 ) Vehicle depreciation and lease charges, net $ 459 $ 485

Accounts Payable and Other Cu_2

Accounts Payable and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Accounts Payable and Other Current Liabilities [Abstract]
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	Accounts payable and other current liabilities consisted of: As of As of March 31, December 31, 2020 2019 Short-term operating lease liabilities $ 512 $ 479 Accounts payable 402 378 Accrued sales and use taxes 216 223 Public liability and property damage insurance liabilities – current 176 178 Accrued advertising and marketing 154 191 Accrued payroll and related 121 195 Other 564 562 Accounts payable and other current liabilities $ 2,145 $ 2,206

Long-term Debt and Borrowing _2

Long-term Debt and Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt	Long-term corporate debt and borrowing arrangements consisted of: As of As of Maturity Date March 31, December 31, 2020 2019 5½% Senior Notes (a) April 2023 $ 200 $ 200 6⅜% Senior Notes April 2024 350 350 4⅛% euro-denominated Senior Notes November 2024 331 336 5¼% Senior Notes March 2025 375 375 4½% euro-denominated Senior Notes May 2025 276 280 4¾% euro-denominated Senior Notes January 2026 386 393 5¾% Senior Notes July 2027 400 400 Floating Rate Term Loan (b) August 2027 1,207 1,112 Other (c) 26 28 Deferred financing fees (37 ) (39 ) Total 3,514 3,435 Less: Short-term debt and current portion of long-term debt 118 19 Long-term debt $ 3,396 $ 3,416 __________ (a) A portion of these notes have been called for early redemption. (b) The floating rate term loan is part of the Company’s senior revolving credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of March 31, 2020, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 175 basis points, for an aggregate rate of 2.74%. The Company has entered into a swap to hedge $700 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.42%. (c) Primarily includes finance leases which are secured by liens on the related assets. In February 2020, the Company amended its Floating Rate Term Loan due 2025 to extend its maturity term to 2027 and reduce its interest to one-month LIBOR plus 1.75%. The Company increased the outstanding borrowing principal amount of the Floating Rate Term Loan to $ 1.2 billion and on April 1, 2020 used the additional loan amount to redeem $ 100 million
Schedule Of Committed Credit Facilities	Committed Credit Facilities and Available Funding Arrangements At March 31, 2020 , the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows: Total Capacity Outstanding Borrowings Letters of Credit Issued Available Capacity Senior revolving credit facility maturing 2023 (a) $ 1,800 $ — $ 1,210 $ 590 __________ (a) The senior revolving credit facility bears interest at one-month LIBOR plus 200 basis points and is part of the Company’s senior credit 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 subsidiaries of the Company, liens on substantially all of the Company’s intellectual property and certain other real and personal property.

Debt Under Vehicle Programs a_2

Debt Under Vehicle Programs and Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule Of Debt Under Vehicle Programs	Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of: As of As of March 31, December 31, 2020 2019 Americas - Debt due to Avis Budget Rental Car Funding $ 9,392 $ 7,975 Americas - Debt borrowings 702 827 International - Debt borrowings 1,779 2,100 International - Finance leases 172 215 Other 3 — Deferred financing fees (a) (50 ) (49 ) Total $ 11,998 $ 11,068 __________ (a) Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2020 and December 31, 2019 was $42 million and $40 million, respectively. In January 2020, the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $700 million in asset-backed notes with an expected final payment date of August 2025 incurring interest at a weighted average rate of 2.42%
Schedule Of Contractual Maturities	Debt Maturities The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at March 31, 2020 . Debt under Vehicle Programs (a) Within 1 year $ 1,694 Between 1 and 2 years (b) 5,607 Between 2 and 3 years 1,406 Between 3 and 4 years 1,136 Between 4 and 5 years 1,583 Thereafter 622 Total $ 12,048 __________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $4.8 billion of bank and bank-sponsored facilities.
Schedule Of Available Funding Under The Vehicle Programs	Committed Credit Facilities and Available Funding Arrangements As of March 31, 2020 , available funding under the Company’s vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of: Total Capacity (a) Outstanding Borrowings (b) Available Capacity Americas - Debt due to Avis Budget Rental Car Funding $ 9,392 $ 9,392 $ — Americas - Debt borrowings 909 702 207 International - Debt borrowings 2,880 1,779 1,101 International - Finance leases 204 172 32 Other 3 3 — Total $ 13,388 $ 12,048 $ 1,340 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by vehicles and related assets of $10.5 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.8 billion for Americas - Debt borrowings; $2.1 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) were as follows: Currency Translation Adjustments Net Unrealized Gains (Losses) on Cash Flow Hedges (a) Minimum Pension Liability Adjustment (b) Accumulated Other Comprehensive Income (Loss) Balance, January 1, 2020 $ 9 $ (20 ) $ (146 ) $ (157 ) Other comprehensive income (loss) before reclassifications (83 ) (18 ) 1 (100 ) Amounts reclassified from accumulated other comprehensive income (loss) — — 1 1 Net current-period other comprehensive income (loss) (83 ) (18 ) 2 (99 ) Balance, March 31, 2020 $ (74 ) $ (38 ) $ (144 ) $ (256 ) Balance, December 31, 2018 $ (3 ) $ 2 $ (132 ) $ (133 ) Cumulative effect of accounting change — 1 — 1 Balance, January 1, 2019 $ (3 ) $ 3 $ (132 ) $ (132 ) Other comprehensive income (loss) before reclassifications 1 (7 ) 1 (5 ) Amounts reclassified from accumulated other comprehensive income (loss) — (1 ) 1 — Net current-period other comprehensive income (loss) 1 (8 ) 2 (5 ) Balance, March 31, 2019 $ (2 ) $ (5 ) $ (130 ) $ (137 ) __________ All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include a $92 million gain, net of tax, as of March 31, 2020 related to the Company’s hedge of its net investment in euro-denominated foreign operations (see Note 16–Financial Instruments). (a) For the three months ended March 31,2019, the amount reclassified from accumulated other comprehensive income (loss) into corporate interest expense was $2 million ( $1 million , net of tax). (b) For the three months ended March 31, 2020 and March 31, 2019 , amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ( $1 million , net of tax) and $2 million ( $1 million , net of tax), respectively.
Components Of Other Comprehensive Income	The components of other comprehensive income (loss) were as follows: Three Months Ended 2020 2019 Net loss $ (158 ) $ (91 ) Other comprehensive income (loss): Currency translation adjustments (net of tax of $(4), and $(6) respectively) (83 ) 1 Net unrealized gain (loss) on cash flow hedges (net of tax of $6 and $3 respectively) (18 ) (8 ) Minimum pension liability adjustment (net of tax of $0 and $0, respectively) 2 2 (99 ) (5 ) Comprehensive loss $ (257 ) $ (96 ) __________ Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock Based Compensation Activity	The Company recorded stock-based compensation of $(2) million net, due to reversal of expenses recorded in previous quarters, and $5 million expense ( $(1) million and $4 million , net of tax) during the three months ended March 31, 2020 and 2019 , respectively. The activity related to restricted stock units (“RSUs”) consisted of (in thousands of shares): Number of Shares Weighted Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Time-based RSUs Outstanding at January 1, 2020 847 $ 36.99 Granted (a) 568 21.67 Vested (b) (376 ) 38.29 Forfeited (34 ) 38.91 Outstanding and expected to vest at March 31, 2020 (c) 1,005 $ 27.78 1.6 $ 14 Performance-based RSUs Outstanding at January 1, 2020 1,061 $ 38.89 Granted (a) 515 21.09 Vested (b) (73 ) 36.64 Forfeited (380 ) 35.54 Outstanding at March 31, 2020 1,123 $ 32.01 2.2 $ 16 Outstanding and expected to vest at March 31, 2020 (c) 257 $ 21.09 2.9 $ 4 __________ (a) Reflects the maximum number of stock units assuming achievement of all performance- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the three months ended March 31, 2019 was $34.82 . (b) The total fair value of RSUs vested during March 31, 2020 and 2019 was $17 million and $12 million , respectively. (c) Aggregate unrecognized compensation expense related to time-based RSUs and performance-based RSUs amounted to $32 million and will be recognized over a weighted average vesting period of 1.9 years .

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, All Other Investments [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	The Company held derivative instruments with absolute notional values as follows: As of March 31, 2020 Foreign exchange contracts $ 1,685 Interest rate caps (a) 8,192 Interest rate swaps 2,250 Commodity contracts (millions of gallons of unleaded gasoline) 15 __________ (a) Represents $5.6 billion of interest rate caps sold, partially offset by approximately $2.6 billion of interest rate caps purchased. These amounts exclude $3.0 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary as it is not consolidated by the Company.
Fair Value Of Derivative Instruments	Estimated fair values (Level 2) of derivative instruments were as follows: As of March 31, 2020 As of December 31, 2019 Fair Value, Derivative Assets Fair Value, Derivative Liabilities Fair Value, Fair Value, Derivatives designated as hedging instruments Interest rate swaps (a) $ — $ 51 $ — $ 27 Derivatives not designated as hedging instruments Foreign exchange contracts (b) 22 31 5 10 Interest rate caps (c) — 3 — 1 Commodity contracts (b) — 7 — — Total $ 22 $ 92 $ 5 $ 38 __________ Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by the Company; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 14–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.
Derivative Instruments, Gain (Loss) [Table Text Block]	The effects of derivatives recognized in the Company’s Consolidated Condensed Financial Statements were as follows: Three Months Ended 2020 2019 Derivatives designated as hedging instruments (a) Interest rate swaps (b) $ (18 ) $ (8 ) Euro-denominated notes (c) 11 16 Derivatives not designated as hedging instruments (d) Foreign exchange contracts (e) 27 1 Commodity contracts (f) (7 ) 3 Total $ 13 $ 12 __________ (a) Recognized, net of tax, as a component of other comprehensive income (loss) within stockholders’ equity. (b) Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 14–Stockholders’ Equity for amounts reclassified from accumulated other comprehensive income into earnings. (c) Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss). (d) Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. (e) For the three months ended March 31, 2020 , included a $28 million gain in interest expense and a $1 million loss in operating expense. For the three months ended March 31, 2019 , included $4 million loss in interest expense and a $5 million gain in operating expense. (f) Included in operating expense.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows: As of March 31, 2020 As of December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Corporate debt Short-term debt and current portion of long-term debt $ 118 $ 105 $ 19 $ 19 Long-term debt 3,396 2,695 3,416 3,572 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 9,350 $ 8,989 $ 7,936 $ 8,077 Vehicle-backed debt 2,641 2,641 3,129 3,142 Interest rate swaps and interest rate caps (a) 7 7 3 3 __________ (a) Derivatives in a liability position.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Summary Of Segments Information	Three Months Ended March 31, 2020 2019 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 1,257 $ (30 ) $ 1,327 $ 35 International 496 (40 ) 593 (21 ) Corporate and Other (a) — (17 ) — (15 ) Total Company $ 1,753 $ (87 ) $ 1,920 $ (1 ) Reconciliation of Adjusted EBITDA to loss before income taxes 2020 2019 Adjusted EBITDA $ (87 ) $ (1 ) Less: Non-vehicle related depreciation and amortization 69 67 Interest expense related to corporate debt, net: Interest expense 48 42 Early extinguishment of debt 4 — Restructuring and other related charges 44 21 COVID-19 charges (b) 7 — Non-operational charges related to shareholder activist activity (c) 4 — Transaction-related costs, net 2 5 Loss before income taxes $ (265 ) $ (136 ) __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. (b) Reported within operating expenses. (c) Reported within selling, general and administrative expenses.

Basis of Presentation Basis o_4

Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Basis of Presentation [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 679	$ 540	$ 686
Program cash	39	131	211
Restricted Cash and Cash Equivalents	3	5
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	721	676	900	$ 735
Net Unrealized Gain Or Loss Of Foreign Currency Transactions On Intercompany Loan Hedges	5	5
Proceeds from Sale of Equity Method Investments	64
Gain (Loss) on Sale of Equity Investments	44
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	53		56
Equity Securities without Readily Determinable Fair Value, Amount	8
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Cumulative Amount	12
Other related Revenue	32	30
Adjustments related to New Accounting Pronouncements [Line Items]
Long-term Debt, Gross	1,200
Revenues	1,753	1,920
Operating Lease, Right-of-Use Asset	2,686		2,596
Line of Credit Facility, Current Borrowing Capacity	1,800
Property leases [Member]
Adjustments related to New Accounting Pronouncements [Line Items]
Operating Lease, Right-of-Use Asset	2,686		$ 2,596
Americas [Member]
Adjustments related to New Accounting Pronouncements [Line Items]
Revenues	1,257	1,327
EMEA [Member]
Adjustments related to New Accounting Pronouncements [Line Items]
Revenues	357	433
Asia and Australasia [Member]
Adjustments related to New Accounting Pronouncements [Line Items]
Revenues	139	160
Avis [Member]
Adjustments related to New Accounting Pronouncements [Line Items]
Revenues	985	1,100
Budget [Member]
Adjustments related to New Accounting Pronouncements [Line Items]
Revenues	619	651
Other Brands [Member]
Adjustments related to New Accounting Pronouncements [Line Items]
Revenues	$ 149	$ 169

Basis of Presentation Disaggreg

Basis of Presentation Disaggregated Revenue in Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Other related Revenue	$ 32	$ 30
Revenues	1,753	1,920
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,257	1,327
EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues	357	433
Asia and Australasia [Member]
Disaggregation of Revenue [Line Items]
Revenues	139	160
Avis [Member]
Disaggregation of Revenue [Line Items]
Revenues	985	1,100
Budget [Member]
Disaggregation of Revenue [Line Items]
Revenues	619	651
Other Brands [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 149	$ 169

Basis of Presentation Deferred

Basis of Presentation Deferred Revenue Rollforward in Basis of Presentation (Details) $ in Millions	Mar. 31, 2020USD ($)
Accounts Payable and Accrued Liabilities [Member]
Deferred Revenue Rollforward [Line Items]
Deferred Revenue	$ 24

Leases Lessor (Details)

Leases Lessor (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lessor, Lease, Description [Line Items]
Operating Lease, Lease Income	$ 1,721	$ 1,890
Americas [Member]
Lessor, Lease, Description [Line Items]
Operating Lease, Lease Income	1,244	1,319
EMEA [Member]
Lessor, Lease, Description [Line Items]
Operating Lease, Lease Income	342	414
Asia and Australasia [Member]
Lessor, Lease, Description [Line Items]
Operating Lease, Lease Income	135	157
Avis [Member]
Lessor, Lease, Description [Line Items]
Operating Lease, Lease Income	968	1,083
Budget [Member]
Lessor, Lease, Description [Line Items]
Operating Lease, Lease Income	608	640
Other Brands [Member]
Lessor, Lease, Description [Line Items]
Operating Lease, Lease Income	$ 145	$ 167

Leases Lessee (Details)

Leases Lessee (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Lease charges	$ 56	$ 57
Operating lease right-of-use assets	2,686		$ 2,596
Operating Lease, Liability, Current	512		479
Long-term operating lease liabilities	2,198		2,140
Property leases [Member]
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	185	177
Variable Lease, Cost	36	51
Lease, Cost	221	228
Operating lease right-of-use assets	2,686		2,596
Long-term operating lease liabilities	2,198		2,140
Operating Lease, Liability	$ 2,710		$ 2,619
Operating Lease, Weighted Average Remaining Lease Term	9 years		8 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	4.23%		4.31%
Operating Lease, Payments	$ 170	189
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ (296)	$ (113)

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)Employee	Mar. 31, 2019USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 44	$ 21
2020 Optimization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 26
Restructuring and Related Cost, Expected Number of Positions Eliminated | Employee	585
Restructuring and Related Cost, Number of Positions Eliminated | Employee	450
Restructuring and Related Cost, Expected Cost Remaining	$ 15
Brazil Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 1
Restructuring and Related Cost, Number of Positions Eliminated | Employee	20
Restructuring and Related Cost, Expected Cost Remaining	$ 7

Restructuring (Summary Of Chang

Restructuring (Summary Of Changes To Restructuring-Related Liabilities) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2020	$ 6
Restructuring expense	(44)	$ (21)
Balance as of March 31, 2020	25
Americas
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2020	2
Balance as of March 31, 2020	14
International [Member]
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2020	4
Balance as of March 31, 2020	11
2020 Optimization [Member]
Restructuring Reserve [Roll Forward]
Restructuring expense	(26)
Payment for Restructuring	(3)
2020 Optimization [Member] | Americas
Restructuring Reserve [Roll Forward]
Restructuring expense	(15)
Payment for Restructuring	(1)
2020 Optimization [Member] | International [Member]
Restructuring Reserve [Roll Forward]
Restructuring expense	(11)
Payment for Restructuring	(2)
Brazil Restructuring [Member]
Restructuring Reserve [Roll Forward]
Restructuring expense	(1)
Payment for Restructuring	(1)
Brazil Restructuring [Member] | Americas
Restructuring Reserve [Roll Forward]
Restructuring expense	(1)
Payment for Restructuring	(1)
Brazil Restructuring [Member] | International [Member]
Restructuring Reserve [Roll Forward]
Restructuring expense	0
Payment for Restructuring	0
T19 Restructuring [Member]
Restructuring Reserve [Roll Forward]
Payment for Restructuring	(4)
T19 Restructuring [Member] | Americas
Restructuring Reserve [Roll Forward]
Payment for Restructuring	(2)
T19 Restructuring [Member] | International [Member]
Restructuring Reserve [Roll Forward]
Payment for Restructuring	(2)
Personnel
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2020	3
Balance as of March 31, 2020	20
Personnel | 2020 Optimization [Member]
Restructuring Reserve [Roll Forward]
Restructuring expense	(24)
Payment for Restructuring	(3)
Personnel | Brazil Restructuring [Member]
Restructuring Reserve [Roll Forward]
Restructuring expense	(1)
Payment for Restructuring	(1)
Personnel | T19 Restructuring [Member]
Restructuring Reserve [Roll Forward]
Payment for Restructuring	(4)
Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2020	1
Balance as of March 31, 2020	3
Facility Closing [Member] | 2020 Optimization [Member]
Restructuring Reserve [Roll Forward]
Restructuring expense	(2)
Payment for Restructuring	0
Facility Closing [Member] | Brazil Restructuring [Member]
Restructuring Reserve [Roll Forward]
Restructuring expense	0
Payment for Restructuring	0
Facility Closing [Member] | T19 Restructuring [Member]
Restructuring Reserve [Roll Forward]
Payment for Restructuring	0
Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2020	2
Balance as of March 31, 2020	2
Other Restructuring [Member] | 2020 Optimization [Member]
Restructuring Reserve [Roll Forward]
Restructuring expense	0
Payment for Restructuring	0
Other Restructuring [Member] | Brazil Restructuring [Member]
Restructuring Reserve [Roll Forward]
Restructuring expense	0
Payment for Restructuring	0
Other Restructuring [Member] | T19 Restructuring [Member]
Restructuring Reserve [Roll Forward]
Payment for Restructuring	$ 0

Restructuring Other Related Cha

Restructuring Other Related Charges (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)Employee	Mar. 31, 2019USD ($)
Restructuring Cost and Reserve [Line Items]
Charges related to voluntary termination program	$ 15
Charges related to voluntary termination program, Expected Number of Positions Eliminated | Employee	400
Charges related to voluntary termination program, Number of Positions Eliminated | Employee	280
Michael K. Tucker [Member]
Restructuring Cost and Reserve [Line Items]
Other Nonrecurring Expense	$ 2
Mark J. Servodidio [Member]
Restructuring Cost and Reserve [Line Items]
Other Nonrecurring Expense		$ 3

Earnings Per Share (Computation

Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net loss	$ (158)	$ (91)
Basic and diluted weighted average shares outstanding (a)	72.9	75.8
Basic	$ (2.16)	$ (1.20)
Diluted	$ (2.16)	$ (1.20)
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1.3	1.3

Earnings Per Share Earnings Per

Earnings Per Share Earnings Per Share (Details) - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic and diluted weighted average shares outstanding (a)	72.9	75.8
Basic	$ (2.16)	$ (1.20)
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1.3	1.3

Acquisitions (Details)

Acquisitions (Details) - 2020 Avis and Budget Licensees [Member] $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Other	$ 21
Business Acquisition Purchase Price Allocation Vehicles, Net	$ 21
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	2 years
Licensing Agreements
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 21

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Other Current Assets Disclosure [Abstract]
Prepaid expenses	$ 197	$ 234
Sales and use taxes	159	173
Other	180	141
Other current assets	$ 536	$ 548

Intangible Assets (Schedule Of

Intangible Assets (Schedule Of Intangible Assets) (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Finite And Indefinite Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	$ 557	$ 546
Amortized Intangible Assets, Accumulated Amortization	307	298
Amortized Intangible Assets, Net Carrying Amount	250	248
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount	1,069	1,101
License agreements
Finite And Indefinite Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	257	241
Amortized Intangible Assets, Accumulated Amortization	112	108
Amortized Intangible Assets, Net Carrying Amount	145	133
Customer relationships
Finite And Indefinite Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	250	255
Amortized Intangible Assets, Accumulated Amortization	169	165
Amortized Intangible Assets, Net Carrying Amount	81	90
Other
Finite And Indefinite Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	50	50
Amortized Intangible Assets, Accumulated Amortization	26	25
Amortized Intangible Assets, Net Carrying Amount	24	25
Goodwill
Finite And Indefinite Lived Intangible Assets [Line Items]
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount	1,069	1,101
Trademarks
Finite And Indefinite Lived Intangible Assets [Line Items]
Unamortized Intangible Assets, Trademarks, Gross Carrying Amount	$ 544	$ 550

Intangible Assets (Narrative) (

Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization expense relating to all intangible assets	$ 13	$ 17
Amortization expense for remainder of the year	$ 47
Document Fiscal Year Focus	2020
Intangible assets amortization expense, year one	$ 53
Intangible assets amortization expense, year two	32
Intangible assets amortization expense, year three	24
Intangible assets amortization expense, year four	21
Intangible assets amortization expense, year five	$ 16

Vehicle Rental Activities (Comp

Vehicle Rental Activities (Components Of The Company's Vehicles) (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Vehicle Rental Activities [Abstract]
Rental vehicles	$ 13,001	$ 13,461
Less: Accumulated depreciation	(1,429)	(1,621)
Rental Vehicles Net, Total	11,572	11,840
Vehicles held for sale	1,243	337
Vehicles, net	12,815	$ 12,177
Accounts Payable, Other, Current	240		$ 632
Other Receivables	$ 491		$ 474

Vehicle Rental Activities (Co_2

Vehicle Rental Activities (Components Of Vehicle Depreciation And Lease Charges) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Vehicle Rental Activities [Abstract]
Depreciation expense	$ 414	$ 436
Lease charges	56	57
(Gain) loss on sale of vehicles, net	(11)	(8)
Vehicle depreciation and lease charges, net	$ 459	$ 485

Income Taxes Income Taxes (Narr

Income Taxes Income Taxes (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Taxes [Abstract]
Effective Income Tax Rate Reconciliation, Percent	40.40%	33.10%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%

Accounts Payable and Other Cu_3

Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Accounts Payable and Other Current Liabilities [Abstract]
Short-term operating lease liabilities	$ 512	$ 479
Accounts payable	402	378
Accrued sales and use taxes	216	223
Accrued advertising and marketing	154	191
Accrued payroll and related	121	195
Public liability and property damage insurance liabilities – current	176	178
Other	564	562
Accounts payable and other current liabilities	$ 2,145	$ 2,206

Long-Term Debt And Borrowing _3

Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 1,200
Other	26	$ 28
Short-term debt and current portion of long-term debt	118	19
Long-term debt	$ 3,396	3,416
Long Term Borrowings [Member]
Debt Instrument [Line Items]
Debt instrument stated interest percentage	5.75%
Five And One Over Two Senior Notes [Member] | Long Term Borrowings [Member]
Debt Instrument [Line Items]
Debt instrument stated interest percentage	5.50%
Six And Three Over Eight Senior Notes [Member] | Long Term Borrowings [Member]
Debt Instrument [Line Items]
Debt instrument stated interest percentage	6.375%
Four and One over Eight Euro-Denominated Senior Notes [Member] | Long Term Borrowings [Member]
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.125%
Five And One Over Four Senior Notes [Member] | Long Term Borrowings [Member]
Debt Instrument [Line Items]
Debt instrument stated interest percentage	5.25%
Four and One over Two Euro-Denominated Senior Notes [Member] | Long Term Borrowings [Member]
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.50%
Four and three over four Euro-Denominated Senior Notes [Member] | Long Term Borrowings [Member]
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.75%
Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 400	400
Debt Instrument, Maturity Date, Description	July 2027
Senior Notes [Member] | Five And One Over Two Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 200	200
Debt Instrument, Maturity Date, Description	April 2023
Senior Notes [Member] | Six And Three Over Eight Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 350	350
Debt Instrument, Maturity Date, Description	April 2024
Senior Notes [Member] | Four and One over Eight Euro-Denominated Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 331	336
Debt Instrument, Maturity Date, Description	November 2024
Senior Notes [Member] | Five And One Over Four Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 375	375
Debt Instrument, Maturity Date, Description	March 2025
Senior Notes [Member] | Four and One over Two Euro-Denominated Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 276	280
Debt Instrument, Maturity Date, Description	May 2025
Senior Notes [Member] | Four and three over four Euro-Denominated Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 386	393
Debt Instrument, Maturity Date, Description	January 2026
Loans Payable [Member] | Floating Rate Term Loan Due February Two Thousand Twenty Seven [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.42%
Long-term debt	$ 1,207	1,112
Debt Instrument, Maturity Date, Description	August 2027
Debt Instrument, Description of Variable Rate Basis	175 basis points
Percentage Of Margin Aggregate Interest Rate	2.74%
Senior Notes and Loans Payable [Member]
Debt Instrument [Line Items]
Deferred Finance Costs, Net	$ (37)	(39)
Long-term Debt	$ 3,514	$ 3,435

Long-Term Debt And Borrowing _4

Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail Section) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 1,200,000,000
Floating Rate Term Loan Due March Two Thousand Nineteen [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	200 basis points
Long Term Borrowings [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.75%
Long Term Borrowings [Member] | Five And One Over Two Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.50%
Long Term Borrowings [Member] | Six And Three Over Eight Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.375%
Long Term Borrowings [Member] | Five And One Over Four Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.25%
Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 400,000,000	$ 400,000,000
Senior Notes [Member] | Five And One Over Two Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	200,000,000	200,000,000
Senior Notes [Member] | Six And Three Over Eight Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	350,000,000	350,000,000
Senior Notes [Member] | Five And One Over Four Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	375,000,000	375,000,000
Loans Payable [Member] | Floating Rate Term Loan Due February Two Thousand Twenty Seven [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 1,207,000,000	$ 1,112,000,000
Debt Instrument, Description of Variable Rate Basis	175 basis points
Percentage Of Margin Aggregate Interest Rate	2.74%
Debt Instrument, Basis Spread on Variable Rate	3.42%
Derivative, Amount of Hedged Item	$ 700,000,000

Long-Term Debt And Borrowing _5

Long-Term Debt And Borrowing Arrangements (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Apr. 01, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Other Long-term Debt	$ 26		$ 28
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date, Description	July 2027
Floating Rate Term Loan Due February Two Thousand Twenty Seven [Member] | Loans Payable [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 1,200
Debt Instrument, Maturity Date, Description	August 2027
Debt Instrument, Description of Variable Rate Basis	175 basis points
Debt Instrument, Basis Spread on Variable Rate	3.42%
Five And One Over Two Senior Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100
Debt Instrument, Maturity Date, Description	April 2023
Six And Three Over Eight Senior Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date, Description	April 2024
Four and One over Eight Euro-Denominated Senior Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date, Description	November 2024
Five And One Over Four Senior Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date, Description	March 2025
Four and One over Two Euro-Denominated Senior Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date, Description	May 2025
Subsequent Event [Member] | Five And One Over Two Senior Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 100

Long-Term Debt And Borrowing _6

Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail) $ in Millions	Mar. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Total Capacity	$ 1,800
Revolving Credit Facility Maturing Two Thousand Sixteen [Member]
Line of Credit Facility [Line Items]
Total Capacity	1,800
Outstanding Borrowings	0
Letters of Credit Issued	1,210
Available Capacity	$ 590

Debt Under Vehicle Programs A_3

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Debt Under Vehicle Programs) (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt under vehicle programs	$ 11,998	$ 11,068
Debt Due To Avis Budget Rental Car Funding (Member)
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	10,500
Debt under vehicle programs	9,392	7,975
Deferred Finance Costs, Net	(42)	(40)
Americas Debt Borrowings [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	800
Debt under vehicle programs	702	827
International Debt Borrowings [Domain]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	2,100
Debt under vehicle programs	1,779	2,100
International Capital Leases [Domain]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	200
Debt under vehicle programs	172	215
Other (Member)
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt under vehicle programs	3	0
Debt Under Vehicle Programs [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Deferred Finance Costs, Net	$ (50)	$ (49)

Debt Under Vehicle Programs A_4

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Contractual Maturities) (Detail) $ in Millions	Mar. 31, 2020USD ($)
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Vehicle Program Debt Amount Outstanding	$ 12,048
Vehicle backed debt [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Loans Payable to Bank	4,800
Within 1 year	1,694
Between 1 and 2 years (b)	5,607
Between 2 and 3 years	1,406
Between 3 and 4 years	1,136
Between 4 and 5 years	1,583
Thereafter	622
Vehicle Program Debt Amount Outstanding	$ 12,048

Debt Under Vehicle Programs A_5

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Available Funding Under The Vehicle Programs) (Detail) $ in Millions	Mar. 31, 2020USD ($)
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Total Capacity (a)	$ 13,388
Outstanding Borrowings (b)	12,048
Available Capacity	1,340
Debt Due To Avis Budget Rental Car Funding (Member)
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Total Capacity (a)	9,392
Outstanding Borrowings (b)	9,392
Available Capacity	0
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	10,500
Americas Debt Borrowings [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Total Capacity (a)	909
Outstanding Borrowings (b)	702
Available Capacity	207
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	800
International Debt Borrowings [Domain]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Total Capacity (a)	2,880
Outstanding Borrowings (b)	1,779
Available Capacity	1,101
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	2,100
International Capital Leases [Domain]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Total Capacity (a)	204
Outstanding Borrowings (b)	172
Available Capacity	32
Leasing Vehicles And Related Assets Pledged As Collateralized Debt	200
Other Debt Obligations [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Total Capacity (a)	3
Outstanding Borrowings (b)	3
Available Capacity	$ 0

Debt Under Vehicle Programs a_6

Debt Under Vehicle Programs and Borrowing Arrangements Debt Under Vehicle Programs and Borrowing Arrangements (Details) $ in Millions	Mar. 31, 2020USD ($)
Debt Due To Avis Budget Rental Car Funding (Member)
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Asset-Backed Securities, at Carrying Value	$ 700
Avis Budget Rental Car Funding Program March 2022 [Member]
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items]
Debt, Weighted Average Interest Rate	2.42%

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019
Schedule Of Commitments And Contingencies [Line Items]
Loss Contingency Accrual	$ 12
Loss Contingency, Range of Possible Loss, Portion Not Accrued	40
Purchase obligation over the next twelve months	2,700
Other Receivables	491	$ 474
Realogy [Member]
Schedule Of Commitments And Contingencies [Line Items]
Other Receivables	24
Wyndham [Member]
Schedule Of Commitments And Contingencies [Line Items]
Other Receivables	$ 15

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Stockholders Equity [Line Items]
Currency translation adjustments (net of tax of $(4), and $(6) respectively)	$ (83)	$ 1
Stock Repurchased During Period, Shares	5
Stock Repurchased During Period, Value	$ 113
Other Comprehensive Income Unrealized Gain Loss On Cash Flow Hedges Arising During Period Net Of Tax	(18)	(7)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	0	(1)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	(18)	(8)
Stock Repurchase Program, Authorized Amount	1,800
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 76
Stock Repurchased During Period, Average Price	$ 22.49
Proceeds from Issuance of Common Stock	$ 15	$ 15	$ 0

Stockholders' Equity (Accumulat

Stockholders' Equity (Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Stockholders Equity [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets			$ 1	$ (5)
Currency Translation Adjustments, Balance	$ 9	$ (3)
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance	(38)	(5)
Currency Translation Adjustments, Balance	(146)	(132)
Accumulated Other Comprehensive Income, Balance	(157)	(133)
Currency Translation Adjustments, Current period change	(83)	1
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(18)	(8)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	(2)	(2)
Other comprehensive income (loss)	(99)	(5)
Currency Translation Adjustments, Balance	(74)	(2)
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance	(20)	2
Currency Translation Adjustments, Balance	(144)	(130)
Accumulated Other Comprehensive Income, Balance	(256)	(137)
Derivatives used in Net Investment Hedge, Net of Tax	92
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	(83)	1
Other Comprehensive Income Unrealized Gain Loss On Cash Flow Hedges Arising During Period Net Of Tax	(18)	(7)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	(18)	(8)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax	1	1
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(100)	(5)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax	0	0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	0	1
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax	1	1
Corporate Interest Expense [Member]
Stockholders Equity [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax		2
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax		(1)
Selling, General and Administrative Expenses [Member]
Stockholders Equity [Line Items]
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax	2	2
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax	$ 1	1
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Stockholders Equity [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets				0
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Stockholders Equity [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets				(1)
AOCI Attributable to Parent [Member]
Stockholders Equity [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets				(1)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Stockholders Equity [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets				$ 0
Adjustments for New Accounting Pronouncement [Member]
Stockholders Equity [Line Items]
Currency Translation Adjustments, Balance		(3)
Currency Translation Adjustments, Balance		(132)
Accumulated Other Comprehensive Income, Balance		(132)
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance		$ 3

Stockholders' Equity (Component

Stockholders' Equity (Components Of Other Comprehensive Income) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Net loss	$ (158)	$ (91)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency translation adjustments (net of tax of $(4), and $(6) respectively)	(83)	1
Net unrealized gain (loss) on cash flow hedges (net of tax of $6 and $3 respectively)	(18)	(8)
Minimum pension liability adjustment (net of tax of $0 and $0, respectively)	2	2
Other comprehensive income (loss)	(99)	(5)
Total comprehensive income (loss)	(257)	(96)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	0	(1)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	(4)	(6)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	6	3
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax	0	0
Corporate Interest Expense [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax		2
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax		1
Selling, General and Administrative Expenses [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax	2	2
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax	$ 1	$ 1

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ (2)	$ 5
Stock-based compensation expense (net of tax)	$ (1)	$ 4

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock Based Compensation Activity) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Value, Restricted Stock Award, Gross	$ 17	$ 12
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 32
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term	1 year 10 months 24 days
Performance-Based and Market-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	2 years 2 months 12 days
Weighted Average Grant Price, Balance	$ 38.89
Weighted Average Grant Price, Granted at fair market value	21.09
Weighted Average Grant Price, Vested/exercised	36.64
Weighted Average Grant Price, Canceled	35.54
Weighted Average Grant Price, Balance	$ 32.01
Number of RSUs, Balance	1,061
Number of RSUs, Granted at fair market value	515
Number of RSUs, Vested/exercised	(73)
Number of RSUs, Canceled	(380)
Number of RSUs, Balance	1,123
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 16
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Number of Shares Outstanding	257
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Grant Date Fair Value	$ 21.09
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term	2 years 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Expected to Vest	$ 4
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Grant Price, Balance	$ 36.99
Weighted Average Grant Price, Granted at fair market value	21.67	$ 34.82
Weighted Average Grant Price, Vested/exercised	38.29
Weighted Average Grant Price, Canceled	$ 38.91
Number of RSUs, Balance	847
Number of RSUs, Granted at fair market value	568
Number of RSUs, Vested/exercised	(376)
Number of RSUs, Canceled	(34)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Number of Shares Outstanding	1,005
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Grant Date Fair Value	$ 27.78
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term	1 year 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Expected to Vest	$ 14

Financial Instruments (Schedule

Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values) (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	$ 118	$ 19
Long-term Debt, Excluding Current Maturities	3,396	3,416
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party		7,936
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	118	19
Long-term Debt, Excluding Current Maturities	3,396	3,416
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party	9,350	7,936
Vehicle Backed Debt	2,641	3,129
Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts	7	3
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	105	19
Long-term Debt, Excluding Current Maturities	2,695	3,572
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party	8,989	8,077
Vehicle Backed Debt	2,641	3,142
Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts	$ 7	$ 3

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Detail) gal in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)gal	Mar. 31, 2019USD ($)
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Interest Rate Cash Flow Hedge Liability at Fair Value	$ (14)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	(13)	$ (12)
Interest Rate Caps [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	8,192
Interest Rate Caps [Member] | Subsidiaries [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	3,000
Interest Rate Swaps [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	2,250
Currency Swap [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	$ 1,685
Commodity Contracts [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Units Of Gasoline | gal	15
Purchase [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	$ 2,600
Sold [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative, Notional Amount	5,600
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	7	(3)
Interest Expense [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	(28)	4
Operating Expense [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ 1	$ (5)

Financial Instruments (Fair Val

Financial Instruments (Fair Values Of Derivatives Instruments) (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Fair Value, Asset Derivatives	$ 22	$ 5
Fair Value, Liability Derivatives	92	38
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Fair Value, Asset Derivatives	0	0
Fair Value, Liability Derivatives	51	27
Not Designated As Hedging Instruments [Member] | Foreign Exchange Contract [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Fair Value, Asset Derivatives	22	5
Fair Value, Liability Derivatives	31	10
Not Designated As Hedging Instruments [Member] | Interest Rate Contracts [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Fair Value, Asset Derivatives	0	0
Fair Value, Liability Derivatives	3	1
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Fair Value, Asset Derivatives	0	0
Fair Value, Liability Derivatives	$ 7	$ 0

Financial Instruments (Schedu_2

Financial Instruments (Schedule Of Effect Of Derivatives Recognized) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Short-term debt and current portion of long-term debt	$ 118		$ 19
Derivatives not designated as hedging instruments	13	$ 12
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party			$ 7,936
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Interest rate swaps	(18)	(8)
Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Interest rate swaps	11	16
Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivatives not designated as hedging instruments	27	1
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivatives not designated as hedging instruments	(7)	3
Operating Expense [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivatives not designated as hedging instruments	(1)	5
Interest Expense [Member]
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31)
Derivatives not designated as hedging instruments	$ 28	$ (4)

Segment Information (Summary Of

Segment Information (Summary Of Segments Information) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Assets Under Vehicle Programs	$ 14,300		$ 13,815
Revenues	1,753	$ 1,920
Adjusted EBITDA	$ (87)	(1)
Document Fiscal Year Focus	2020
Non-vehicle related depreciation and amortization	$ 69	67
Interest expense	48	42
Early extinguishment of debt	(4)	0
Non-operational charges related to shareholder activist activity	4	0
Transaction-related costs, net	2	5
Restructuring and other related charges	44	21
COVID-19 Charges	7	0
Loss before income taxes	(265)	(136)
Americas [Member]
Segment Reporting Information [Line Items]
Assets Under Vehicle Programs	11,600		10,500
Revenues	1,257	1,327
Adjusted EBITDA	(30)	35
International [Member]
Segment Reporting Information [Line Items]
Assets Under Vehicle Programs	2,700		$ 3,300
Revenues	496	593
Adjusted EBITDA	(40)	(21)
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Revenues	0	0
Adjusted EBITDA	(17)	(15)
Americas [Member]
Segment Reporting Information [Line Items]
Revenues	$ 1,257	$ 1,327

Segment Information (Narrative)

Segment Information (Narrative) (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Assets Under Vehicle Programs	$ 14,300	$ 13,815
Americas [Member]
Segment Reporting Information [Line Items]
Segment Assets Exclusive Of Assets Under Vehicle Program	6,200
Assets Under Vehicle Programs	11,600	10,500
International [Member]
Segment Reporting Information [Line Items]
Segment Assets Exclusive Of Assets Under Vehicle Program	2,900	3,000
Assets Under Vehicle Programs	$ 2,700	$ 3,300

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2020	Apr. 01, 2020	Mar. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Vehicles Net			$ 12,815	$ 12,177
Subsequent Event [Member]
Subsequent Event [Line Items]
Vehicles Net		$ 50
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds	$ 10
Five And One Over Two Senior Notes [Member] | Senior Notes [Member]
Subsequent Event [Line Items]
Debt Instrument, Face Amount			$ 100
Five And One Over Two Senior Notes [Member] | Senior Notes [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Face Amount		$ 100