Avis Budget (CAR) 10-Q 2 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-10308
Entity Registrant Name	Avis Budget Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-0918165
Entity Address, Address Line One	6 Sylvan Way
Entity Address, City or Town	Parsippany,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	(973)
Local Phone Number	496-4700
Title of 12(b) Security	Common Stock, Par Value $0.01
Trading Symbol	CAR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		56,447,571
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000723612
Current Fiscal Year End Date	--12-31

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Revenues	$ 3,001	$ 1,534	$ 6,744	$ 4,047
Expenses
Operating	1,225	825	3,089	2,505
Vehicle depreciation and lease charges, net	277	256	869	1,089
Selling, general and administrative	361	166	837	549
Vehicle interest, net	80	77	232	247
Non-vehicle related depreciation and amortization	69	74	199	214
Interest expense related to corporate debt, net:
Interest expense	47	64	167	163
Early extinguishment of debt	7	2	136	9
Restructuring and other related charges	5	17	47	89
Transaction-related costs, net	1	0	3	3
Total expenses	2,072	1,481	5,579	4,868
Income (loss) before income taxes	929	53	1,165	(821)
Provision for (benefit from) income taxes	255	8	263	(227)
Net income (loss)	674	45	902	(594)
Less: net loss attributable to non-controlling interests	(1)	0	(1)	0
Net income (loss) attributable to Avis Budget Group, Inc.	675	45	903	(594)
Comprehensive income (loss) attributable to Avis Budget Group, Inc.	$ 660	$ 74	$ 914	$ (631)
Earnings (loss) per share
Basic (in dollars per share)	$ 10.58	$ 0.64	$ 13.31	$ (8.40)
Diluted (in dollars per share)	$ 10.45	$ 0.63	$ 13.16	$ (8.40)

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 886	$ 692
Receivables, net	813	647
Other current assets	568	456
Total current assets	2,267	1,795
Property and equipment, net	540	657
Operating lease right-of-use assets	2,309	2,560
Deferred income taxes	1,309	1,198
Goodwill	1,114	1,137
Other intangibles, net	738	774
Other non-current assets	311	244
Total assets exclusive of assets under vehicle programs	8,588	8,365
Assets under vehicle programs:
Program cash	55	72
Vehicles, net	11,925	8,153
Receivables from vehicle manufacturers and other	249	281
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	793	667
Total assets under vehicle programs	13,022	9,173
Total Assets	21,610	17,538
Current liabilities:
Accounts payable and other current liabilities	2,480	2,034
Short-term debt and current portion of long-term debt	18	19
Total current liabilities	2,498	2,053
Long-term debt	4,009	4,191
Long-term operating lease liabilities	1,862	2,078
Other non-current liabilities	658	731
Total liabilities exclusive of liabilities under vehicle programs	9,027	9,053
Liabilities under vehicle programs:
Debt	2,632	1,777
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party	8,117	5,080
Deferred income taxes	1,734	1,383
Other	298	400
Total liabilities under vehicle programs	12,781	8,640
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	6,673	6,668
Accumulated deficit	(567)	(1,470)
Accumulated other comprehensive loss	(176)	(187)
Treasury stock, at cost— 79 and 67 shares, respectively	(6,142)	(5,167)
Stockholders’ equity attributable to Avis Budget Group, Inc.	(211)	(155)
Non-controlling interests	13	0
Total stockholders’ equity	(198)	(155)
Total Liabilities and Stockholders’ Equity	$ 21,610	$ 17,538

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock (in dollars per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	10,000,000	10,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	250,000,000	250,000,000
Common stock issued (in shares)	137,000,000	137,000,000
Treasury Stock (in shares)	79,000,000	67,000,000

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net income (loss)	$ 902	$ (594)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Vehicle depreciation	981	1,063
Amortization of right-of-use assets	562	710
(Gain) loss on sale of vehicles, net	(241)	(123)
Non-vehicle related depreciation and amortization	199	214
Stock-based compensation	25	6
Amortization of debt financing fees	25	24
Early extinguishment of debt costs	136	9
Net change in assets and liabilities:
Receivables	(175)	156
Income taxes and deferred income taxes	200	(239)
Accounts payable and other current liabilities	435	(59)
Operating lease liabilities	(558)	(707)
Other, net	57	172
Net cash provided by operating activities	2,548	632
Investing activities
Property and equipment additions	(57)	(75)
Proceeds received on asset sales	3	5
Net assets acquired (net of cash acquired)	(17)	(63)
Other, net	(3)	0
Net cash used in investing activities exclusive of vehicle programs	(74)	(133)
Vehicle programs:
Investment in vehicles	(8,041)	(4,749)
Proceeds received on disposition of vehicles	3,310	7,386
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	(260)	(243)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	134	222
Net cash used in investing activities of vehicle programs	(4,857)	2,616
Net cash provided by (used in) investing activities	(4,931)	2,483
Financing activities
Proceeds from long-term borrowings	1,100	991
Payments on long-term borrowings	(1,350)	(303)
Issuance of common stock	0	15
Repurchases of common stock	(997)	(119)
Debt financing fees	(21)	(24)
Contributions from non-controlling interests	38	0
Net cash provided by (used in) financing activities exclusive of vehicle programs	(1,230)	560
Vehicle programs:
Proceeds from borrowings	11,612	12,349
Payments on borrowings	(7,790)	(15,280)
Debt financing fees	(14)	(12)
Net cash provided by financing activities of vehicle programs	3,808	(2,943)
Net cash provided by (used in) financing activities	2,578	(2,383)
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	(15)	28
Net increase in cash and cash equivalents, program and restricted cash	180	760
Cash and cash equivalents, program and restricted cash, beginning of period	765	900
Cash and cash equivalents, program and restricted cash, end of period	$ 945	$ 1,660

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Cumulative effect of accounting change	Stockholders’ Equity Attributable to Avis Budget Group, Inc.	Stockholders’ Equity Attributable to Avis Budget Group, Inc.Cumulative effect of accounting change	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated DeficitCumulative effect of accounting change	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2019					137.1					(63.2)
Beginning balance at Dec. 31, 2019	$ 656	$ (1)	$ 656	$ (1)	$ 1	$ 6,741	$ (785)	$ (1)	$ (157)	$ (5,144)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(594)		(594)				(594)
Other comprehensive income (loss)	(37)		(37)						(37)
Total comprehensive income (loss)	(631)		(631)				(594)		(37)
Contributions from non-controlling interests	2					2
Net activity related to restricted stock units (in shares)										0.4
Net activity related to restricted stock units	0					(82)				$ 82
Issuance of common stock (in shares)										0.4
Issuance of common stock	15		15			15
Repurchases of common stock (in shares)										(5)
Repurchases of common stock	(113)		(113)							$ (113)
Ending balance (in shares) at Sep. 30, 2020					137.1					(67.4)
Ending balance at Sep. 30, 2020	(76)		(76)		$ 1	6,672	(1,380)		(194)	$ (5,175)	0
Beginning balance (in shares) at Jun. 30, 2020					137.1					(67.4)
Beginning balance at Jun. 30, 2020	(153)		(153)		$ 1	6,670	(1,425)		(223)	$ (5,176)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	45		45				45
Other comprehensive income (loss)	29		29						29
Total comprehensive income (loss)	74		74				45		29
Contributions from non-controlling interests			2
Net activity related to restricted stock units	3		3			2				$ 1
Ending balance (in shares) at Sep. 30, 2020					137.1					(67.4)
Ending balance at Sep. 30, 2020	(76)		(76)		$ 1	6,672	(1,380)		(194)	$ (5,175)	0
Beginning balance (in shares) at Dec. 31, 2020					137.1					(67.3)
Beginning balance at Dec. 31, 2020	(155)		(155)		$ 1	6,668	(1,470)		(187)	$ (5,167)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	902		903				903				(1)
Other comprehensive income (loss)	11		11						11
Total comprehensive income (loss)	$ 913		914				903		11		(1)
Contributions from non-controlling interests			24			24					14
Net activity related to restricted stock units (in shares)	11.7									0.3
Net activity related to restricted stock units	$ 10		10			(19)				$ 29
Repurchases of common stock (in shares)										(11.7)
Repurchases of common stock	(1,004)		(1,004)							$ (1,004)
Ending balance (in shares) at Sep. 30, 2021					137.1					(78.7)
Ending balance at Sep. 30, 2021	(198)		(211)		$ 1	6,673	(567)		(176)	$ (6,142)	13
Beginning balance (in shares) at Jun. 30, 2021					137.1					(67.1)
Beginning balance at Jun. 30, 2021	92		92		$ 1	6,646	(1,242)		(161)	$ (5,152)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	674		675				675				(1)
Other comprehensive income (loss)	(15)		(15)						(15)
Total comprehensive income (loss)	659		660				675		(15)		(1)
Contributions from non-controlling interests	38		24			(24)					14
Net activity related to restricted stock units	7		7			3				$ 4
Repurchases of common stock (in shares)										(11.6)
Repurchases of common stock	(994)		(994)							$ (994)
Ending balance (in shares) at Sep. 30, 2021					137.1					(78.7)
Ending balance at Sep. 30, 2021	$ (198)		$ (211)		$ 1	$ 6,673	$ (567)		$ (176)	$ (6,142)	$ 13

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying 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. Differences between the preliminary allocation of purchase price and the final allocation for the Company’s 2020 acquisitions of various licensees were not material. The Company consolidates joint venture activities within its Consolidated Condensed Financial Statements and records related non-controlling interests within stockholders’ equity and the statement of comprehensive income. 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 2020 Form 10-K. Liquidity and Management’s Plans The COVID-19 pandemic, which rapidly spread across the globe in 2020, resulted in an economic slowdown and significant disruptions in travel that had a negative impact on our business, specifically a significant decline in vehicle rental volumes. During the first nine months of 2021, global travel restrictions were eased, leading to an increase in travel demand and an improvement in general economic conditions. The Company believes the full extent of the ongoing impact of this virus on its long-term operational performance and liquidity will depend on future developments, including those outside of its control, such as the spread of new variants of the virus which may be resistant to currently approved vaccines and the implementation of new or continued travel restrictions. In April 2020, 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 remained in place after the Amendment. The Amendment provided for relief from a quarterly-tested leverage covenant contained in the credit agreement governing the senior credit facilities until June 30, 2021, during which time additional restrictions and requirements were also imposed. The Company subsequently further amended the credit agreement in February 2021 to permit refinancing of certain existing indebtedness and in July 2021 to remove the restrictions imposed in April 2020, increase the revolving credit facility to $1.95 billion and extend the maturity of the facility to 2026. As a result, the Company has no meaningful corporate debt maturities until 2024. The Company cannot assure its assumptions used to estimate its liquidity requirements will be correct because it has never previously experienced such volatility in demand, and as a consequence, its ability to be predictive is uncertain. The Company plans to finance routine Asset Backed Securities (“ABS”) maturities with program cash on hand, available revolving debt capacity, new term note issuances and vehicle sales. As a result, based on current operational assumptions, the Company believes it has adequate liquidity beyond the next twelve months. Summary of Significant Accounting Policies The Company’s significant accounting policies are fully described in Note 2, “Summary of Significant Accounting Policies,” in its 2020 Form 10-K. Cash and cash equivalents, Program cash and Restricted cash. The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows. As of September 30, 2021 2020 Cash and cash equivalents $ 886 $ 1,564 Program cash 55 94 Restricted cash (a) 4 2 Total cash and cash equivalents, program and restricted cash $ 945 $ 1,660 ________ (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 September 30, 2021 and 2020, the Company recorded an immaterial amount in each period, related to such items. During the nine months ended September 30, 2021 and 2020, the Company recorded an immaterial amount and a loss of $5 million, respectively, related to such items. Divestitures. In May 2021, the Company completed the sale of its operation in Argentina to Urbiz S.A. for $4 million. As part of the sale, Urbiz S.A. agreed to pay the purchase price, plus interest, over two years for the right to operate the Avis and Budget brands. During the nine months ended September 30, 2021, the Company recorded a loss of $14 million, net of the impact of foreign currency adjustments, within restructuring and other related charges. In addition, the Company paid severance to terminated employees of $1 million. Investments. As of September 30, 2021 and December 31, 2020, the Company had equity method investments with a carrying value o f $70 million a nd $63 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 and nine months ended September 30, 2021, the Company recorded $6 million and $8 million, respectively , and for the three and nine months ended September 30, 2020, the Company recorded $3 million and $4 million, respectively, related to its equity method investments. Nonmarketable Equity Securities. As of December 31, 2020, the Company had nonmarketable equity securities with a carrying value of $8 million, which was recorded within other non-current assets. As of September 30, 2021, the securitie s are marketable equity securities with a fair value of $8 million, which are recorded within other non-current assets. Revenues. Revenues 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 approxima tely $34 million and $30 million during the three months ended September 30, 2021 and 2020, respectively and $93 million a nd $84 million during the nine months ended September 30, 2021 and 2020, respectively. The following table presents the Company’s revenues disaggregated by geography: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Americas $ 2,403 $ 1,114 $ 5,457 $ 2,936 Europe, Middle East and Africa 527 363 1,011 879 Asia and Australasia 71 57 276 232 Total revenues $ 3,001 $ 1,534 $ 6,744 $ 4,047 The following table presents the Company’s revenues disaggregated by brand: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Avis $ 1,588 $ 843 $ 3,509 $ 2,230 Budget 1,198 539 2,707 1,425 Other 215 152 528 392 Total revenues $ 3,001 $ 1,534 $ 6,744 $ 4,047 ________ Other includes Zipcar and other operating brands. Adoption of New Accounting Pronouncements Simplifying the Accounting for Income Taxes On January 1, 2021, as the result of a new accounting pronouncement, the Company adopted ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions and improving the application of existing guidance. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Condensed Financial Statements. Compensation—Retirement Benefits—Defined Benefit Plans On January 1, 2021, as the result of a new accounting pronouncement, the Company adopted ASU 2018-14, “Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans,” which adds, removes, and clarifies disclosure requirements related to defined benefit pension and other postretirement plans. These changes are part of the FASB’s disclosure framework project, which the Board launched in 2014 to improve the effectiveness of disclosures in notes to financial statements. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Condensed Financial Statements.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases Lessor The following table presents the Company’s lease revenues disaggregated by geography: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Americas $ 2,391 $ 1,099 $ 5,417 $ 2,896 Europe, Middle East and Africa 508 350 968 843 Asia and Australasia 68 55 266 224 Total lease revenues $ 2,967 $ 1,504 $ 6,651 $ 3,963 The following table presents the Company’s lease revenues disaggregated by brand: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Avis $ 1,573 $ 824 $ 3,464 $ 2,181 Budget 1,185 532 2,676 1,401 Other 209 148 511 381 Total lease revenues $ 2,967 $ 1,504 $ 6,651 $ 3,963 _______ 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 Right of Use (“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 Nine Months Ended 2021 2020 2021 2020 Property leases (a) Operating lease expense $ 146 $ 130 $ 419 $ 443 Variable lease expense 152 51 318 107 Total property lease expense $ 298 $ 181 $ 737 $ 550 __________ (a) Primarily within operating expense and incl udes $(4) million and $11 million for the three months ended September 30, 2021 and 2020, respectively, and $12 million and $41 million for the nine months ended September 30, 2021 and 2020, respectively, of minimum annual guaranteed rent in excess of concession fees, net, as defined in our rental concession agreements. Supplemental balance sheet information related to leases is as follows: As of As of Property leases Operating lease ROU assets $ 2,309 $ 2,560 Short-term operating lease liabilities (a) $ 484 $ 514 Long-term operating lease liabilities 1,862 2,078 Operating lease liabilities $ 2,346 $ 2,592 Weighted average remaining lease term 8.2 years 8.4 years Weighted average discount rate 3.86 % 3.86 % _________ (a) Included in Accounts payable and other current liabilities Supplemental cash flow information related to leases is as follows: Nine Months Ended 2021 2020 Cash payments for lease liabilities within operating activities: Property operating leases $ 445 $ 554 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 226 $ 588
Leases	Leases Lessor The following table presents the Company’s lease revenues disaggregated by geography: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Americas $ 2,391 $ 1,099 $ 5,417 $ 2,896 Europe, Middle East and Africa 508 350 968 843 Asia and Australasia 68 55 266 224 Total lease revenues $ 2,967 $ 1,504 $ 6,651 $ 3,963 The following table presents the Company’s lease revenues disaggregated by brand: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Avis $ 1,573 $ 824 $ 3,464 $ 2,181 Budget 1,185 532 2,676 1,401 Other 209 148 511 381 Total lease revenues $ 2,967 $ 1,504 $ 6,651 $ 3,963 _______ 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 Right of Use (“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 Nine Months Ended 2021 2020 2021 2020 Property leases (a) Operating lease expense $ 146 $ 130 $ 419 $ 443 Variable lease expense 152 51 318 107 Total property lease expense $ 298 $ 181 $ 737 $ 550 __________ (a) Primarily within operating expense and incl udes $(4) million and $11 million for the three months ended September 30, 2021 and 2020, respectively, and $12 million and $41 million for the nine months ended September 30, 2021 and 2020, respectively, of minimum annual guaranteed rent in excess of concession fees, net, as defined in our rental concession agreements. Supplemental balance sheet information related to leases is as follows: As of As of Property leases Operating lease ROU assets $ 2,309 $ 2,560 Short-term operating lease liabilities (a) $ 484 $ 514 Long-term operating lease liabilities 1,862 2,078 Operating lease liabilities $ 2,346 $ 2,592 Weighted average remaining lease term 8.2 years 8.4 years Weighted average discount rate 3.86 % 3.86 % _________ (a) Included in Accounts payable and other current liabilities Supplemental cash flow information related to leases is as follows: Nine Months Ended 2021 2020 Cash payments for lease liabilities within operating activities: Property operating leases $ 445 $ 554 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 226 $ 588
Leases	Leases Lessor The following table presents the Company’s lease revenues disaggregated by geography: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Americas $ 2,391 $ 1,099 $ 5,417 $ 2,896 Europe, Middle East and Africa 508 350 968 843 Asia and Australasia 68 55 266 224 Total lease revenues $ 2,967 $ 1,504 $ 6,651 $ 3,963 The following table presents the Company’s lease revenues disaggregated by brand: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Avis $ 1,573 $ 824 $ 3,464 $ 2,181 Budget 1,185 532 2,676 1,401 Other 209 148 511 381 Total lease revenues $ 2,967 $ 1,504 $ 6,651 $ 3,963 _______ 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 Right of Use (“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 Nine Months Ended 2021 2020 2021 2020 Property leases (a) Operating lease expense $ 146 $ 130 $ 419 $ 443 Variable lease expense 152 51 318 107 Total property lease expense $ 298 $ 181 $ 737 $ 550 __________ (a) Primarily within operating expense and incl udes $(4) million and $11 million for the three months ended September 30, 2021 and 2020, respectively, and $12 million and $41 million for the nine months ended September 30, 2021 and 2020, respectively, of minimum annual guaranteed rent in excess of concession fees, net, as defined in our rental concession agreements. Supplemental balance sheet information related to leases is as follows: As of As of Property leases Operating lease ROU assets $ 2,309 $ 2,560 Short-term operating lease liabilities (a) $ 484 $ 514 Long-term operating lease liabilities 1,862 2,078 Operating lease liabilities $ 2,346 $ 2,592 Weighted average remaining lease term 8.2 years 8.4 years Weighted average discount rate 3.86 % 3.86 % _________ (a) Included in Accounts payable and other current liabilities Supplemental cash flow information related to leases is as follows: Nine Months Ended 2021 2020 Cash payments for lease liabilities within operating activities: Property operating leases $ 445 $ 554 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 226 $ 588

Restructuring and Other Related

Restructuring and Other Related Charges	9 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Other Related Charges	Restructuring and Other Related Charges Restructuring During the first quarter of 2021, the Company initiated a global restructuring plan to focus on cost discipline by reviewing headcounts, facilities and contractor agreements. The Company is transforming its business as it prepares to exit the COVID-19 crisis by controlling fixed costs and matching variable costs to demand (“T21”). As of September 30, 2021, the Company formally communicated the termination of employment to approximately 260 employees, as part of this process, and terminated approximately 255 of these employees. The Company expects further restructuring expense of approximately $20 million related to this initiative to be incurred in 2021. During the first quarter of 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”). The Company expects no further restructuring expense related to this initiative. During the first quarter of 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 truck rental operations in the U.S. by reducing headcount, large vehicles and rental locations (“T19”). This initiative is 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, 2021 $ 3 $ 6 $ 9 Restructuring expense: T21 3 13 16 T19 (2) — (2) Restructuring payment/utilization: T21 (3) (12) (15) 2020 Optimization Plan (2) (3) (5) T19 2 — 2 Balance as of September 30, 2021 $ 1 $ 4 $ 5 Personnel Facility Other (a) Total Balance as of January 1, 2021 $ 4 $ 2 $ 3 $ 9 Restructuring expense: T21 13 2 1 16 T19 — — (2) (2) Restructuring payment/utilization: T21 (10) (3) (2) (15) 2020 Optimization Plan (5) — — (5) T19 (1) — 3 2 Balance as of September 30, 2021 $ 1 $ 1 $ 3 $ 5 _________ (a) Includes expenses primarily related to the disposition of vehicles. Other Related Charges Limited Voluntary Opportunity Plan (“LVOP”) During the second quarter of 2021, the Company’s operations in International 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 nine months ended September 30, 2021, the Company recorded other related charges of approximately $17 million in connection with the LVOP. As of September 30, 2021, approximately 120 employees elected to participate in the plan and the employment of all participants had been terminated. 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 nine months ended September 30, 2020, the Company recorded other related charges of approximately $18 million in connection with the LVOP. Officer Separation Costs In August 2020, the Company announced the resignation of John F. North, III as the Company’s Chief Financial Officer. Following his post-resignation transition to an advisory position, Mr. North continued to serve as a consultant through January 1, 2021. In connection with Mr. North’s departure, the Company recorded other related charges of approximately $3 million, inclusive of accelerated stock-based compensation expense, for the three months ended September 30, 2020. 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 for the nine months ended September 30, 2020.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
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 Nine Months Ended 2021 2020 2021 2020 Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS $ 675 $ 45 $ 903 $ (594) Basic weighted average shares outstanding 63.7 69.7 67.8 70.8 Non-vested stock (a) 0.9 0.5 0.8 — Diluted weighted average shares outstanding 64.6 70.2 68.6 70.8 Earnings (loss) per share: Basic $ 10.58 $ 0.64 $ 13.31 $ (8.40) Diluted $ 10.45 $ 0.63 $ 13.16 $ (8.40) __________ (a) For the three months ended September 30, 2020 , 0.2 million, non-vested stock awards have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. For the nine months ended September 30, 2021 and 2020, 0.4 million and 1.4 million, non-vested stock awards, re spectively, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions During the third quarter of 2021, the Company completed the acquisitions of various licensees in Europe and North America, for approximately $13 million, plus $4 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 $18 million was recorded to other intangibles related to franchise agreements. The license agreements are being amortized over a weighted average useful life of approxima tely 2 years. T he fair value of the assets acquired and liabilities assumed has not yet been finalized and is therefore subject to change.

Other Current Assets

Other Current Assets	9 Months Ended
	Sep. 30, 2021
Assets, Current [Abstract]
Other Current Assets	Other Current Assets Other current assets consisted of: As of As of Sales and use tax $ 262 $ 147 Prepaid expenses 208 161 Other 98 148 Other current assets $ 568 $ 456

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of: As of September 30, 2021 As of December 31, 2020 Gross Accumulated Net Gross Accumulated Net Amortized Intangible Assets License agreements $ 291 $ 177 $ 114 $ 280 $ 151 $ 129 Customer relationships 259 202 57 268 196 72 Other 52 36 16 54 33 21 Total $ 602 $ 415 $ 187 $ 602 $ 380 $ 222 Unamortized Intangible Assets Goodwill $ 1,114 $ 1,137 Trademarks $ 551 $ 552 For the three months ended September 30, 2021 and 2020, amortization expense related to amortizable intangible assets was approximat ely $13 million a nd $17 million, respectively. For the nine months ended September 30, 2021 and 2020, amortization expense related to amortizable intangible assets was approximat ely $45 million a nd $46 million, respectively. Based on the Company’s amortizable intangible assets at September 30, 2021, the Company expects amortization expense of approximately $16 million for the remainder of 2021, $44 million for 2022, $29 million for 2023, $22 million for 2024, $17 million for 2025 and $15 million for 2026, excluding effects of currency exchange rates.

Vehicle Rental Activities

Vehicle Rental Activities	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Vehicle Rental Activities	Vehicle Rental Activities The components of vehicles, net within assets under vehicle programs were as follows: As of As of September 30, December 31, 2021 2020 Rental vehicles $ 13,501 $ 9,210 Less: Accumulated depreciation (1,699) (1,337) 11,802 7,873 Vehicles held for sale 123 280 Vehicles, net $ 11,925 $ 8,153 The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Depreciation expense $ 386 $ 315 $ 981 $ 1,063 Lease charges 43 50 129 149 (Gain) loss on sale of vehicles, net (152) (109) (241) (123) Vehicle depreciation and lease charges, net $ 277 $ 256 $ 869 $ 1,089 At September 30, 2021 and 2020, the Company had payables related to vehicle purchases included in liabilities under vehicle programs - other of $167 million and $213 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and oth er of $145 million a nd $357 million, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the nine months ended September 30, 2021 and 2020 were provision of and (benefit) of 22.6% an d (27.6)%, respectively. Such rates differed from the Federal Statutory rate of 21.0% primarily due to foreign taxes on the Company’s International operations and state taxes.

Accounts Payable and Other Curr

Accounts Payable and Other Current Liabilities	9 Months Ended
	Sep. 30, 2021
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts Payable and Other Current Liabilities	Accounts Payable and Other Current Liabilities Accounts payable and other current liabilities consisted of: As of As of September 30, December 31, 2021 2020 Short-term operating lease liabilities $ 484 $ 514 Accounts payable 461 394 Accrued sales and use taxes 313 215 Deferred lease revenues - current 217 70 Accrued advertising and marketing 206 122 Accrued payroll and related 189 117 Public liability and property damage insurance liabilities - current 166 162 Other 444 440 Accounts payable and other current liabilities $ 2,480 $ 2,034

Long-term Corporate Debt and Bo

Long-term Corporate Debt and Borrowing Arrangements	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-term Corporate 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 September 30, December 31, 2021 2020 6.375% Senior Notes April 2024 $ — $ 350 4.125% euro-denominated Senior Notes November 2024 347 366 5.250% Senior Notes March 2025 — 375 4.500% euro-denominated Senior Notes May 2025 289 305 10.500% Senior Secured Notes May 2025 — 487 4.750% euro-denominated Senior Notes January 2026 405 428 5.750% Senior Notes July 2027 727 724 4.750% Senior Notes April 2028 500 — 5.375% Senior Notes March 2029 600 — Floating Rate Term Loan (a) August 2027 1,190 1,199 Other (b) 20 24 Deferred financing fees (51) (48) Total 4,027 4,210 Less: Short-term debt and current portion of long-term debt 18 19 Long-term debt $ 4,009 $ 4,191 __________ (a) The floating rate term loan is part of the Company’s senior revolving credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of September 30, 2021, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 175 basis points, for an aggregate rate of 1.84%. 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 4.75%. (b) Primarily includes finance leases which are secured by liens on the related assets. In March 2021, the Company issued $600 million of 5.375% Senior Notes due March 2029, at par, with interest paid semiannually. Net proceeds, together with cash on hand, were used to redeem all of the outstanding 10.500% Senior Secured Notes due 2025 for $599 million plus accrued interest. In March 2021, the Company issued $500 million of 4.750% Senior Notes du e April 2 028, at par, with interest paid semiannually. Net proceeds, together with cash on hand, were used to redeem all of the outstanding 6.375% Senior Notes due 2024 for $356 million plus accrued interest and a portion of its outstanding 5.250% Senior Notes due 2025 for $142 million plus accrued interest. The 5.375% and 4.750% Senior Notes are guaranteed on a senior unsecured basis by the Company and certain of the Company’s subsidiaries. In September 2021, the Company redeemed its 5.250% Senior Notes due March 2025 with an aggregate outstanding balance of $235 million for $239 million plus accrued interest. Committed Credit Facilities and Available Funding Arrangements As of September 30, 2021, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows: Total Outstanding Letters of Credit Issued Available Senior revolving credit facility maturing 2026 (a) $ 1,950 $ — $ 1,560 $ 390 __________ (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. In July 2021, the Company amended the credit agreement to increase the revolving credit facility to $1.95 billion and extend the maturity of the facility to 2026. Debt Covenants The agreements governing 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 facility also contains a maximum leverage ratio requirement (See Note 1 – Basis of Presentation – Liquidity and Management’s Plans). As of September 30, 2021, the Company was in compliance with the financial covenants governing its indebtedness.

Debt Under Vehicle Programs and

Debt Under Vehicle Programs and Borrowing Arrangements	9 Months Ended
	Sep. 30, 2021
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 September 30, December 31, 2021 2020 Americas - Debt due to Avis Budget Rental Car Funding $ 8,156 $ 5,116 Americas - Debt borrowings 693 509 International - Debt borrowings 1,764 1,115 International - Finance leases 177 162 Other 3 — Deferred financing fees (a) (44) (45) Total $ 10,749 $ 6,857 __________ (a) Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2021 and December 31, 2020 were $39 million and $36 million, respectively. In May 2021, the Company’s Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $800 million of asset-backed notes with an expected final payment date of August 2026, with a weighted average interest rate of 1.73%. In June 2021, the Company’s Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $96 million, $105 million and $103 million of asset-backed notes with expected final payment dates of March 2024, September 2024 and August 2025, respectively, with a weighted average interest rate of 3.14%. 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 September 30, 2021: Debt under Vehicle Programs (a) Within 1 year (b) $ 3,518 Between 1 and 2 years (c) 2,614 Between 2 and 3 years (d) 1,761 Between 3 and 4 years 1,648 Between 4 and 5 years 1,252 Thereafter — Total $ 10,793 __________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $2.0 billion of bank and bank-sponsored facilities. (c) Includes $1.5 billion of bank and bank-sponsored facilities. (d) Includes $0.1 billion of bank and bank-sponsored faci lities. Committed Credit Facilities and Available Funding Arrangements As of September 30, 2021, 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 Americas - Debt due to Avis Budget Rental Car Funding $ 9,881 $ 8,156 $ 1,725 Americas - Debt borrowings 810 693 117 International - Debt borrowings 2,608 1,764 844 International - Finance leases 207 177 30 Other 3 3 — Total $ 13,509 $ 10,793 $ 2,716 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by vehicles and related assets of $9.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.9 billion for Americas - Debt borrowings; $2.0 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 September 30, 2021, 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	9 Months Ended
	Sep. 30, 2021
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 state court trials in Georgia, the Company was found liable for damages in two cases brought by plaintiffs who were injured in a vehicle accident allegedly caused by an employee of an independent contractor of the Company who was acting outside of the scope of employment. In the fourth quarter of 2019, the Company appealed both verdicts resulting in a reversal of the judgments rendered. The Georgia Supreme Court granted the plaintiffs’ application to review the appellate court’s reversal of the judgements entered at the trial court. The Georgia Supreme Court heard oral arguments in December 2020 and on May 3, 2021 issued a decision affirming the appellate court’s judgments. Following the issuance of this decision, plaintiffs filed motions for reconsideration, which were denied in June 2021. The Company reversed a previously recognized liability related to these cases, net of recoverable insurance proceeds, of approximately $12 million within operating expenses. In November 2011, Jose Mendez v. Avis Budget Group Inc., et al. was filed in U.S. District Court for the District of New Jersey. The plaintiff seeks to represent a purported nationwide class and two sub-classes of certain renters of vehicles from the Company’s Avis and Budget subsidiaries from April 2007 through December 2015. The plaintiff seeks damages in connection with claims relating to the Company's electronic toll service, including that administrative fees and toll charges were not properly disclosed to customers and/or were excessive. Plaintiff’s motion for class certification was approved by the Court in November 2017. The parties are currently engaged in mediation. The Company has been named as a defendant in other purported consumer class action law suits, including a class action filed against the Company in Florida seeking damages in connection with a breach of contract claim and a purported class action filed against the Company in New Jersey related to fines and fees charged to car renters by the Company for violations incurred during the course of their rental. A trial on class damages is set for the Florida lawsuit in January 2022. The Company is currently involved, and in the future may be involved, in claims and/or legal proceedings, including class actions, and governmental inquiries that are incidental to 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 $35 million in excess of amounts accrued as of September 30, 2021. 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 $4.1 billion of vehicles from manufacturers over the next 12 months, a $4.6 billion decrease compared to December 31, 2020, financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles. Certain of these commitments are subject to the vehicle manufacturers satisfying their obligations under their respective repurchase and guaranteed depreciation agreements. Concentrations Concentrations of credit risk as of September 30, 2021 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 $26 million and $15 million, resp ectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Share Repurchases The Company’s Board of Directors has authorized the repurchase of up to $3.1 billion of its common stock under a plan originally approved in 2013 and subsequently expanded most recently in August 2021 (the “Stock Repurchase Program”). During the nine months ended September 30, 2021, the Company repurchased approximately 11.7 million shares of common stock at a cost of approximately $1 billion under the program. As of September 30, 2021, approximately $397 million of authorization remains available to repurchase common stock under the program. 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 Nine Months Ended 2021 2020 2021 2020 Net income (loss) $ 674 $ 45 $ 902 $ (594) Less: net loss attributable to non-controlling interests (1) — (1) — Net income (loss) attributable to Avis Budget Group, inc. 675 45 903 (594) Other comprehensive income (loss): Currency translation adjustments (net of tax of $(6), $12, $(15) and $12, respectively) (23) 35 (22) (9) Net unrealized gain (loss) on cash flow hedges (net of tax of $(2), $3, $(9) and $12, respectively) 6 (7) 27 (33) Minimum pension liability adjustment (net of tax of $(1), $(1), $(1) and $(1), respectively) 2 1 6 5 (15) 29 11 (37) Comprehensive income (loss) attributable to Avis Budget Group, Inc. $ 660 $ 74 $ 914 $ (631) __________ Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) were as follows: Currency Translation Adjustments (a) Net Unrealized Gains (Losses) on Cash Flow Hedges (b) Minimum Pension Liability Adjustment (c) Accumulated Balance, January 1, 2021 $ 40 $ (51) $ (176) $ (187) Other comprehensive income (loss) before reclassifications (33) 17 1 (15) Amounts reclassified from accumulated other comprehensive income (loss) 11 10 5 26 Net current-period other comprehensive income (loss) (22) 27 6 11 Balance, September 30, 2021 $ 18 $ (24) $ (170) $ (176) Balance, January 1, 2020 $ 9 $ (20) $ (146) $ (157) Other comprehensive income (loss) before reclassifications (9) (38) 1 (46) Amounts reclassified from accumulated other comprehensive income (loss) — 5 4 9 Net current-period other comprehensive income (loss) (9) (33) 5 (37) Balance, September 30, 2020 $ — $ (53) $ (141) $ (194) __________ 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 $56 million gain, net of tax, as of September 30, 2021 related to the Company’s hedge of its investment in euro-denominated foreign operations (see Note 17–Financial Instruments). (a) For the nine months ended September 30, 2021, the amount was reclassified from accumulated other comprehensive income (loss) into restructuring and other related charges. (b) For the three and nine months ended September 30, 2021, the amount reclassified from accumulated other comprehensive income (loss) into corporate interest expense w as $4 million ($3 million, net of tax) and $12 million ($9 million , net of tax), respectively. For the three and nine months ended September 30, 2021, the amount reclassified from accumulated other comprehensive income (loss) into vehicle interest expense was $1 million ($1 million net of tax) and $2 million ($1 million , net of tax), respectively. For the three and nine months ended September 30, 2020, the amount reclassified from accumulated other comprehensive income (loss) into corporate interest expense was $3 million ($3 million net of tax) and $5 million ($4 million, net of tax), respectively. For the three and nine months ended September 30, 2020, the amount reclassified from accumulated other comprehensive income (loss) into vehicle interest expense was $1 million ($0 million, net of tax) and $2 million ($1 million, net of tax), respectively. (c) For the three and nine months ended September 30, 2021, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses w ere $2 million ($2 million, net of tax) and $7 million ($5 million, ne t of tax), respectively. For the three and nine months ended September 30, 2020, the amount reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses was $2 million ($1 million net of tax) and $6 million ($4 million, net of tax), respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsOn August 9, 2021, SRS Mobility Ventures, LLC acquired a 33 1/3% Class A Membership Interest in one of the Company’s subsidiaries at fair value of $37.5 million. SRS Mobility Ventures, LLC is an affiliate of the Company’s largest shareholder, SRS Investment Management, LLC.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company recorded stock-based compensation expense of $11 million and $4 million ($8 million and $3 million, net of tax) during the three months ended September 30, 2021 and 2020, respectively, and $25 million and $6 million ($19 million and $4 million, net of tax) during the nine months ended September 30, 2021 and 2020, respectively. In June 2020, the Company granted market-based restricted stock units (“RSUs”) that vest based on absolute stock price attainment. The grant date fair value of this award is estimated using a Monte Carlo simulation model. The weighted average assumptions used in the model are as follows: Expected volatility of stock price 91% Risk-free interest rate 0.18% Valuation period 3 years Dividend yield —% The activity related to RSUs consisted of (in thousands of shares): Number of Shares Weighted Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Time-based RSUs Outstanding at January 1, 2021 1,070 $ 27.47 Granted (a) 240 63.12 Vested (b) (575) 29.46 Forfeited (43) 31.37 Outstanding and expected to vest at September 30, 2021 (c) 692 $ 37.93 1.1 $ 81 Performance-based and market-based RSUs Outstanding at January 1, 2021 988 $ 32.41 Granted (a) 236 62.27 Vested (b) — — Forfeited (324) 45.92 Outstanding at September 30, 2021 900 $ 35.37 1.5 $ 105 Outstanding and expected to vest at September 30, 2021 (c) 900 $ 35.37 1.5 $ 105 __________ (a) Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based and market-based RSUs granted during the nine months ended September 30, 2020 was $23.14 and $21.06, respectively. (b) The total fair value of RSUs vested during the nine months ended September 30, 2021 and 2020 was $17 million and $19 million, respectively. (c) Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $36 million and will be recognized over a weighted average vesting period of 1.3 years.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [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 $21 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 September 30, 2021 Foreign exchange contracts $ 1,709 Interest rate caps (a) 8,742 Interest rate swaps 1,550 __________ (a) Repres ents $5.9 billion of interest rate caps sold, partially offset by approximately $2.9 billion of interest rate caps purchased. These amounts exclude $3.0 billion of in terest 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 September 30, 2021 As of December 31, 2020 Fair Value, Fair Value, Fair Value, Fair Value, Derivatives designated as hedging instruments Interest rate swaps (a) $ 1 $ 34 $ — $ 69 Derivatives not designated as hedging instruments Foreign exchange contracts (b) 9 6 3 11 Interest rate caps (c) 1 4 — — Total $ 11 $ 44 $ 3 $ 80 __________ 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 Nine Months Ended 2021 2020 2021 2020 Derivatives designated as hedging instruments (a) Interest rate swaps (b) $ 6 $ (7) $ 27 $ (33) Euro-denominated notes (c) 19 (32) 42 (34) Derivatives not designated as hedging instruments (d) Foreign exchange contracts (e) 6 (12) 1 14 Interest rate caps (f) (1) (1) (3) (2) Commodity contracts (g) — 1 — (6) Total $ 30 $ (51) $ 67 $ (61) __________ (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 September 30, 2021, included a $7 million gain in interest expense and a $1 million loss in operating expense, and for the nine months ended September 30, 2021, included a $2 million gain in interest expense and a $1 million loss in operating expense. For the three months ended September 30, 2020, included an $10 million loss in interest expense and a $2 million loss in operating expense, and for the nine months ended September 30, 2020, included a $18 million gain in interest expense and a $4 million loss in operating expense. (f) Included primarily in vehicle interest, net. (g) Included in operating expense. Debt Instruments The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows: As of September 30, 2021 As of December 31, 2020 Carrying Estimated Carrying Estimated Corporate debt Short-term debt and current portion of long-term debt $ 18 $ 18 $ 19 $ 18 Long-term debt $ 4,009 $ 4,170 $ 4,191 $ 4,337 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 8,117 $ 8,350 $ 5,080 $ 5,317 Vehicle-backed debt $ 2,629 $ 2,650 $ 1,775 $ 1,796 Interest rate swaps and interest rate caps (a) $ 3 $ 3 $ 2 $ 2 __________ (a) Derivatives in a liability position.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2021
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 and other legal matters, net, which includes amounts recorded in excess of $5 million related to class action lawsuits, non-operational charges related to shareholder activist activity, which include third party advisory, legal and other professional service fees, gain on sale of equity method investment in China, COVID-19 charges and income taxes. COVID-19 charges include unusual, direct and incremental costs due to the COVID-19 pandemic such as minimum annual guaranteed rent in excess of concession fees for the period, overflow parking for idle vehicles and related shuttling costs, incremental cleaning supplies to sanitize vehicles and facilities, and losses associated with vehicles damaged in overflow parking lots, net of insurance proceeds. The Company has revised the definition of Adjusted EBITDA to exclude amounts recorded in excess of $5 million related to class action lawsuits. The Company did not revise prior years’ Adjusted EBITDA because there were no costs similar in nature to these costs. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. Three Months Ended September 30, 2021 2020 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 2,403 $ 952 $ 1,114 $ 222 International 598 128 420 6 Corporate and Other (a) — (23) — (8) Total Company $ 3,001 $ 1,057 $ 1,534 $ 220 Reconciliation of Adjusted EBITDA to income before income taxes: 2021 2020 Adjusted EBITDA $ 1,057 $ 220 Less: Non-vehicle related depreciation and amortization 69 74 Interest expense related to corporate debt, net: Interest expense 47 64 Early extinguishment of debt 7 2 Restructuring and other related charges 5 17 Transaction-related costs, net 1 — COVID-19 charges (b) (6) 10 Unprecedented personal-injury and other legal matters, net (c) 5 — Income before income taxes $ 929 $ 53 __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. (b) The following table presents the unusual, direct and incremental costs due to the COVID-19 pandemic: 2021 2020 Minimum annual guaranteed rent in excess of concession fees, net $ (4) $ 11 Vehicles damaged in overflow parking lots, net of insurance proceeds (3) (19) Incremental cleaning supplies to sanitize vehicles and facilities, and over flow parking for idle vehicles — 18 Other charges 1 — Operating expenses $ (6) $ 8 Vehicle depreciation and lease charges $ — $ 1 Selling, general and administrative expenses $ — $ 1 (c) Reported within operating expenses. Nine Months Ended September 30, 2021 2020 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 5,457 $ 1,694 $ 2,936 $ (41) International 1,287 86 1,111 (174) Corporate and Other (a) — (52) — (34) Total Company $ 6,744 $ 1,728 $ 4,047 $ (249) Reconciliation of Adjusted EBITDA to income (loss) before income taxes: 2021 2020 Adjusted EBITDA $ 1,728 $ (249) Less: Non-vehicle related depreciation and amortization (b) 204 214 Interest expense related to corporate debt, net: Interest expense 167 163 Early extinguishment of debt 136 9 Restructuring and other related charges 47 89 COVID-19 charges (c) 12 90 Transaction-related costs, net 3 3 Non-operational charges related to shareholder activist activity (d) — 4 Unprecedented personal-injury and other legal matters, net (e) (6) — Income (loss) before income taxes $ 1,165 $ (821) __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. (b) For the nine months ended September 30, 2021 consi sts of $5 million wit hin operating expenses related to cloud computing costs. (c) The following table presents the unusual, direct and incremental costs due to the COVID-19 pandemic: 2021 2020 Minimum annual guaranteed rent in excess of concession fees, net $ 12 $ 41 Vehicles damaged in overflow parking lots, net of insurance proceeds (7) 14 Incremental cleaning supplies to sanitize vehicles and facilities, and — 35 Other charges 7 — Operating expenses $ 11 $ 87 Vehicle depreciation and lease charges $ — $ 1 Selling, general and administrative expenses $ 1 $ 2 (d) Reported within selling, general and administrative expenses. (e) Reported within operating expenses. Since December 31, 2020, there have been no significant changes in segment assets exclusive of assets under vehicle programs. As of September 30, 2021 and December 31, 2020, Americas’ segment assets under vehicle programs were approxim ately $10.4 billion an d $7.2 billion, respectively, and International segment assets under vehicle programs were approxima tely $2.6 billion an d $2.0 billion, respective ly. The changes in assets under vehicle programs is primarily due to the increase in the size of our vehicle rental fleet to meet increases in rental demand.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events During October 2021, the Company repurchased approximately 2.2 million shares of its common stock at a cost of approximately $327 million under the Company’s Stock Repurchase Program. On November 1, 2021, the Company’s Board of Directors approved a $1 billion increase in repurchase authorization to the Company’s Stock Repurchase Program.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying 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. Differences between the preliminary allocation of purchase price and the final allocation for the Company’s 2020 acquisitions of various licensees were not material. The Company consolidates joint venture activities within its Consolidated Condensed Financial Statements and records related non-controlling interests within stockholders’ equity and the statement of comprehensive income. 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 2020 Form 10-K.
Liquidity and Management Plans	Liquidity and Management’s Plans The COVID-19 pandemic, which rapidly spread across the globe in 2020, resulted in an economic slowdown and significant disruptions in travel that had a negative impact on our business, specifically a significant decline in vehicle rental volumes. During the first nine months of 2021, global travel restrictions were eased, leading to an increase in travel demand and an improvement in general economic conditions. The Company believes the full extent of the ongoing impact of this virus on its long-term operational performance and liquidity will depend on future developments, including those outside of its control, such as the spread of new variants of the virus which may be resistant to currently approved vaccines and the implementation of new or continued travel restrictions.
Cash and cash equivalents	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.
Vehicle Programs	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. 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	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 September 30, 2021 and 2020, the Company recorded an immaterial amount in each period, related to such items. During the nine months ended September 30, 2021 and 2020, the Company recorded an immaterial amount and a loss of $5 million, respectively, related to such items.
Investments	Investments.Earnings from the Company’s equity method investments are reported within operating expenses.
Revenue	Revenues. Revenues are recognized under “Leases (Topic 842),” with the exception of royalty fee revenue derived from the Company’s licensees and revenue related to the Company’s customer loyalty program
Nonmarketable Equity Securities	Nonmarketable Equity Securities. As of December 31, 2020, the Company had nonmarketable equity securities with a carrying value of $8 million, which was recorded within other non-current assets. As of September 30, 2021, the securitie s are marketable equity securities with a fair value of $8 million, which are recorded within other non-current assets.
Adoption of New Accounting Pronouncements	Adoption of New Accounting Pronouncements Simplifying the Accounting for Income Taxes On January 1, 2021, as the result of a new accounting pronouncement, the Company adopted ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions and improving the application of existing guidance. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Condensed Financial Statements. Compensation—Retirement Benefits—Defined Benefit Plans On January 1, 2021, as the result of a new accounting pronouncement, the Company adopted ASU 2018-14, “Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans,” which adds, removes, and clarifies disclosure requirements related to defined benefit pension and other postretirement plans. These changes are part of the FASB’s disclosure framework project, which the Board launched in 2014 to improve the effectiveness of disclosures in notes to financial statements. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Condensed Financial Statements.
Lessee	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 Right of Use (“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 (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows. As of September 30, 2021 2020 Cash and cash equivalents $ 886 $ 1,564 Program cash 55 94 Restricted cash (a) 4 2 Total cash and cash equivalents, program and restricted cash $ 945 $ 1,660 ________ (a) Included within other current assets.
Schedule of Restrictions on Cash and Cash Equivalents	The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows. As of September 30, 2021 2020 Cash and cash equivalents $ 886 $ 1,564 Program cash 55 94 Restricted cash (a) 4 2 Total cash and cash equivalents, program and restricted cash $ 945 $ 1,660 ________ (a) Included within other current assets.
Schedule of Disaggregation of Revenue	The following table presents the Company’s revenues disaggregated by geography: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Americas $ 2,403 $ 1,114 $ 5,457 $ 2,936 Europe, Middle East and Africa 527 363 1,011 879 Asia and Australasia 71 57 276 232 Total revenues $ 3,001 $ 1,534 $ 6,744 $ 4,047 The following table presents the Company’s revenues disaggregated by brand: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Avis $ 1,588 $ 843 $ 3,509 $ 2,230 Budget 1,198 539 2,707 1,425 Other 215 152 528 392 Total revenues $ 3,001 $ 1,534 $ 6,744 $ 4,047 ________ Other includes Zipcar and other operating brands.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Operating Lease, Lease Income	The following table presents the Company’s lease revenues disaggregated by geography: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Americas $ 2,391 $ 1,099 $ 5,417 $ 2,896 Europe, Middle East and Africa 508 350 968 843 Asia and Australasia 68 55 266 224 Total lease revenues $ 2,967 $ 1,504 $ 6,651 $ 3,963 The following table presents the Company’s lease revenues disaggregated by brand: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Avis $ 1,573 $ 824 $ 3,464 $ 2,181 Budget 1,185 532 2,676 1,401 Other 209 148 511 381 Total lease revenues $ 2,967 $ 1,504 $ 6,651 $ 3,963 _______ Other includes Zipcar and other operating brands.
The Components of Lease Expense	The components of lease expense are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Property leases (a) Operating lease expense $ 146 $ 130 $ 419 $ 443 Variable lease expense 152 51 318 107 Total property lease expense $ 298 $ 181 $ 737 $ 550 __________ (a) Primarily within operating expense and incl udes $(4) million and $11 million for the three months ended September 30, 2021 and 2020, respectively, and $12 million and $41 million for the nine months ended September 30, 2021 and 2020, respectively, of minimum annual guaranteed rent in excess of concession fees, net, as defined in our rental concession agreements. Supplemental cash flow information related to leases is as follows: Nine Months Ended 2021 2020 Cash payments for lease liabilities within operating activities: Property operating leases $ 445 $ 554 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 226 $ 588
Supplemental Balance Sheet Information related to Leases	Supplemental balance sheet information related to leases is as follows: As of As of Property leases Operating lease ROU assets $ 2,309 $ 2,560 Short-term operating lease liabilities (a) $ 484 $ 514 Long-term operating lease liabilities 1,862 2,078 Operating lease liabilities $ 2,346 $ 2,592 Weighted average remaining lease term 8.2 years 8.4 years Weighted average discount rate 3.86 % 3.86 % _________ (a) Included in Accounts payable and other current liabilities

Restructuring and Other Relat_2

Restructuring and Other Related Charges (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 $ 3 $ 6 $ 9 Restructuring expense: T21 3 13 16 T19 (2) — (2) Restructuring payment/utilization: T21 (3) (12) (15) 2020 Optimization Plan (2) (3) (5) T19 2 — 2 Balance as of September 30, 2021 $ 1 $ 4 $ 5 Personnel Facility Other (a) Total Balance as of January 1, 2021 $ 4 $ 2 $ 3 $ 9 Restructuring expense: T21 13 2 1 16 T19 — — (2) (2) Restructuring payment/utilization: T21 (10) (3) (2) (15) 2020 Optimization Plan (5) — — (5) T19 (1) — 3 2 Balance as of September 30, 2021 $ 1 $ 1 $ 3 $ 5 _________ (a) Includes expenses primarily related to the disposition of vehicles.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS $ 675 $ 45 $ 903 $ (594) Basic weighted average shares outstanding 63.7 69.7 67.8 70.8 Non-vested stock (a) 0.9 0.5 0.8 — Diluted weighted average shares outstanding 64.6 70.2 68.6 70.8 Earnings (loss) per share: Basic $ 10.58 $ 0.64 $ 13.31 $ (8.40) Diluted $ 10.45 $ 0.63 $ 13.16 $ (8.40) __________ (a) For the three months ended September 30, 2020 , 0.2 million, non-vested stock awards have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. For the nine months ended September 30, 2021 and 2020, 0.4 million and 1.4 million, non-vested stock awards, re spectively, 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)	9 Months Ended
	Sep. 30, 2021
Assets, Current [Abstract]
Schedule of Other Current Assets	Other current assets consisted of: As of As of Sales and use tax $ 262 $ 147 Prepaid expenses 208 161 Other 98 148 Other current assets $ 568 $ 456

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule Of Intangible Assets	Intangible assets consisted of: As of September 30, 2021 As of December 31, 2020 Gross Accumulated Net Gross Accumulated Net Amortized Intangible Assets License agreements $ 291 $ 177 $ 114 $ 280 $ 151 $ 129 Customer relationships 259 202 57 268 196 72 Other 52 36 16 54 33 21 Total $ 602 $ 415 $ 187 $ 602 $ 380 $ 222 Unamortized Intangible Assets Goodwill $ 1,114 $ 1,137 Trademarks $ 551 $ 552

Vehicle Rental Activities (Tabl

Vehicle Rental Activities (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	The components of vehicles, net within assets under vehicle programs were as follows: As of As of September 30, December 31, 2021 2020 Rental vehicles $ 13,501 $ 9,210 Less: Accumulated depreciation (1,699) (1,337) 11,802 7,873 Vehicles held for sale 123 280 Vehicles, net $ 11,925 $ 8,153 The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Depreciation expense $ 386 $ 315 $ 981 $ 1,063 Lease charges 43 50 129 149 (Gain) loss on sale of vehicles, net (152) (109) (241) (123) Vehicle depreciation and lease charges, net $ 277 $ 256 $ 869 $ 1,089

Accounts Payable and Other Cu_2

Accounts Payable and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Accounts Payable and Accrued Liabilities, Current [Abstract]
Schedule of Accounts Payable and Other Current Liabilities	Accounts payable and other current liabilities consisted of: As of As of September 30, December 31, 2021 2020 Short-term operating lease liabilities $ 484 $ 514 Accounts payable 461 394 Accrued sales and use taxes 313 215 Deferred lease revenues - current 217 70 Accrued advertising and marketing 206 122 Accrued payroll and related 189 117 Public liability and property damage insurance liabilities - current 166 162 Other 444 440 Accounts payable and other current liabilities $ 2,480 $ 2,034

Long-term Corporate Debt and _2

Long-term Corporate Debt and Borrowing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt	Long-term corporate debt and borrowing arrangements consisted of: As of As of Maturity September 30, December 31, 2021 2020 6.375% Senior Notes April 2024 $ — $ 350 4.125% euro-denominated Senior Notes November 2024 347 366 5.250% Senior Notes March 2025 — 375 4.500% euro-denominated Senior Notes May 2025 289 305 10.500% Senior Secured Notes May 2025 — 487 4.750% euro-denominated Senior Notes January 2026 405 428 5.750% Senior Notes July 2027 727 724 4.750% Senior Notes April 2028 500 — 5.375% Senior Notes March 2029 600 — Floating Rate Term Loan (a) August 2027 1,190 1,199 Other (b) 20 24 Deferred financing fees (51) (48) Total 4,027 4,210 Less: Short-term debt and current portion of long-term debt 18 19 Long-term debt $ 4,009 $ 4,191 __________ (a) The floating rate term loan is part of the Company’s senior revolving credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of September 30, 2021, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 175 basis points, for an aggregate rate of 1.84%. 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 4.75%. (b) Primarily includes finance leases which are secured by liens on the related assets.
Schedule Of Committed Credit Facilities	As of September 30, 2021, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows: Total Outstanding Letters of Credit Issued Available Senior revolving credit facility maturing 2026 (a) $ 1,950 $ — $ 1,560 $ 390 __________ (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. Committed Credit Facilities and Available Funding Arrangements As of September 30, 2021, 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 Americas - Debt due to Avis Budget Rental Car Funding $ 9,881 $ 8,156 $ 1,725 Americas - Debt borrowings 810 693 117 International - Debt borrowings 2,608 1,764 844 International - Finance leases 207 177 30 Other 3 3 — Total $ 13,509 $ 10,793 $ 2,716 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b)

Debt Under Vehicle Programs a_2

Debt Under Vehicle Programs and Borrowing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of: As of As of September 30, December 31, 2021 2020 Americas - Debt due to Avis Budget Rental Car Funding $ 8,156 $ 5,116 Americas - Debt borrowings 693 509 International - Debt borrowings 1,764 1,115 International - Finance leases 177 162 Other 3 — Deferred financing fees (a) (44) (45) Total $ 10,749 $ 6,857 __________ (a) Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2021 and December 31, 2020 were $39 million and $36 million, respectively.
Schedule of Maturities of Long-term Debt	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 September 30, 2021: Debt under Vehicle Programs (a) Within 1 year (b) $ 3,518 Between 1 and 2 years (c) 2,614 Between 2 and 3 years (d) 1,761 Between 3 and 4 years 1,648 Between 4 and 5 years 1,252 Thereafter — Total $ 10,793 __________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $2.0 billion of bank and bank-sponsored facilities. (c) Includes $1.5 billion of bank and bank-sponsored facilities. (d) Includes $0.1 billion of bank and bank-sponsored faci lities.
Schedule Of Committed Credit Facilities	As of September 30, 2021, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows: Total Outstanding Letters of Credit Issued Available Senior revolving credit facility maturing 2026 (a) $ 1,950 $ — $ 1,560 $ 390 __________ (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. Committed Credit Facilities and Available Funding Arrangements As of September 30, 2021, 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 Americas - Debt due to Avis Budget Rental Car Funding $ 9,881 $ 8,156 $ 1,725 Americas - Debt borrowings 810 693 117 International - Debt borrowings 2,608 1,764 844 International - Finance leases 207 177 30 Other 3 3 — Total $ 13,509 $ 10,793 $ 2,716 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Components Of Other Comprehensive Income	The components of other comprehensive income (loss) were as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income (loss) $ 674 $ 45 $ 902 $ (594) Less: net loss attributable to non-controlling interests (1) — (1) — Net income (loss) attributable to Avis Budget Group, inc. 675 45 903 (594) Other comprehensive income (loss): Currency translation adjustments (net of tax of $(6), $12, $(15) and $12, respectively) (23) 35 (22) (9) Net unrealized gain (loss) on cash flow hedges (net of tax of $(2), $3, $(9) and $12, respectively) 6 (7) 27 (33) Minimum pension liability adjustment (net of tax of $(1), $(1), $(1) and $(1), respectively) 2 1 6 5 (15) 29 11 (37) Comprehensive income (loss) attributable to Avis Budget Group, Inc. $ 660 $ 74 $ 914 $ (631) __________ Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.
Components of Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) were as follows: Currency Translation Adjustments (a) Net Unrealized Gains (Losses) on Cash Flow Hedges (b) Minimum Pension Liability Adjustment (c) Accumulated Balance, January 1, 2021 $ 40 $ (51) $ (176) $ (187) Other comprehensive income (loss) before reclassifications (33) 17 1 (15) Amounts reclassified from accumulated other comprehensive income (loss) 11 10 5 26 Net current-period other comprehensive income (loss) (22) 27 6 11 Balance, September 30, 2021 $ 18 $ (24) $ (170) $ (176) Balance, January 1, 2020 $ 9 $ (20) $ (146) $ (157) Other comprehensive income (loss) before reclassifications (9) (38) 1 (46) Amounts reclassified from accumulated other comprehensive income (loss) — 5 4 9 Net current-period other comprehensive income (loss) (9) (33) 5 (37) Balance, September 30, 2020 $ — $ (53) $ (141) $ (194) __________ 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 $56 million gain, net of tax, as of September 30, 2021 related to the Company’s hedge of its investment in euro-denominated foreign operations (see Note 17–Financial Instruments). (a) For the nine months ended September 30, 2021, the amount was reclassified from accumulated other comprehensive income (loss) into restructuring and other related charges. (b) For the three and nine months ended September 30, 2021, the amount reclassified from accumulated other comprehensive income (loss) into corporate interest expense w as $4 million ($3 million, net of tax) and $12 million ($9 million , net of tax), respectively. For the three and nine months ended September 30, 2021, the amount reclassified from accumulated other comprehensive income (loss) into vehicle interest expense was $1 million ($1 million net of tax) and $2 million ($1 million , net of tax), respectively. For the three and nine months ended September 30, 2020, the amount reclassified from accumulated other comprehensive income (loss) into corporate interest expense was $3 million ($3 million net of tax) and $5 million ($4 million, net of tax), respectively. For the three and nine months ended September 30, 2020, the amount reclassified from accumulated other comprehensive income (loss) into vehicle interest expense was $1 million ($0 million, net of tax) and $2 million ($1 million, net of tax), respectively. (c) For the three and nine months ended September 30, 2021, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses w ere $2 million ($2 million, net of tax) and $7 million ($5 million, ne t of tax), respectively. For the three and nine months ended September 30, 2020, the amount reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses was $2 million ($1 million net of tax) and $6 million ($4 million, net of tax), respectively.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Weighted Average Assumptions Used	The weighted average assumptions used in the model are as follows: Expected volatility of stock price 91% Risk-free interest rate 0.18% Valuation period 3 years Dividend yield —%
Stock Based Compensation Activity	The activity related to RSUs consisted of (in thousands of shares): Number of Shares Weighted Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Time-based RSUs Outstanding at January 1, 2021 1,070 $ 27.47 Granted (a) 240 63.12 Vested (b) (575) 29.46 Forfeited (43) 31.37 Outstanding and expected to vest at September 30, 2021 (c) 692 $ 37.93 1.1 $ 81 Performance-based and market-based RSUs Outstanding at January 1, 2021 988 $ 32.41 Granted (a) 236 62.27 Vested (b) — — Forfeited (324) 45.92 Outstanding at September 30, 2021 900 $ 35.37 1.5 $ 105 Outstanding and expected to vest at September 30, 2021 (c) 900 $ 35.37 1.5 $ 105 __________ (a) Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based and market-based RSUs granted during the nine months ended September 30, 2020 was $23.14 and $21.06, respectively. (b) The total fair value of RSUs vested during the nine months ended September 30, 2021 and 2020 was $17 million and $19 million, respectively. (c) Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $36 million and will be recognized over a weighted average vesting period of 1.3 years.

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	The Company held derivative instruments with absolute notional values as follows: As of September 30, 2021 Foreign exchange contracts $ 1,709 Interest rate caps (a) 8,742 Interest rate swaps 1,550 __________ (a) Repres ents $5.9 billion of interest rate caps sold, partially offset by approximately $2.9 billion of interest rate caps purchased. These amounts exclude $3.0 billion of in terest 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 September 30, 2021 As of December 31, 2020 Fair Value, Fair Value, Fair Value, Fair Value, Derivatives designated as hedging instruments Interest rate swaps (a) $ 1 $ 34 $ — $ 69 Derivatives not designated as hedging instruments Foreign exchange contracts (b) 9 6 3 11 Interest rate caps (c) 1 4 — — Total $ 11 $ 44 $ 3 $ 80 __________ 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 Nine Months Ended 2021 2020 2021 2020 Derivatives designated as hedging instruments (a) Interest rate swaps (b) $ 6 $ (7) $ 27 $ (33) Euro-denominated notes (c) 19 (32) 42 (34) Derivatives not designated as hedging instruments (d) Foreign exchange contracts (e) 6 (12) 1 14 Interest rate caps (f) (1) (1) (3) (2) Commodity contracts (g) — 1 — (6) Total $ 30 $ (51) $ 67 $ (61) __________ (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 September 30, 2021, included a $7 million gain in interest expense and a $1 million loss in operating expense, and for the nine months ended September 30, 2021, included a $2 million gain in interest expense and a $1 million loss in operating expense. For the three months ended September 30, 2020, included an $10 million loss in interest expense and a $2 million loss in operating expense, and for the nine months ended September 30, 2020, included a $18 million gain in interest expense and a $4 million loss in operating expense. (f) Included primarily in vehicle interest, net. (g) Included in operating expense.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows: As of September 30, 2021 As of December 31, 2020 Carrying Estimated Carrying Estimated Corporate debt Short-term debt and current portion of long-term debt $ 18 $ 18 $ 19 $ 18 Long-term debt $ 4,009 $ 4,170 $ 4,191 $ 4,337 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 8,117 $ 8,350 $ 5,080 $ 5,317 Vehicle-backed debt $ 2,629 $ 2,650 $ 1,775 $ 1,796 Interest rate swaps and interest rate caps (a) $ 3 $ 3 $ 2 $ 2 __________ (a) Derivatives in a liability position.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Summary Of Segments Information	The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. Three Months Ended September 30, 2021 2020 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 2,403 $ 952 $ 1,114 $ 222 International 598 128 420 6 Corporate and Other (a) — (23) — (8) Total Company $ 3,001 $ 1,057 $ 1,534 $ 220 Reconciliation of Adjusted EBITDA to income before income taxes: 2021 2020 Adjusted EBITDA $ 1,057 $ 220 Less: Non-vehicle related depreciation and amortization 69 74 Interest expense related to corporate debt, net: Interest expense 47 64 Early extinguishment of debt 7 2 Restructuring and other related charges 5 17 Transaction-related costs, net 1 — COVID-19 charges (b) (6) 10 Unprecedented personal-injury and other legal matters, net (c) 5 — Income before income taxes $ 929 $ 53 __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. (b) The following table presents the unusual, direct and incremental costs due to the COVID-19 pandemic: 2021 2020 Minimum annual guaranteed rent in excess of concession fees, net $ (4) $ 11 Vehicles damaged in overflow parking lots, net of insurance proceeds (3) (19) Incremental cleaning supplies to sanitize vehicles and facilities, and over flow parking for idle vehicles — 18 Other charges 1 — Operating expenses $ (6) $ 8 Vehicle depreciation and lease charges $ — $ 1 Selling, general and administrative expenses $ — $ 1 (c) Reported within operating expenses. Nine Months Ended September 30, 2021 2020 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 5,457 $ 1,694 $ 2,936 $ (41) International 1,287 86 1,111 (174) Corporate and Other (a) — (52) — (34) Total Company $ 6,744 $ 1,728 $ 4,047 $ (249) Reconciliation of Adjusted EBITDA to income (loss) before income taxes: 2021 2020 Adjusted EBITDA $ 1,728 $ (249) Less: Non-vehicle related depreciation and amortization (b) 204 214 Interest expense related to corporate debt, net: Interest expense 167 163 Early extinguishment of debt 136 9 Restructuring and other related charges 47 89 COVID-19 charges (c) 12 90 Transaction-related costs, net 3 3 Non-operational charges related to shareholder activist activity (d) — 4 Unprecedented personal-injury and other legal matters, net (e) (6) — Income (loss) before income taxes $ 1,165 $ (821) __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. (b) For the nine months ended September 30, 2021 consi sts of $5 million wit hin operating expenses related to cloud computing costs. (c) The following table presents the unusual, direct and incremental costs due to the COVID-19 pandemic: 2021 2020 Minimum annual guaranteed rent in excess of concession fees, net $ 12 $ 41 Vehicles damaged in overflow parking lots, net of insurance proceeds (7) 14 Incremental cleaning supplies to sanitize vehicles and facilities, and — 35 Other charges 7 — Operating expenses $ 11 $ 87 Vehicle depreciation and lease charges $ — $ 1 Selling, general and administrative expenses $ 1 $ 2 (d) Reported within selling, general and administrative expenses. (e) Reported within operating expenses.

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jul. 30, 2021	Dec. 31, 2020	Apr. 30, 2020
Debt Instrument [Line Items]
Line of credit balance		$ 13,509,000,000		$ 13,509,000,000
Immaterial amount and a loss				0	$ 5,000,000
Investments		70,000,000		70,000,000			$ 63,000,000
Equity method investment		6,000,000	$ 3,000,000	8,000,000	4,000,000
Equity securities without readily determinable fair value, amount		8,000,000		8,000,000			$ 8,000,000
Royalty fee
Debt Instrument [Line Items]
Revenue		$ 34,000,000	$ 30,000,000	93,000,000	$ 84,000,000
Disposed of by Sale
Debt Instrument [Line Items]
Amount of consideration received	$ 4,000,000
Disposed of by Sale | Assets In Argentina
Debt Instrument [Line Items]
Consideration, rights to operate period	2 years
Loss on sale				14,000,000
Severance costs				$ 1,000,000
Term loan
Debt Instrument [Line Items]
Long-term debt								$ 1,200,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit balance						$ 1,950,000,000		$ 1,800,000,000

Basis of Presentation (Schedule

Basis of Presentation (Schedule of Cash Activity) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 886	$ 692	$ 1,564
Program cash	55	72	94
Restricted cash	4		2
Total cash and cash equivalents, program and restricted cash	$ 945	$ 765	$ 1,660	$ 900

Basis of Presentation (Disaggre

Basis of Presentation (Disaggregated Revenue in Basis of Presentation) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 3,001	$ 1,534	$ 6,744	$ 4,047
Avis
Disaggregation of Revenue [Line Items]
Revenues	1,588	843	3,509	2,230
Budget
Disaggregation of Revenue [Line Items]
Revenues	1,198	539	2,707	1,425
Other
Disaggregation of Revenue [Line Items]
Revenues	215	152	528	392
Americas
Disaggregation of Revenue [Line Items]
Revenues	2,403	1,114	5,457	2,936
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenues	527	363	1,011	879
Asia and Australasia
Disaggregation of Revenue [Line Items]
Revenues	$ 71	$ 57	$ 276	$ 232

Leases (Lessor) (Details)

Leases (Lessor) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessor, Lease, Description [Line Items]
Total lease revenues	$ 2,967	$ 1,504	$ 6,651	$ 3,963
Avis
Lessor, Lease, Description [Line Items]
Total lease revenues	1,573	824	3,464	2,181
Budget
Lessor, Lease, Description [Line Items]
Total lease revenues	1,185	532	2,676	1,401
Other
Lessor, Lease, Description [Line Items]
Total lease revenues	209	148	511	381
Americas
Lessor, Lease, Description [Line Items]
Total lease revenues	2,391	1,099	5,417	2,896
Europe, Middle East and Africa
Lessor, Lease, Description [Line Items]
Total lease revenues	508	350	968	843
Asia and Australasia
Lessor, Lease, Description [Line Items]
Total lease revenues	$ 68	$ 55	$ 266	$ 224

Leases (Lessee Components of Le

Leases (Lessee Components of Lease Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property leases
Operating lease expense	$ 146	$ 130	$ 419	$ 443
Variable lease expense	152	51	318	107
Total property lease expense	298	181	737	550
Minimum annual guaranteed rent in excess of concession fees, net	$ (4)	$ 11	$ 12	$ 41

Leases (Supplemental Balance Sh

Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Property leases
Operating lease ROU assets	$ 2,309	$ 2,560
Short-term operating lease liabilities	484	514
Long-term operating lease liabilities	1,862	2,078
Operating lease liabilities	$ 2,346	$ 2,592
Weighted average remaining lease term	8 years 2 months 12 days	8 years 4 months 24 days
Weighted average discount rate	3.86%	3.86%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current

Leases (Supplemental Cash Flow

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash payments for lease liabilities within operating activities:
Property operating leases	$ 445	$ 554
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$ 226	$ 588

Restructuring and Other Relat_3

Restructuring and Other Related Charges (Narrative) (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)employee
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated	120
T21
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated	260
Number of positions eliminated	255
Expected cost remaining | $	$ 20

Restructuring and Other Relat_4

Restructuring and Other Related Charges (Summary Of Changes To Restructuring-Related Liabilities) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2021			$ 9
Restructuring expenses	$ 5	$ 17	47	$ 89
Balance as of September 30, 2021	5		5
Americas
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2021			3
Balance as of September 30, 2021	1		1
International
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2021			6
Balance as of September 30, 2021	4		4
T21
Restructuring Reserve [Roll Forward]
Restructuring expenses			16
Restructuring payment/utilization:			(15)
T21 | Americas
Restructuring Reserve [Roll Forward]
Restructuring expenses			3
Restructuring payment/utilization:			(3)
T21 | International
Restructuring Reserve [Roll Forward]
Restructuring expenses			13
Restructuring payment/utilization:			(12)
2020 Optimization Plan
Restructuring Reserve [Roll Forward]
Restructuring payment/utilization:			(5)
2020 Optimization Plan | Americas
Restructuring Reserve [Roll Forward]
Restructuring payment/utilization:			(2)
2020 Optimization Plan | International
Restructuring Reserve [Roll Forward]
Restructuring payment/utilization:			(3)
T19
Restructuring Reserve [Roll Forward]
Restructuring expenses			(2)
Restructuring payment/utilization:			2
T19 | Americas
Restructuring Reserve [Roll Forward]
Restructuring expenses			(2)
Restructuring payment/utilization:			2
T19 | International
Restructuring Reserve [Roll Forward]
Restructuring expenses			0
Restructuring payment/utilization:			0
Personnel
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2021			4
Balance as of September 30, 2021	1		1
Personnel | T21
Restructuring Reserve [Roll Forward]
Restructuring expenses			13
Restructuring payment/utilization:			(10)
Personnel | 2020 Optimization Plan
Restructuring Reserve [Roll Forward]
Restructuring payment/utilization:			(5)
Personnel | T19
Restructuring Reserve [Roll Forward]
Restructuring expenses			0
Restructuring payment/utilization:			(1)
Facility Related
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2021			2
Balance as of September 30, 2021	1		1
Facility Related | T21
Restructuring Reserve [Roll Forward]
Restructuring expenses			2
Restructuring payment/utilization:			(3)
Facility Related | 2020 Optimization Plan
Restructuring Reserve [Roll Forward]
Restructuring payment/utilization:			0
Facility Related | T19
Restructuring Reserve [Roll Forward]
Restructuring expenses			0
Restructuring payment/utilization:			0
Other
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2021			3
Balance as of September 30, 2021	$ 3		3
Other | T21
Restructuring Reserve [Roll Forward]
Restructuring expenses			1
Restructuring payment/utilization:			(2)
Other | 2020 Optimization Plan
Restructuring Reserve [Roll Forward]
Restructuring payment/utilization:			0
Other | T19
Restructuring Reserve [Roll Forward]
Restructuring expenses			(2)
Restructuring payment/utilization:			$ 3

Restructuring and Other Relat_5

Restructuring and Other Related Charges (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)employee	Sep. 30, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 5	$ 17	$ 47	$ 89
Number of positions eliminated | employee			120
Voluntary termination | Limited Voluntary Opportunity Plan (“LVOP”)
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			$ 17	18
John F. North
Restructuring Cost and Reserve [Line Items]
Labor and Related Expense		$ 3
Michael K. Tucker
Restructuring Cost and Reserve [Line Items]
Other nonrecurring expense				$ 2

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS	$ 674	$ 45	$ 902	$ (594)
Basic weighted average shares outstanding (in shares)	63.7	69.7	67.8	70.8
Non-vested stock (in shares)	0.9	0.5	0.8	0
Diluted weighted average shares outstanding (in shares)	64.6	70.2	68.6	70.8
Earnings (loss) per share:
Basic (in dollars per share)	$ 10.58	$ 0.64	$ 13.31	$ (8.40)
Diluted (in dollars per share)	$ 10.45	$ 0.63	$ 13.16	$ (8.40)
Non-vested stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		0.2	0.4	1.4

Acquisitions (Details)

Acquisitions (Details) - 2021 Acquisition $ in Millions	3 Months Ended
	Sep. 30, 2021USD ($)
Business Acquisition [Line Items]
Asset acquisition, consideration transferred	$ 13
Fleet
Business Acquisition [Line Items]
Property acquired	4
Franchise agreement
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 18
Acquired finite-lived intangible assets, weighted average useful life	2 years

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets, Current [Abstract]
Sales and use tax	$ 262	$ 147
Prepaid expenses	208	161
Other	98	148
Other current assets	$ 568	$ 456

Intangible Assets (Schedule Of

Intangible Assets (Schedule Of Intangible Assets) (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 602	$ 602
Accumulated Amortization	415	380
Net Carrying Amount	187	222
Indefinite-lived Intangible Assets [Line Items]
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount	1,114	1,137
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Unamortized Intangible Assets, Trademarks, Gross Carrying Amount	551	552
License agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	291	280
Accumulated Amortization	177	151
Net Carrying Amount	114	129
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	259	268
Accumulated Amortization	202	196
Net Carrying Amount	57	72
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	52	54
Accumulated Amortization	36	33
Net Carrying Amount	$ 16	$ 21

Intangible Assets (Narrative) (

Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense relating to all intangible assets	$ 13	$ 17	$ 45	$ 46
Amortization expense for remainder of the year	16		16
Intangible assets amortization expense, year one	44		44
Intangible assets amortization expense, year two	29		29
Intangible assets amortization expense, year three	22		22
Intangible assets amortization expense, year four	17		17
Intangible assets amortization expense, year five	$ 15		$ 15

Vehicle Rental Activities (Comp

Vehicle Rental Activities (Components Of The Company's Vehicles) (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Rental vehicles	$ 13,501	$ 9,210
Less: Accumulated depreciation	(1,699)	(1,337)
Rental Vehicles Net, Total	11,802	7,873
Vehicles held for sale	123	280
Vehicles, net	11,925	$ 8,153
Liabilities under vehicle programs	167		$ 213
Other receivables	$ 145		$ 357

Vehicle Rental Activities (Co_2

Vehicle Rental Activities (Components Of Vehicle Depreciation And Lease Charges) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 386	$ 315	$ 981	$ 1,063
Lease charges	43	50	129	149
(Gain) loss on sale of vehicles, net	(152)	(109)	(241)	(123)
Vehicle depreciation and lease charges, net	$ 277	$ 256	$ 869	$ 1,089

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	22.60%	(27.60%)

Accounts Payable and Other Cu_3

Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Accounts Payable and Accrued Liabilities, Current [Abstract]
Short-term operating lease liabilities	$ 484	$ 514
Accounts payable	461	394
Accrued sales and use taxes	313	215
Deferred lease revenues - current	217	70
Accrued advertising and marketing	206	122
Accrued payroll and related	189	117
Public liability and property damage insurance liabilities - current	166	162
Other	444	440
Accounts payable and other current liabilities	$ 2,480	$ 2,034

Long-term Corporate Debt and _3

Long-term Corporate Debt and Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Other	$ 20		$ 24
Deferred financing fees	(51)		(48)
Total	4,027		4,210
Less: Short-term debt and current portion of long-term debt	18		19
Long-term debt	$ 4,009		4,191
6.375% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	6.375%
Long-term debt	$ 0		350
4.125% euro-denominated Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.125%
Long-term debt	$ 347		366
5.250% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	5.25%	5.25%
Long-term debt	$ 0		375
4.500% euro-denominated Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.50%
Long-term debt	$ 289		305
10.500% Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	10.50%	10.50%
Long-term debt	$ 0		487
4.750% euro-denominated Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.75%
Long-term debt	$ 405		428
5.750% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	5.75%
Long-term debt	$ 727		724
4.750% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.75%	4.75%
Long-term debt	$ 500		0
5.375% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	5.375%	5.375%
Long-term debt	$ 600		0
Floating Rate Term Loan | Loans Payable
Debt Instrument [Line Items]
Long-term debt	$ 1,190		$ 1,199
Aggregate interest rate	1.84%
Floating Rate Term Loan | Interest rate swaps | Loans Payable
Debt Instrument [Line Items]
Amount of hedged item	$ 700
Aggregate rate	4.75%
Floating Rate Term Loan | London Interbank Offered Rate (LIBOR) | Loans Payable
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%

Long-term Corporate Debt and _4

Long-term Corporate Debt and Borrowing Arrangements (Narrative) (Detail) - USD ($)	1 Months Ended
	Aug. 31, 2021	Mar. 31, 2021	Sep. 30, 2021	Jul. 30, 2021	Apr. 30, 2020
Debt Instrument [Line Items]
Total Capacity			$ 13,509,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total Capacity				$ 1,950,000,000	$ 1,800,000,000
5.375% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Amount issued		$ 600,000,000
Debt instrument stated interest percentage		5.375%	5.375%
10.500% Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage		10.50%	10.50%
Repayments of debt		$ 599,000,000
4.750% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Amount issued		$ 500,000,000
Debt instrument stated interest percentage		4.75%	4.75%
6.375 % Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage		6.375%
Repayments of debt		$ 356,000,000
5.250% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Amount issued			$ 235,000,000
Debt instrument stated interest percentage		5.25%	5.25%
Repayments of debt	$ 239,000,000	$ 142,000,000

Long-term Corporate Debt and _5

Long-term Corporate Debt and Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Line of Credit Facility [Line Items]
Outstanding Borrowings	$ 10,793
Available Capacity	$ 2,716
Revolving Credit Facility Maturing 2021 | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis points	2.00%
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Total Capacity	$ 1,950
Outstanding Borrowings	0
Letters of Credit Issued	1,560
Available Capacity	$ 390

Debt Under Vehicle Programs A_3

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Debt Under Vehicle Programs) (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt under vehicle programs	$ 10,749	$ 6,857
Deferred financing fees	(51)	(48)
Americas - Debt due to Avis Budget Rental Car Funding
Debt Instrument [Line Items]
Debt under vehicle programs	8,156	5,116
Americas - Debt borrowings
Debt Instrument [Line Items]
Debt under vehicle programs	693	509
International - Debt borrowings
Debt Instrument [Line Items]
Debt under vehicle programs	1,764	1,115
International - Finance leases
Debt Instrument [Line Items]
Debt under vehicle programs	177	162
Other
Debt Instrument [Line Items]
Debt under vehicle programs	3	0
Deferred financing fees
Debt Instrument [Line Items]
Deferred financing fees	(44)	(45)
Avis budget rental car funding | Deferred financing fees
Debt Instrument [Line Items]
Deferred financing fees	$ (39)	$ (36)

Debt Under Vehicle Programs a_4

Debt Under Vehicle Programs and Borrowing Arrangements (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021	May 31, 2021
Debt Due To Rental Car Funding August 2026
Debt Instrument [Line Items]
Asset-backed securities, at carrying value			$ 800
Avis Budget Rental Car Funding Program March 2024
Debt Instrument [Line Items]
Asset-backed securities, at carrying value		$ 96
Avis Budget Rental Car Funding Program September 2024
Debt Instrument [Line Items]
Asset-backed securities, at carrying value	$ 105
Avis Budget Rental Car Funding Program March 2025
Debt Instrument [Line Items]
Asset-backed securities, at carrying value	$ 103
Avis Budget Rental Car Funding Program
Debt Instrument [Line Items]
Weighted average interest rate	3.14%		1.73%

Debt Under Vehicle Programs A_5

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Contractual Maturities) (Detail) - Deferred financing fees $ in Millions	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
Within 1 year	$ 3,518
Between 1 and 2 years	2,614
Between 2 and 3 years	1,761
Between 3 and 4 years	1,648
Between 4 and 5 years	1,252
Thereafter	0
Total	10,793
Bank And Bank-Sponsored Facilities
Debt Instrument [Line Items]
Within 1 year	2,000
Between 1 and 2 years	1,500
Between 2 and 3 years	$ 100

Debt Under Vehicle Programs A_6

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Available Funding Under The Vehicle Programs) (Detail) $ in Millions	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
Line of credit balance	$ 13,509
Outstanding Borrowings	10,793
Available Capacity	2,716
Americas - Debt due to Avis Budget Rental Car Funding | Affiliated Entity
Debt Instrument [Line Items]
Line of credit balance	9,881
Outstanding Borrowings	8,156
Available Capacity	1,725
Americas - Debt due to Avis Budget Rental Car Funding | Affiliated Entity | Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	9,300
Americas - Debt borrowings
Debt Instrument [Line Items]
Line of credit balance	810
Outstanding Borrowings	693
Available Capacity	117
Americas - Debt borrowings | Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	900
International - Debt borrowings
Debt Instrument [Line Items]
Line of credit balance	2,608
Outstanding Borrowings	1,764
Available Capacity	844
International - Debt borrowings | Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	2,000
International - Finance leases
Debt Instrument [Line Items]
Line of credit balance	207
Outstanding Borrowings	177
Available Capacity	30
International - Finance leases | Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	200
Other
Debt Instrument [Line Items]
Line of credit balance	3
Outstanding Borrowings	3
Available Capacity	$ 0

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Detail) $ in Millions	1 Months Ended	9 Months Ended
	Feb. 28, 2017case	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Number of cases brought by plaintiffs | case	2
Liability net of recoverable insurance proceeds		$ 12
Range of possible loss (up to)		35
Purchase obligation over the next twelve months		4,100
Purchase commitment period decrease		4,600
Other receivables		145	$ 357
Realogy
Schedule Of Commitments And Contingencies [Line Items]
Other receivables		26
Wyndham
Schedule Of Commitments And Contingencies [Line Items]
Other receivables		$ 15

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Detail) - USD ($) shares in Millions	Feb. 10, 2021	Sep. 30, 2021	Aug. 31, 2021
Equity [Abstract]
Stock repurchase program, authorized amount (up to)			$ 3,100,000,000
Net activity related to restricted stock units (in shares)		11.7
Share repurchased during period		$ 1,000,000,000
Remaining authorized repurchase amount		$ 397,000,000
Board of Directors Chairman
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Shares issued (in shares)	15

Stockholders' Equity (Component

Stockholders' Equity (Components Of Other Comprehensive Income) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Net income (loss)	$ 674	$ 45	$ 902	$ (594)
Less: net loss attributable to non-controlling interests	1	0	1	0
Net income (loss) attributable to Avis Budget Group, Inc.	675	45	903	(594)
Other comprehensive income (loss):
Currency translation adjustments (net of tax of $(6), $12, $(15) and $12, respectively)	(23)	35	(22)	(9)
Net unrealized gain (loss) on cash flow hedges (net of tax of $(2), $3, $(9) and $12, respectively)	6	(7)	27	(33)
Minimum pension liability adjustment (net of tax of $(1), $(1), $(1) and $(1), respectively)	2	1	6	5
Other comprehensive income (loss)	(15)	29	11	(37)
Comprehensive income (loss) attributable to Avis Budget Group, Inc.	660	74	914	(631)
Currency translation adjustments, tax	(6)	12	(15)	12
Net unrealized gain (loss) on cash flow hedges, tax	(2)	3	(9)	12
Minimum pension liability adjustment, tax	$ (1)	$ (1)	$ (1)	$ (1)

Stockholders' Equity (Accumulat

Stockholders' Equity (Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 92	$ (153)	$ (155)	$ 656
Other comprehensive income (loss) before reclassifications			(15)	(46)
Amounts reclassified from accumulated other comprehensive income (loss)			26	9
Net current-period other comprehensive income (loss)	(15)	29	11	(37)
Ending balance	(198)	(76)	(198)	(76)
Foreign exchange contracts | Derivatives designated as hedging instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Derivatives used in net investment hedge, net of tax	56		56
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			40	9
Other comprehensive income (loss) before reclassifications			(33)	(9)
Amounts reclassified from accumulated other comprehensive income (loss)			11	0
Net current-period other comprehensive income (loss)			(22)	(9)
Ending balance	18	0	18	0
Net Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(51)	(20)
Other comprehensive income (loss) before reclassifications			17	(38)
Amounts reclassified from accumulated other comprehensive income (loss)			10	5
Net current-period other comprehensive income (loss)			27	(33)
Ending balance	(24)	(53)	(24)	(53)
Net Unrealized Gains (Losses) on Cash Flow Hedges | Corporate Interest Expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income (loss)	(3)	(3)	(9)	(4)
Amounts reclassified from accumulated other comprehensive income (loss)	4	3	12	5
Net Unrealized Gains (Losses) on Cash Flow Hedges | Vehicle Interest Net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income (loss)	(1)	0	(1)	(1)
Amounts reclassified from accumulated other comprehensive income (loss)	1	1	2	2
Minimum Pension Liability Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(176)	(146)
Other comprehensive income (loss) before reclassifications			1	1
Amounts reclassified from accumulated other comprehensive income (loss)			5	4
Net current-period other comprehensive income (loss)			6	5
Ending balance	(170)	(141)	(170)	(141)
Minimum Pension Liability Adjustment | Selling, General and Administrative Expenses
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income (loss)	(2)	(1)	(5)	(4)
Amounts reclassified from accumulated other comprehensive income (loss)	2	2	7	6
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(187)	(157)
Ending balance	$ (176)	$ (194)	$ (176)	$ (194)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	Aug. 09, 2021	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Contributions from non-controlling interests		$ 38	$ 2
SRS Mobility Ventures, LLC | Subsidiary Equity
Related Party Transaction [Line Items]
Ownership acquired percentage	33.34%
Contributions from non-controlling interests	$ 37.5

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 11	$ 4	$ 25	$ 6
Stock-based compensation expense (net of tax)	$ 8	$ 3	$ 19	$ 4

Stock-Based Compensation (Assum

Stock-Based Compensation (Assumptions Used) (Details) - Performance-based and market-based RSUs	9 Months Ended
	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility of stock price	91.00%
Risk-free interest rate	0.18%
Valuation period	3 years
Dividend yield	0.00%

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock Based Compensation Activity) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Number of Shares
Balance (in shares)	692	692
Weighted Average Grant Date Fair Value
Cost not yet recognized	$ 36	$ 36
Period for recognition	1 year 3 months 18 days
Time-based RSUs
Number of Shares
Balance (in shares)		1,070
Granted (in shares)	240
Vested (in shares)	(575)
Canceled (in shares)	(43)
Outstanding and expected to vest (in shares)	692	692
Weighted Average Grant Date Fair Value
Balance (in dollars per share)		$ 27.47
Granted (in dollars per share)	$ 63.12		$ 23.14
Vested (in dollars per share)	29.46
Canceled (in dollars per share)	31.37
Balance (in dollars per share)	37.93	37.93
Outstanding and expected to vest, weighted average grant date fair value (in dollars per share)	$ 37.93	$ 37.93
Outstanding and expected to vest weighted average remaining contractual term (in years)	1 year 1 month 6 days
Aggregate intrinsic value, outstanding and expected to vest	$ 81	$ 81
Fair value vested in period		$ 17	$ 19
Performance-based and market-based RSUs
Number of Shares
Balance (in shares)		988
Granted (in shares)	236
Vested (in shares)	0
Canceled (in shares)	(324)
Balance (in shares)	900	900
Outstanding and expected to vest (in shares)	900	900
Weighted Average Grant Date Fair Value
Balance (in dollars per share)		$ 32.41
Granted (in dollars per share)	$ 62.27		$ 21.06
Vested (in dollars per share)	0
Canceled (in dollars per share)	45.92
Balance (in dollars per share)	35.37	35.37
Outstanding and expected to vest, weighted average grant date fair value (in dollars per share)	$ 35.37	$ 35.37
Outstanding and expected to vest weighted average remaining contractual term (in years)	1 year 6 months
Outstanding weighted average remaining contractual terms (in years)	1 year 6 months
Aggregate intrinsic value outstanding	$ 105	$ 105
Aggregate intrinsic value, outstanding and expected to vest	$ 105	$ 105

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash flow hedge loss to be reclassified within twelve months	$ 21

Financial Instruments (Notation

Financial Instruments (Notational Amounts of Derivatives Held) (Details) $ in Millions	Sep. 30, 2021USD ($)
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 1,709
Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	8,742
Interest rate caps | Subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	3,000
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	1,550
Sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	5,900
Purchase
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 2,900

Financial Instruments (Fair Val

Financial Instruments (Fair Values Of Derivatives Instruments) (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Derivative Assets	$ 11	$ 3
Fair Value, Derivative Liabilities	44	80
Derivatives designated as hedging instruments | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Derivative Assets	1	0
Fair Value, Derivative Liabilities	34	69
Derivatives not designated as hedging instruments | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Derivative Assets	9	3
Fair Value, Derivative Liabilities	6	11
Derivatives not designated as hedging instruments | Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Derivative Assets	1	0
Fair Value, Derivative Liabilities	$ 4	$ 0

Financial Instruments (Effects

Financial Instruments (Effects of Derivatives Recognized) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ 30	$ (51)	$ 67	$ (61)
Interest rate swaps | Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	6	(7)	27	(33)
Euro-denominated notes | Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	19	(32)	42	(34)
Foreign exchange contracts | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	6	(12)	1	14
Foreign exchange contracts | Derivatives not designated as hedging instruments | Interest expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	7	(10)	2	18
Foreign exchange contracts | Derivatives not designated as hedging instruments | Operating expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	(1)	(2)	(1)	(4)
Interest rate caps | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	(1)	(1)	(3)	(2)
Commodity contracts | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ 0	$ 1	$ 0	$ (6)

Financial Instruments (Schedule

Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values) (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	$ 18	$ 19
Long-term debt	4,009	4,191
Carrying Amount | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	18	19
Long-term debt	4,009	4,191
Carrying Amount | Interest rate caps | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and interest rate caps	3	2
Carrying Amount | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	2,629	1,775
Carrying Amount | Avis budget rental car funding | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	8,117	5,080
Estimated Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	18	18
Long-term debt	4,170	4,337
Estimated Fair Value | Interest rate caps | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and interest rate caps	3	2
Estimated Fair Value | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	2,650	1,796
Estimated Fair Value | Avis budget rental car funding | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	$ 8,350	$ 5,317

Segment Information (Narrative)

Segment Information (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Unprecedented personal-injury and other legal matters, net	$ 5	$ 0	$ (6)	$ 0
Assets under vehicle programs	13,022		13,022		$ 9,173
Americas
Segment Reporting Information [Line Items]
Assets under vehicle programs	10,400		10,400		7,200
International
Segment Reporting Information [Line Items]
Assets under vehicle programs	$ 2,600		$ 2,600		$ 2,000

Segment Information (Summary Of

Segment Information (Summary Of Segments Information) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 3,001	$ 1,534	$ 6,744	$ 4,047
Adjusted EBITDA	1,057	220	1,728	(249)
Less:
Non-vehicle related depreciation and amortization	69	74	204	214
Interest expense	47	64	167	163
Early extinguishment of debt	7	2	136	9
Restructuring and other related charges	5	17	47	89
Transaction-related costs, net	1	0	3	3
Non-operational charges related to shareholder activist activity			0	4
COVID-19 charges	(6)	10	12	90
Unprecedented personal-injury and other legal matters, net	5	0	(6)	0
Net income (loss)	929	53	1,165	(821)
Minimum annual guaranteed rent in excess of concession fees, net	(4)	11	12	41
Vehicles damaged in overflow parking lots, net of insurance proceeds	(3)	(19)	(7)	14
Incremental cleaning supplies to sanitize vehicles and facilities, and over flow parking for idle vehicles	0	18	0	35
Other charges	1	0	7	0
COVID-19 charges	(6)	10	12	90
Operating expense
Less:
Non-vehicle related depreciation and amortization			5
COVID-19 charges	(6)	8	11	87
COVID-19 charges	(6)	8	11	87
Vehicle Depreciation and Lease Charges
Less:
COVID-19 charges	0	1	0	1
COVID-19 charges	0	1	0	1
Selling, General and Administrative Expenses
Less:
COVID-19 charges	0	1	1	2
COVID-19 charges	0	1	1	2
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Adjusted EBITDA	(23)	(8)	(52)	(34)
Americas | Geographical
Segment Reporting Information [Line Items]
Revenues	2,403	1,114	5,457	2,936
Adjusted EBITDA	952	222	1,694	(41)
International | Geographical
Segment Reporting Information [Line Items]
Revenues	598	420	1,287	1,111
Adjusted EBITDA	$ 128	$ 6	$ 86	$ (174)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 31, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Nov. 01, 2021
Subsequent Event [Line Items]
Stock repurchase program, authorized amount		$ 994	$ 1,004	$ 113
Subsequent Event
Subsequent Event [Line Items]
Number of shares purchased (in shares)	2.2
Stock repurchase program, authorized amount	$ 327
Increase in repurchase authorized amount					$ 1,000