Avis Budget (CAR) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-10308
Entity Registrant Name	Avis Budget Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-0918165
Entity Address, Address Line One	6 Sylvan Way
Entity Address, City or Town	Parsippany,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	(973)
Local Phone Number	496-4700
Title of 12(b) Security	Common Stock, Par Value $0.01
Trading Symbol	CAR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,287,272
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Revenues	$ 2,432	$ 1,372
Expenses
Operating	1,147	832
Vehicle depreciation and lease charges, net	111	254
Selling, general and administrative	283	182
Vehicle interest, net	77	75
Non-vehicle related depreciation and amortization	58	68
Interest expense related to corporate debt, net:
Interest expense	53	61
Early extinguishment of debt	0	129
Restructuring and other related charges	8	20
Transaction-related costs, net	0	1
Total expenses	1,737	1,622
Income (loss) before income taxes	695	(250)
Provision for (benefit from) income taxes	168	(80)
Net income (loss)	527	(170)
Less: net loss attributable to non-controlling interests	(2)	0
Net income (loss) attributable to Avis Budget Group, Inc.	529	(170)
Comprehensive income (loss) attributable to Avis Budget Group, Inc.	$ 568	$ (146)
Earnings (loss) per share
Basic (in usd per share)	$ 9.96	$ (2.43)
Diluted (in usd per share)	$ 9.71	$ (2.43)

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 550	$ 534
Receivables, net	779	775
Other current assets	439	538
Total current assets	1,768	1,847
Property and equipment, net	531	537
Operating lease right-of-use assets	2,417	2,368
Deferred income taxes	1,540	1,615
Goodwill	1,096	1,108
Other intangibles, net	706	724
Other non-current assets	379	382
Total assets exclusive of assets under vehicle programs	8,437	8,581
Assets under vehicle programs:
Program cash	85	89
Vehicles, net	13,987	12,866
Receivables from vehicle manufacturers and other	182	222
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	882	842
Total assets under vehicle programs	15,136	14,019
Total Assets	23,573	22,600
Current liabilities:
Accounts payable and other current liabilities	2,675	2,389
Short-term debt and current portion of long-term debt	27	19
Total current liabilities	2,702	2,408
Long-term debt	4,678	3,990
Long-term operating lease liabilities	1,918	1,910
Other non-current liabilities	585	625
Total liabilities exclusive of liabilities under vehicle programs	9,883	8,933
Liabilities under vehicle programs:
Debt	2,356	2,542
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party	9,743	8,848
Deferred income taxes	2,323	2,242
Other	251	244
Total liabilities under vehicle programs	14,673	13,876
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.01 par value—authorized 10 shares; none issued and outstanding, respectively	0	0
Common stock, $0.01 par value—authorized 250 shares; issued 137 shares, respectively	1	1
Additional paid-in capital	6,646	6,676
Retained earnings (accumulated deficit)	344	(185)
Accumulated other comprehensive loss	(94)	(133)
Treasury stock, at cost— 87 and 81 shares, respectively	(7,889)	(6,579)
Stockholders’ equity attributable to Avis Budget Group, Inc.	(992)	(220)
Non-controlling interests	9	11
Total stockholders’ equity	(983)	(209)
Total Liabilities and Stockholders’ Equity	$ 23,573	$ 22,600

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock (in usd per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	10,000,000	10,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock (in usd per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	250,000,000	250,000,000
Common stock issued (in shares)	137,000,000	137,000,000
Treasury Stock (in shares)	87,000,000	81,000,000

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income (loss)	$ 527	$ (170)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Vehicle depreciation	381	259
Amortization of right-of-use assets	194	236
(Gain) loss on sale of vehicles, net	(303)	(49)
Non-vehicle related depreciation and amortization	58	68
Stock-based compensation	6	4
Amortization of debt financing fees	8	8
Early extinguishment of debt costs	0	129
Net change in assets and liabilities:
Receivables	9	24
Income taxes and deferred income taxes	158	(80)
Accounts payable and other current liabilities	303	181
Operating lease liabilities	(195)	(234)
Other, net	2	(40)
Net cash provided by operating activities	1,148	336
Investing activities
Property and equipment additions	(37)	(12)
Proceeds received on asset sales	1	2
Net assets acquired (net of cash acquired)	(1)	(4)
Other, net	23	0
Net cash used in investing activities exclusive of vehicle programs	(14)	(14)
Vehicle programs:
Investment in vehicles	(2,727)	(3,032)
Proceeds received on disposition of vehicles	1,616	1,679
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	(84)	(24)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	44	25
Net cash used in investing activities of vehicle programs	(1,151)	(1,352)
Net cash used in investing activities	(1,165)	(1,366)
Financing activities
Proceeds from long-term borrowings	729	1,100
Payments on long-term borrowings	(5)	(1,101)
Repurchases of common stock	(1,299)	(19)
Debt financing fees	(6)	(12)
Net cash used in financing activities exclusive of vehicle programs	(581)	(32)
Vehicle programs:
Proceeds from borrowings	4,016	3,481
Payments on borrowings	(3,403)	(2,535)
Debt financing fees	(2)	0
Net cash provided by financing activities of vehicle programs	611	946
Net cash provided by financing activities	30	914
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	(2)	(10)
Net increase (decrease) in cash and cash equivalents, program and restricted cash	11	(126)
Cash and cash equivalents, program and restricted cash, beginning of period	626	765
Cash and cash equivalents, program and restricted cash, end of period	$ 637	$ 639

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Stockholders’ Equity Attributable to Avis Budget Group, Inc.	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2020			137.1				(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)	(170)	(170)			(170)
Other comprehensive income	24	24				24
Comprehensive income (loss) attributable to Avis Budget Group, Inc.	(146)	(146)			(170)	24
Net activity related to restricted stock units (in shares)							0.2
Net activity related to restricted stock units	(5)	(5)		(26)			$ 21
Repurchases of common stock (in shares)							(0.1)
Repurchases of common stock	(10)	(10)					$ (10)
Ending balance (in shares) at Mar. 31, 2021			137.1				(67.2)
Ending balance at Mar. 31, 2021	(316)	(316)	$ 1	6,642	(1,640)	(163)	$ (5,156)	0
Beginning balance (in shares) at Dec. 31, 2021			137.1				(81.2)
Beginning balance at Dec. 31, 2021	(209)	(220)	$ 1	6,676	(185)	(133)	$ (6,579)	11
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	527	529			529			(2)
Other comprehensive income	39	39				39
Comprehensive income (loss) attributable to Avis Budget Group, Inc.	$ 566	568			529	39		(2)
Net activity related to restricted stock units (in shares)	6.4						0.2
Net activity related to restricted stock units	$ (33)	(33)		(30)			$ (3)
Repurchases of common stock (in shares)							(6.4)
Repurchases of common stock	(1,307)	(1,307)					$ (1,307)
Ending balance (in shares) at Mar. 31, 2022			137.1				(87.4)
Ending balance at Mar. 31, 2022	$ (983)	$ (992)	$ 1	$ 6,646	$ 344	$ (94)	$ (7,889)	$ 9

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying unaudited Consolidated Condensed Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, “we”, “our”, “us”, or the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting. We operate the following reportable business segments: • Americas —consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in certain areas in which we do not operate directly. • International —consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in certain areas in which we do not operate directly. The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. Differences between the preliminary allocation of purchase price and the final allocation for our 2021 acquisitions of various licensees were not material. We consolidate joint venture activities when we have more than 50% controlling interests and record non-controlling interests within stockholders’ equity and the statement of comprehensive income equal to the percentage of ownership interest retained in such entities by the respective non-controlling party. In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with our 2021 Annual Report on Form 10-K (the “2021 Form 10-K”). Summary of Significant Accounting Policies Our significant accounting policies are fully described in Note 2, “Summary of Significant Accounting Policies,” in our 2021 Form 10-K. Cash and cash equivalents, Program cash and Restricted cash. The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows. As of March 31, 2022 2021 Cash and cash equivalents $ 550 $ 576 Program cash 85 61 Restricted cash (a) 2 2 Total cash and cash equivalents, program and restricted cash $ 637 $ 639 ________ (a) Included within other current assets. Vehicle Programs. We present separately the financial data of our vehicle programs. These programs are distinct from our other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets. Transaction-related costs, net. Transaction-related costs, net are classified separately in the Consolidated Condensed Statements of Comprehensive Income. These costs are comprised of expenses primarily related to acquisition-related activities such as due diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with those of our operations, including the implementation of best practices and process improvements, non-cash gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions. Currency Transactions. We record the gain or loss on foreign currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net. Divestitures. In February 2022, we completed the sale of our operations in the United States Virgin Islands for $13 million, for the right to operate the Avis brand. During the three months ended March 31, 2022, we recorded a gain of $2 million within restructuring and other related charges. In March 2022, we completed the sale of our operations in the Netherlands for $15 million, subject to working capital adjustments, for the right to operate the Avis and Budget brands. During the three months ended March 31, 2022, we recorded a loss of $7 million, net of impact of foreign currency adjustments, within restructuring and other related charges. Investments. As of March 31, 2022 and December 31, 2021, we had equity method investments with a carrying value o f $71 million a nd $72 million, respectively, which are recorded within other non-current assets. Earnings from our equity method investments are reported within operating expenses. For the three months ended March 31, 2022 and 2021, we recorded an immaterial amount related to our equity method investments, in each period. Revenues. Revenues are recognized under “Leases (Topic 842),” with the exception of royalty fee revenue derived from our licensees and revenue related to our customer loyalty program, which were approximately $34 million a nd $40 million during the three months ended March 31, 2022 and 2021, respectively . The following table presents our revenues disaggregated by geography: Three Months Ended 2022 2021 Americas $ 2,000 $ 1,080 Europe, Middle East and Africa 324 203 Asia and Australasia 108 89 Total revenues $ 2,432 $ 1,372 The following table presents our revenues disaggregated by brand: Three Months Ended 2022 2021 Avis $ 1,281 $ 717 Budget 982 524 Other 169 131 Total revenues $ 2,432 $ 1,372 ________ Other includes Zipcar and other operating brands. Recently Issued Accounting Pronouncements Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which amends Topic 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. ASU 2021-08 becomes effective for us on January 1, 2023. Early adoption is permitted on a retrospective or prospective basis. The adoption of this accounting pronouncement is not expected to have a material impact on our Consolidated Condensed Financial Statements. Reference Rate Reform In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which amends ASU 2020-04 and clarifies the scope and guidance of Topic 848 to allow derivatives impacted by the reference rate reform to qualify for certain optional expedients and exceptions for contract modifications and hedge accounting. The guidance is optional and is effective for a limited period of time through December 31, 2022. As of March 31, 2022, this guidance had no impact on our Consolidated Condensed Financial Statements and we will continue to evaluate this guidance.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases Lessor The following table presents our lease revenues disaggregated by geography: Three Months Ended 2022 2021 Americas $ 1,985 $ 1,054 Europe, Middle East and Africa 309 192 Asia and Australasia 104 86 Total lease revenues $ 2,398 $ 1,332 The following table presents our lease revenues disaggregated by brand: Three Months Ended 2022 2021 Avis $ 1,261 $ 690 Budget 972 516 Other 165 126 Total lease revenues $ 2,398 $ 1,332 _______ Other includes Zipcar and other operating brands. Lessee We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease Right of Use (“ROU”) assets and operating lease liabilities, and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses. The components of lease expense are as follows: Three Months Ended 2022 2021 Property leases (a) Operating lease expense $ 161 $ 139 Variable lease expense 102 54 Total property lease expense $ 263 $ 193 __________ (a) Primarily within operating expense and incl udes $(7) million and $19 million for the three months ended March 31, 2022 and 2021, respectively, of minimum annual guaranteed rent in excess of concession fees, net, as defined in our rental concession agreements. Supplemental balance sheet information related to leases is as follows: As of As of Property leases Operating lease ROU assets $ 2,417 $ 2,368 Short-term operating lease liabilities (a) $ 536 $ 496 Long-term operating lease liabilities 1,918 1,910 Operating lease liabilities $ 2,454 $ 2,406 Weighted average remaining lease term 8.6 years 8.8 years Weighted average discount rate 3.81 % 3.84 % _________ (a) Included in Accounts payable and other current liabilities Supplemental cash flow information related to leases is as follows: Three Months Ended 2022 2021 Cash payments for lease liabilities within operating activities: Property operating leases $ 164 $ 202 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 213 $ 169
Leases	Leases Lessor The following table presents our lease revenues disaggregated by geography: Three Months Ended 2022 2021 Americas $ 1,985 $ 1,054 Europe, Middle East and Africa 309 192 Asia and Australasia 104 86 Total lease revenues $ 2,398 $ 1,332 The following table presents our lease revenues disaggregated by brand: Three Months Ended 2022 2021 Avis $ 1,261 $ 690 Budget 972 516 Other 165 126 Total lease revenues $ 2,398 $ 1,332 _______ Other includes Zipcar and other operating brands. Lessee We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease Right of Use (“ROU”) assets and operating lease liabilities, and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses. The components of lease expense are as follows: Three Months Ended 2022 2021 Property leases (a) Operating lease expense $ 161 $ 139 Variable lease expense 102 54 Total property lease expense $ 263 $ 193 __________ (a) Primarily within operating expense and incl udes $(7) million and $19 million for the three months ended March 31, 2022 and 2021, respectively, of minimum annual guaranteed rent in excess of concession fees, net, as defined in our rental concession agreements. Supplemental balance sheet information related to leases is as follows: As of As of Property leases Operating lease ROU assets $ 2,417 $ 2,368 Short-term operating lease liabilities (a) $ 536 $ 496 Long-term operating lease liabilities 1,918 1,910 Operating lease liabilities $ 2,454 $ 2,406 Weighted average remaining lease term 8.6 years 8.8 years Weighted average discount rate 3.81 % 3.84 % _________ (a) Included in Accounts payable and other current liabilities Supplemental cash flow information related to leases is as follows: Three Months Ended 2022 2021 Cash payments for lease liabilities within operating activities: Property operating leases $ 164 $ 202 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 213 $ 169
Leases	Leases Lessor The following table presents our lease revenues disaggregated by geography: Three Months Ended 2022 2021 Americas $ 1,985 $ 1,054 Europe, Middle East and Africa 309 192 Asia and Australasia 104 86 Total lease revenues $ 2,398 $ 1,332 The following table presents our lease revenues disaggregated by brand: Three Months Ended 2022 2021 Avis $ 1,261 $ 690 Budget 972 516 Other 165 126 Total lease revenues $ 2,398 $ 1,332 _______ Other includes Zipcar and other operating brands. Lessee We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease Right of Use (“ROU”) assets and operating lease liabilities, and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses. The components of lease expense are as follows: Three Months Ended 2022 2021 Property leases (a) Operating lease expense $ 161 $ 139 Variable lease expense 102 54 Total property lease expense $ 263 $ 193 __________ (a) Primarily within operating expense and incl udes $(7) million and $19 million for the three months ended March 31, 2022 and 2021, respectively, of minimum annual guaranteed rent in excess of concession fees, net, as defined in our rental concession agreements. Supplemental balance sheet information related to leases is as follows: As of As of Property leases Operating lease ROU assets $ 2,417 $ 2,368 Short-term operating lease liabilities (a) $ 536 $ 496 Long-term operating lease liabilities 1,918 1,910 Operating lease liabilities $ 2,454 $ 2,406 Weighted average remaining lease term 8.6 years 8.8 years Weighted average discount rate 3.81 % 3.84 % _________ (a) Included in Accounts payable and other current liabilities Supplemental cash flow information related to leases is as follows: Three Months Ended 2022 2021 Cash payments for lease liabilities within operating activities: Property operating leases $ 164 $ 202 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 213 $ 169

Restructuring and Other Related

Restructuring and Other Related Charges	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Other Related Charges	Restructuring and Other Related Charges Restructuring During the first quarter of 2021, we initiated a global restructuring plan to focus on cost discipline by reviewing headcounts, facilities and contractor agreements. We are transforming our business as we prepare to exit the COVID-19 crisis by controlling fixed costs and matching variable costs to demand (“T21”). During the quarter ended March 31, 2022, we formally communicated the termination of employment to approximately 45 employees, as part of this process, and terminated approximately 40 of these employees. We expect no further restructuring expense to be incurred in 2022 under this program. The following tables summarize the changes to our restructuring-related liabilities and identifies the amounts recorded within our reporting segments for restructuring charges and corresponding payments and utilizations: Americas International Total Balance as of January 1, 2022 $ 2 $ 8 $ 10 Restructuring expense: T21 1 2 3 Restructuring payment/utilization: T21 (1) (6) (7) Balance as of March 31, 2022 $ 2 $ 4 $ 6 Personnel Facility Other (a) Total Balance as of January 1, 2022 $ 7 $ 2 $ 1 $ 10 Restructuring expense: T21 3 — — 3 Restructuring payment/utilization: T21 (6) (1) — (7) Balance as of March 31, 2022 $ 4 $ 1 $ 1 $ 6 _________ (a) Includes expenses primarily related to the disposition of vehicles.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS $ 529 $ (170) Basic weighted average shares outstanding 53.1 69.9 Non-vested stock (a) 1.4 — Diluted weighted average shares outstanding 54.5 69.9 Earnings (loss) per share: Basic $ 9.96 $ (2.43) Diluted $ 9.71 $ (2.43) __________ (a) For the three months ended March 31, 2022 and 2021 , 0.1 million and 1.1 million non-vested stock awards, respectively,

Other Current Assets

Other Current Assets	3 Months Ended
	Mar. 31, 2022
Assets, Current [Abstract]
Other Current Assets	Other Current Assets Other current assets consisted of: As of March 31, 2022 As of December 31, 2021 Prepaid expenses $ 246 $ 205 Sales and use taxes 106 238 Other 87 95 Other current assets $ 439 $ 538

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of: As of March 31, 2022 As of December 31, 2021 Gross Accumulated Net Gross Accumulated Net Amortized Intangible Assets License agreements $ 295 $ 203 $ 92 $ 298 $ 193 $ 105 Customer relationships 253 204 49 257 204 53 Other 49 36 13 51 36 15 Total $ 597 $ 443 $ 154 $ 606 $ 433 $ 173 Unamortized Intangible Assets Goodwill $ 1,096 $ 1,108 Trademarks $ 552 $ 551 For the three months ended March 31, 2022 and 2021, amortization expense related to amortizable intangible assets was approximat ely $16 million a nd $18 million, respectively. Based on our amortizable intangible assets at March 31, 2022, we expect amortization expense of approximately $30 million for the remainder of 2022, $27 million for 2023, $23 million for 2024, $16 million for 2025, $15 million for 2026 and $12 million for 2027, excluding effects of currency exchange rates.

Vehicle Rental Activities

Vehicle Rental Activities	3 Months Ended
	Mar. 31, 2022
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 March 31, December 31, 2022 2021 Rental vehicles $ 15,768 $ 14,612 Less: Accumulated depreciation (1,955) (1,911) 13,813 12,701 Vehicles held for sale 174 165 Vehicles, net $ 13,987 $ 12,866 The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended 2022 2021 Depreciation expense $ 381 $ 259 Lease charges 33 44 (Gain) loss on sale of vehicles, net (303) (49) Vehicle depreciation and lease charges, net $ 111 $ 254 At March 31, 2022 and 2021, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $150 million and $344 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and oth er of $64 million a nd $195 million, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate for the three months ended March 31, 2022 and 2021 were provision and (benefit) o f 24.2% an d (32.0)%, respectively. Such rates differed from the Federal Statutory rate of 21.0% primarily due to foreign taxes on our International operations and state taxes.

Accounts Payable and Other Curr

Accounts Payable and Other Current Liabilities	3 Months Ended
	Mar. 31, 2022
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 March 31, December 31, 2022 2021 Short-term operating lease liabilities $ 536 $ 496 Accounts payable 513 407 Deferred lease revenues - current 322 185 Accrued advertising and marketing 248 218 Accrued sales and use taxes 225 313 Accrued payroll and related 175 193 Public liability and property damage insurance liabilities - current 160 159 Other 496 418 Accounts payable and other current liabilities $ 2,675 $ 2,389

Long-term Corporate Debt and Bo

Long-term Corporate Debt and Borrowing Arrangements	3 Months Ended
	Mar. 31, 2022
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 March 31, December 31, 2022 2021 4.125% euro-denominated Senior Notes November 2024 $ 332 $ 341 4.500% euro-denominated Senior Notes May 2025 277 284 4.750% euro-denominated Senior Notes January 2026 387 398 5.750% Senior Notes July 2027 729 728 4.750% Senior Notes April 2028 500 500 5.375% Senior Notes March 2029 600 600 Floating Rate Term Loan (a) August 2027 1,184 1,187 Floating Rate Term Loan March 2029 729 — Other (b) 20 19 Deferred financing fees (53) (48) Total 4,705 4,009 Less: Short-term debt and current portion of long-term debt 27 19 Long-term debt $ 4,678 $ 3,990 __________ (a) The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of March 31, 2022, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 175 basis points, for an aggregate rate of 2.21%. We have entered into a swap to hedge $700 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 4.75%. (b) Primarily includes finance leases which are secured by liens on the related assets. In March 2022, we entered into a $750 million Floating Rate Term Loan due March 2029, at a price of 97% of the aggregate principal amount, with interest paid monthly, which is part of our senior credit facilities. The Floating Rate Term Loan due March 2029 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 350 basis points for an aggregate rate of 4.00%. Committed Credit Facilities and Available Funding Arrangements As of March 31, 2022, the committed corporate credit facilities available to us and/or our subsidiaries were as follows: Total Outstanding Letters of Credit Issued Available Senior revolving credit facility maturing 2026 (a) $ 1,950 $ — $ 1,596 $ 354 __________ (a) The senior revolving credit facility bears interest at one-month LIBOR plus 175 basis points and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, liens on substantially all of our intellectual property and certain other real and personal property. Debt Covenants The agreements governing our indebtedness contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries, the incurrence of additional indebtedness by us and certain of our subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. Our senior credit facility also contains a maximum leverage ratio requirement. As of March 31, 2022, we were in compliance with the financial covenants governing our indebtedness.

Debt Under Vehicle Programs and

Debt Under Vehicle Programs and Borrowing Arrangements	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt Under Vehicle Programs and Borrowing Arrangements	Debt Under Vehicle Programs and Borrowing Arrangements Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of: As of As of March 31, December 31, 2022 2021 Americas - Debt due to Avis Budget Rental Car Funding $ 9,779 $ 8,889 Americas - Debt borrowings 615 612 International - Debt borrowings 1,573 1,757 International - Finance leases 156 177 Other 19 3 Deferred financing fees (a) (43) (48) Total $ 12,099 $ 11,390 __________ (a) Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2022 and December 31, 2021 were $36 million and $41 million, respectively. Debt Maturities The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at March 31, 2022: Debt under Vehicle Programs (a) Within 1 year (b) $ 2,145 Between 1 and 2 years (c) 1,413 Between 2 and 3 years (d) 5,545 Between 3 and 4 years 1,532 Between 4 and 5 years 1,507 Total $ 12,142 __________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $0.8 billion of bank and bank-sponsored facilities. (c) Includes $0.2 billion of bank and bank-sponsored facilities. (d) Includes $3.8 billion of bank and bank-sponsored faci lities. Committed Credit Facilities and Available Funding Arrangements As of March 31, 2022, available funding under our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of: Total Capacity (a) Outstanding Borrowings (b) Available Americas - Debt due to Avis Budget Rental Car Funding $ 10,103 $ 9,779 $ 324 Americas - Debt borrowings 985 615 370 International - Debt borrowings 2,590 1,573 1,017 International - Finance leases 192 156 36 Other 19 19 — Total $ 13,889 $ 12,142 $ 1,747 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by vehicles and related assets of $11.5 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 our vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries and restrictions on indebtedness, mergers, liens, liquidations, and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of March 31, 2022, we are not aware of any instances of non-compliance with any of the financial covenants contained in the debt agreements under our vehicle-backed funding programs.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies In 2006, we completed the spin-offs of our Realogy and Wyndham subsidiaries. We do not believe that the impact of any resolution of pre-existing contingent liabilities in connection with the spin-offs should result in a material liability to us in relation to our consolidated financial position or liquidity, as Realogy and Wyndham each have agreed to assume responsibility for these liabilities. We are also named in litigation that is primarily related to the businesses of our former subsidiaries, including Realogy and Wyndham. We are entitled to indemnification from such entities for any liability resulting from such litigation. In November 2011, Jose Mendez v. Avis Budget Group Inc., et al. was filed in U.S. District Court for the District of New Jersey. The plaintiff seeks to represent a purported nationwide class and two sub-classes of certain renters of vehicles from our Avis and Budget subsidiaries from April 2007 through December 2015. The plaintiff seeks damages in connection with claims relating to our electronic toll service, including that administrative fees and toll charges were not properly disclosed to customers and/or were excessive. Plaintiff’s motion for class certification was approved by the Court in November 2017. The parties are currently engaged in settlement discussions. We have been named as a defendant in other purported consumer class action law suits, including a class action filed against us in Florida seeking damages in connection with a breach of contract claim and two purported class action suits filed against us in New Jersey, one related to fines and fees charged to car renters by us for violations incurred during the course of their rental and another related to ancillary charges at our Payless subsidiary. In the Florida lawsuit, a motion for preliminary approval of a proposed settlement has been filed with the Court. We are currently involved, and in the future may be involved, in claims and/or legal proceedings, including class actions, and governmental inquiries that are incidental to our vehicle rental and car sharing operations, including, among others, contract and licensee disputes, competition matters, employment and wage-and-hour claims, insurance and liability claims, intellectual property claims, business practice disputes and other regulatory, environmental, commercial and tax matters. Litigation is inherently unpredictable and, although we believe that our accruals are adequate and/or that we have valid defenses in these matters, unfavorable resolutions could occur. We estimate that the potential exposure resulting from adverse outcomes of current legal proceedings in which it is reasonably possible that a loss may be incurred could, in the aggregate, be up to approximately $35 million in excess of amounts accrued as of March 31, 2022. We do not believe that the impact should result in a material liability to us in relation to our consolidated financial condition or results of operations. Commitments to Purchase Vehicles We maintain agreements with vehicle manufacturers under which we have agreed to purchase approximately $5.1 billion of vehicles from manufacturers over the next 12 months, a $0.8 billion decrease compared to December 31, 2021, financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles. Certain of these commitments are subject to the vehicle manufacturers satisfying their obligations under their respective repurchase and guaranteed depreciation agreements. Concentrations Concentrations of credit risk as of March 31, 2022 include (i) risks related to our repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers, primarily with respect to receivables for program cars that have been disposed but for which we have not yet received payment from the manufacturers and (ii) risks related to Realogy and Wyndham, including receivables of $26 million and $16 million, 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	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Share Repurchases Our Board of Directors has authorized the repurchase of up t o $5.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded most recently in March 2022 (the “Stock Repurchase Program”). During the three months ended March 31, 2022, we repurchased approximately 6.4 million shares of common stock at a cost of approximately $1.3 billion under the program. As of March 31, 2022, approximately $652 million of authorization remains available to repurchase common stock under the program. 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 2022 2021 Net income (loss) $ 527 $ (170) Less: net loss attributable to non-controlling interests (2) — Net income (loss) attributable to Avis Budget Group, Inc. 529 (170) Other comprehensive income (loss): Currency translation adjustments (net of tax of $(3) and $(12), respectively) 7 (14) Net unrealized gain (loss) on cash flow hedges (net of tax of $(11) and $3, respectively) 30 35 Minimum pension liability adjustment (net of tax of $0 and $0, respectively) 2 3 39 24 Comprehensive income (loss) attributable to Avis Budget Group, Inc. $ 568 $ (146) __________ 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 Net Unrealized Gains (Losses) on Cash Flow Hedges (a) Minimum Pension Liability Adjustment (b) Accumulated Balance, January 1, 2022 $ 16 $ (19) $ (130) $ (133) Other comprehensive income (loss) before reclassifications 7 26 — 33 Amounts reclassified from accumulated other comprehensive income (loss) — 4 2 6 Net current-period other comprehensive income (loss) 7 30 2 39 Balance, March 31, 2022 $ 23 $ 11 $ (128) $ (94) Balance, January 1, 2021 $ 40 $ (51) $ (176) $ (187) Other comprehensive income (loss) before reclassifications (14) 32 1 19 Amounts reclassified from accumulated other comprehensive income (loss) — 3 2 5 Net current-period other comprehensive income (loss) (14) 35 3 24 Balance, March 31, 2021 $ 26 $ (16) $ (173) $ (163) __________ 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 $90 million gain, net of tax, as of March 31, 2022 related to our hedge of our investment in euro-denominated foreign operatio ns (see Note 16–Financial Instruments). (a) For the three months ended March 31, 2022 and 2021, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $5 million ($4 million, net of tax) and $1 million ($0 million, net of tax), respectively. For the three months ended March 31, 2021, the amount reclassified from accumulated other comprehensive income (loss) into vehicle interest expense was $4 million ($3 million, net of tax). (b) For the three months ended March 31, 2022 and 2021, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $3 million ($2 million , net of tax) and $3 million ($2 million, net of tax), respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsIn 2021, SRS Mobility Ventures, LLC acquired a 33 1/3% Class A Membership Interest in one of our subsidiaries at fair value of $37.5 million. SRS Mobility Ventures, LLC is an affiliate of our largest shareholder, SRS Investment Management, LLC.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation We recorded stock-based compensation expense of $6 million and $4 million ($4 million and $3 million, net of tax) during the three months ended March 31, 2022 and 2021, respectively. In 2020, we granted market-based restricted stock units (“RSUs”) that vest based on absolute stock price attainment. The grant date fair value of this award is estimated using a Monte Carlo simulation model. The weighted average assumptions used in the model are as follows: Expected volatility of stock price 91% Risk-free interest rate 0.18% Valuation period 3 years Dividend yield —% The activity related to RSUs consisted of (in thousands of shares): Number of Shares Weighted Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Time-based RSUs Outstanding at January 1, 2022 671 $ 39.39 Granted (a) 67 194.74 Vested (b) (260) 34.00 Forfeited (6) 36.03 Outstanding and expected to vest at March 31, 2022 (c) 472 $ 64.49 1.1 $ 124 Performance-based and market-based RSUs Outstanding at January 1, 2022 886 $ 35.40 Granted (a) 96 194.74 Vested (b) (163) 34.82 Forfeited (15) 32.42 Outstanding at March 31, 2022 804 $ 54.58 1.5 $ 212 Outstanding and expected to vest at March 31, 2022 (c) 796 $ 53.17 1.5 $ 210 __________ (a) Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the three months ended March 31, 2021 was $63.12 and $62.27, respectively. (b) The total fair value of RSUs vested during the three months ended March 31, 2022 and 2021 was $15 million and $11 million, respectively. (c) Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $55 million and will be recognized over a weighted average vesting period of 1.4 years.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments Derivative Instruments and Hedging Activities Currency Risk. We use currency exchange contracts to manage our exposure to changes in currency exchange rates associated with certain of our non-U.S.-dollar denominated receivables and forecasted royalties, forecasted earnings of non-U.S. subsidiaries and forecasted non-U.S.-dollar denominated acquisitions. We primarily hedge a portion of our current-year currency exposure to the Australian, Canadian and New Zealand dollars, the euro and the British pound sterling. The majority of forward contracts do not qualify for hedge accounting treatment. The fluctuations in the value of these forward contracts do, however, largely offset the impact of changes in the value of the underlying risk they economically hedge. Forward contracts used to hedge forecasted third-party receipts and disbursements up to 12 months are designated and do qualify as cash flow hedges. We have designated our euro-denominated notes as a hedge of our investment in euro-denominated foreign operations. The estimated net amount of existing gains or losses we expect to reclassify from accumulated other comprehensive income (loss) to earnings for cash flow and net investment hedges over the next 12 months is not material. Interest Rate Risk. We use various hedging strategies including interest rate swaps and interest rate caps to create what we deem an appropriate mix of fixed and floating rate assets and liabilities. We use interest rate swaps and interest rate caps to manage the risk related to our floating rate corporate debt and our floating rate vehicle-backed debt. We record the changes in the fair value of our cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassify these amounts into earnings in the period during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. We record the gains or losses related to freestanding derivatives, which are not designated as a hedge for accounting purposes, currently in earnings and are presented in the same line of the income statement expected for the hedged item. We estimate that approximately $9 million of losses currently recorded in accumulated other comprehensive income (loss) will be recognized in earnings over the next 12 months. Commodity Risk. We periodically enter into derivative commodity contracts to manage our exposure to changes in the price of gasoline. These instruments were designated as freestanding derivatives and the changes in fair value are recorded in earnings and are presented in the same line of the income statement expected for the hedged item. We held derivative instruments with absolute notional values as follows: As of Foreign exchange contracts $ 1,914 Interest rate caps (a) 11,724 Interest rate swaps 1,450 __________ (a) Repres ents $7.1 billion of interest rate caps sold, partially offset by approximately $4.6 billion of interest rate caps purchased. These amounts exclude $3.0 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as it is not consolidated by us . Estimated fair values (Level 2) of derivative instruments were as follows: As of March 31, 2022 As of December 31, 2021 Fair Value, Fair Value, Fair Value, Fair Value, Derivatives designated as hedging instruments Interest rate swaps (a) $ 24 $ 9 $ 2 $ 27 Derivatives not designated as hedging instruments Foreign exchange contracts (b) 5 7 7 10 Interest rate caps (c) 30 48 11 15 Total $ 59 $ 64 $ 20 $ 52 __________ Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by us; however, certain amounts related to the deriv atives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 13–Stockholders’ Equity. (a) Included in other non-current assets or other non-current liabilities. (b) Included in other current assets or other current liabilities. (c) Included in assets under vehicle programs or liabilities under vehicle programs. The effects of derivatives recognized in our Consolidated Condensed Financial Statements were as follows: Three Months Ended 2022 2021 Derivatives designated as hedging instruments (a) Interest rate swaps (b) $ 30 $ 35 Euro-denominated notes (c) 20 33 Derivatives not designated as hedging instruments (d) Foreign exchange contracts (e) 12 (8) Interest rate caps (f) 2 (1) Total $ 64 $ 59 __________ (a) Recognized, net of tax, as a component of other comprehensive income (loss) within stockholders’ equity. (b) Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 13–Stockholders’ Equity for amounts reclassified from accumulated other comprehensive income into earnings. (c) Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss). (d) Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. (e) For the three months ended March 31, 2022, included a $12 million gain in interest expense. For the three months ended March 31, 2021, included a $7 million loss in interest expense and a $1 million loss in operating expense. (f) Included primarily in vehicle interest, net. Debt Instruments The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows: As of March 31, 2022 As of December 31, 2021 Carrying Estimated Carrying Estimated Corporate debt Short-term debt and current portion of long-term debt $ 27 $ 26 $ 19 $ 18 Long-term debt 4,678 4,701 3,990 4,153 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 9,743 $ 9,610 $ 8,848 $ 9,009 Vehicle-backed debt 2,308 2,313 2,528 2,559 Interest rate swaps and interest rate caps (a) 48 48 14 14 __________ (a) Derivatives in a liability position.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information Our chief operating decision-maker assesses performance and allocates resources based upon the separate financial information from each of our operating segments. In identifying our reportable segments, we considered the nature of services provided, the geographical areas in which the segments operated and other relevant factors. We aggregate certain of our operating segments into our reportable segments. Management evaluates the operating results of each of its reportable segments based upon revenues and “Adjusted EBITDA,” which we define as income (loss) from continuing operations before non-vehicle related depreciation and amortization, any impairment charges, restructuring and other related charges, early extinguishment of debt costs, non-vehicle related interest, transaction-related costs, net, charges for unprecedented personal-injury and other legal matters, net, which includes amounts recorded in excess of $5 million related to class action lawsuits, non-operational charges related to shareholder activist activity, which include third party advisory, legal and other professional service fees, COVID-19 charges 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. Our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. Three Months Ended March 31, 2022 2021 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 2,000 $ 810 $ 1,080 $ 108 International 432 23 292 (50) Corporate and Other (a) — (23) — (11) Total Company $ 2,432 $ 810 $ 1,372 $ 47 Reconciliation of Adjusted EBITDA to income (loss) before income taxes: 2022 2021 Adjusted EBITDA $ 810 $ 47 Less: Non-vehicle related depreciation and amortization (b) 60 68 Interest expense related to corporate debt, net: Interest expense 53 61 Early extinguishment of debt — 129 Restructuring and other related charges 8 20 Unprecedented personal-injury and other legal matters, net (c) 1 — Transaction-related costs, net — 1 COVID-19 charges (d) (7) 18 Income (loss) before income taxes $ 695 $ (250) __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. (b) For the three months ended March 31, 2022, includes operating expenses in our Consolidated Condensed Statements of Operations related to cloud computing costs of $2 million. (c) Reported within operating expenses. (d) The following table presents the unusual, direct and incremental costs due to the COVID-19 pandemic: 2022 2021 Minimum annual guaranteed rent in excess of concession fees, net $ (7) $ 19 Vehicles damaged in overflow parking lots, net of insurance proceeds — (6) Other charges — 5 Operating expenses $ (7) $ 17 Selling, general and administrative expenses $ — $ 1 COVID-19 charges, net $ (7) $ 18 Since December 31, 2021, there have been no significant changes in segment assets exclusive of assets under vehicle programs. As of March 31, 2022 and December 31, 2021, Americas’ segment assets under vehicle programs were approxim ately $12.7 billion and $11.4 billion, respectively. 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	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April 2022, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $660 million of asset-backed notes to investors with an expected final payment date of August 2027, with a weighted average interest rate of 3.96%. In April 2022, we repurchased approximately 1.5 million shares of common stock at a cost of approximately $393 million under the Stock Repurchase Program. In May 2022, our Board of Directors approved a $2 billion increase in repurchase authorization to our Stock Repurchase Program.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying unaudited Consolidated Condensed Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, “we”, “our”, “us”, or the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting. We operate the following reportable business segments: • Americas —consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in certain areas in which we do not operate directly. • International —consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in certain areas in which we do not operate directly. The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. Differences between the preliminary allocation of purchase price and the final allocation for our 2021 acquisitions of various licensees were not material. We consolidate joint venture activities when we have more than 50% controlling interests and record non-controlling interests within stockholders’ equity and the statement of comprehensive income equal to the percentage of ownership interest retained in such entities by the respective non-controlling party. In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with our 2021 Annual Report on Form 10-K (the “2021 Form 10-K”).
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. We present separately the financial data of our vehicle programs. These programs are distinct from our other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.
Transaction-related costs, net	Transaction-related costs, net. Transaction-related costs, net are classified separately in the Consolidated Condensed Statements of Comprehensive Income. These costs are comprised of expenses primarily related to acquisition-related activities such as due diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with those of our operations, including the implementation of best practices and process improvements, non-cash gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions.
Currency Transactions	Currency Transactions. We record the gain or loss on foreign currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net.
Investments	Investments.Earnings from our equity method investments are reported within operating expenses.
Revenue	Revenues. Revenues are recognized under “Leases (Topic 842),” with the exception of royalty fee revenue derived from our licensees and revenue related to our customer loyalty program
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which amends Topic 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. ASU 2021-08 becomes effective for us on January 1, 2023. Early adoption is permitted on a retrospective or prospective basis. The adoption of this accounting pronouncement is not expected to have a material impact on our Consolidated Condensed Financial Statements. Reference Rate Reform In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which amends ASU 2020-04 and clarifies the scope and guidance of Topic 848 to allow derivatives impacted by the reference rate reform to qualify for certain optional expedients and exceptions for contract modifications and hedge accounting. The guidance is optional and is effective for a limited period of time through December 31, 2022. As of March 31, 2022, this guidance had no impact on our Consolidated Condensed Financial Statements and we will continue to evaluate this guidance.
Lessee	Lessee We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease Right of Use (“ROU”) assets and operating lease liabilities, and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows. As of March 31, 2022 2021 Cash and cash equivalents $ 550 $ 576 Program cash 85 61 Restricted cash (a) 2 2 Total cash and cash equivalents, program and restricted cash $ 637 $ 639 ________ (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 March 31, 2022 2021 Cash and cash equivalents $ 550 $ 576 Program cash 85 61 Restricted cash (a) 2 2 Total cash and cash equivalents, program and restricted cash $ 637 $ 639 ________ (a) Included within other current assets.
Schedule of Disaggregation of Revenue	The following table presents our revenues disaggregated by geography: Three Months Ended 2022 2021 Americas $ 2,000 $ 1,080 Europe, Middle East and Africa 324 203 Asia and Australasia 108 89 Total revenues $ 2,432 $ 1,372 The following table presents our revenues disaggregated by brand: Three Months Ended 2022 2021 Avis $ 1,281 $ 717 Budget 982 524 Other 169 131 Total revenues $ 2,432 $ 1,372 ________ Other includes Zipcar and other operating brands.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Operating Lease, Lease Income	The following table presents our lease revenues disaggregated by geography: Three Months Ended 2022 2021 Americas $ 1,985 $ 1,054 Europe, Middle East and Africa 309 192 Asia and Australasia 104 86 Total lease revenues $ 2,398 $ 1,332 The following table presents our lease revenues disaggregated by brand: Three Months Ended 2022 2021 Avis $ 1,261 $ 690 Budget 972 516 Other 165 126 Total lease revenues $ 2,398 $ 1,332 _______ Other includes Zipcar and other operating brands.
The Components of Lease Expense	The components of lease expense are as follows: Three Months Ended 2022 2021 Property leases (a) Operating lease expense $ 161 $ 139 Variable lease expense 102 54 Total property lease expense $ 263 $ 193 __________ (a) Primarily within operating expense and incl udes $(7) million and $19 million for the three months ended March 31, 2022 and 2021, 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: Three Months Ended 2022 2021 Cash payments for lease liabilities within operating activities: Property operating leases $ 164 $ 202 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 213 $ 169
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 $ 2,417 $ 2,368 Short-term operating lease liabilities (a) $ 536 $ 496 Long-term operating lease liabilities 1,918 1,910 Operating lease liabilities $ 2,454 $ 2,406 Weighted average remaining lease term 8.6 years 8.8 years Weighted average discount rate 3.81 % 3.84 % _________ (a) Included in Accounts payable and other current liabilities

Restructuring and Other Relat_2

Restructuring and Other Related Charges (Tables)	3 Months Ended
	Mar. 31, 2022
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 our reporting segments for restructuring charges and corresponding payments and utilizations: Americas International Total Balance as of January 1, 2022 $ 2 $ 8 $ 10 Restructuring expense: T21 1 2 3 Restructuring payment/utilization: T21 (1) (6) (7) Balance as of March 31, 2022 $ 2 $ 4 $ 6 Personnel Facility Other (a) Total Balance as of January 1, 2022 $ 7 $ 2 $ 1 $ 10 Restructuring expense: T21 3 — — 3 Restructuring payment/utilization: T21 (6) (1) — (7) Balance as of March 31, 2022 $ 4 $ 1 $ 1 $ 6 _________ (a) Includes expenses primarily related to the disposition of vehicles.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS $ 529 $ (170) Basic weighted average shares outstanding 53.1 69.9 Non-vested stock (a) 1.4 — Diluted weighted average shares outstanding 54.5 69.9 Earnings (loss) per share: Basic $ 9.96 $ (2.43) Diluted $ 9.71 $ (2.43) __________ (a) For the three months ended March 31, 2022 and 2021 , 0.1 million and 1.1 million non-vested stock awards, respectively,

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Assets, Current [Abstract]
Schedule of Other Current Assets	Other current assets consisted of: As of March 31, 2022 As of December 31, 2021 Prepaid expenses $ 246 $ 205 Sales and use taxes 106 238 Other 87 95 Other current assets $ 439 $ 538

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule Of Intangible Assets	Intangible assets consisted of: As of March 31, 2022 As of December 31, 2021 Gross Accumulated Net Gross Accumulated Net Amortized Intangible Assets License agreements $ 295 $ 203 $ 92 $ 298 $ 193 $ 105 Customer relationships 253 204 49 257 204 53 Other 49 36 13 51 36 15 Total $ 597 $ 443 $ 154 $ 606 $ 433 $ 173 Unamortized Intangible Assets Goodwill $ 1,096 $ 1,108 Trademarks $ 552 $ 551

Vehicle Rental Activities (Tabl

Vehicle Rental Activities (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, December 31, 2022 2021 Rental vehicles $ 15,768 $ 14,612 Less: Accumulated depreciation (1,955) (1,911) 13,813 12,701 Vehicles held for sale 174 165 Vehicles, net $ 13,987 $ 12,866 The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended 2022 2021 Depreciation expense $ 381 $ 259 Lease charges 33 44 (Gain) loss on sale of vehicles, net (303) (49) Vehicle depreciation and lease charges, net $ 111 $ 254

Accounts Payable and Other Cu_2

Accounts Payable and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Schedule of Accounts Payable and Other Current Liabilities	Accounts payable and other current liabilities consisted of: As of As of March 31, December 31, 2022 2021 Short-term operating lease liabilities $ 536 $ 496 Accounts payable 513 407 Deferred lease revenues - current 322 185 Accrued advertising and marketing 248 218 Accrued sales and use taxes 225 313 Accrued payroll and related 175 193 Public liability and property damage insurance liabilities - current 160 159 Other 496 418 Accounts payable and other current liabilities $ 2,675 $ 2,389

Long-term Corporate Debt and _2

Long-term Corporate Debt and Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt	Long-term corporate debt and borrowing arrangements consisted of: As of As of Maturity March 31, December 31, 2022 2021 4.125% euro-denominated Senior Notes November 2024 $ 332 $ 341 4.500% euro-denominated Senior Notes May 2025 277 284 4.750% euro-denominated Senior Notes January 2026 387 398 5.750% Senior Notes July 2027 729 728 4.750% Senior Notes April 2028 500 500 5.375% Senior Notes March 2029 600 600 Floating Rate Term Loan (a) August 2027 1,184 1,187 Floating Rate Term Loan March 2029 729 — Other (b) 20 19 Deferred financing fees (53) (48) Total 4,705 4,009 Less: Short-term debt and current portion of long-term debt 27 19 Long-term debt $ 4,678 $ 3,990 __________ (a) The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of March 31, 2022, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 175 basis points, for an aggregate rate of 2.21%. We have entered into a swap to hedge $700 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 4.75%. (b) Primarily includes finance leases which are secured by liens on the related assets.
Schedule Of Committed Credit Facilities	As of March 31, 2022, the committed corporate credit facilities available to us and/or our subsidiaries were as follows: Total Outstanding Letters of Credit Issued Available Senior revolving credit facility maturing 2026 (a) $ 1,950 $ — $ 1,596 $ 354 __________ (a) The senior revolving credit facility bears interest at one-month LIBOR plus 175 basis points and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, liens on substantially all of our intellectual property and certain other real and personal property. Committed Credit Facilities and Available Funding Arrangements As of March 31, 2022, available funding under our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of: Total Capacity (a) Outstanding Borrowings (b) Available Americas - Debt due to Avis Budget Rental Car Funding $ 10,103 $ 9,779 $ 324 Americas - Debt borrowings 985 615 370 International - Debt borrowings 2,590 1,573 1,017 International - Finance leases 192 156 36 Other 19 19 — Total $ 13,889 $ 12,142 $ 1,747 __________ (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)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of: As of As of March 31, December 31, 2022 2021 Americas - Debt due to Avis Budget Rental Car Funding $ 9,779 $ 8,889 Americas - Debt borrowings 615 612 International - Debt borrowings 1,573 1,757 International - Finance leases 156 177 Other 19 3 Deferred financing fees (a) (43) (48) Total $ 12,099 $ 11,390 __________ (a) Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2022 and December 31, 2021 were $36 million and $41 million, respectively.
Schedule of Maturities of Long-term Debt	The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at March 31, 2022: Debt under Vehicle Programs (a) Within 1 year (b) $ 2,145 Between 1 and 2 years (c) 1,413 Between 2 and 3 years (d) 5,545 Between 3 and 4 years 1,532 Between 4 and 5 years 1,507 Total $ 12,142 __________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $0.8 billion of bank and bank-sponsored facilities. (c) Includes $0.2 billion of bank and bank-sponsored facilities. (d) Includes $3.8 billion of bank and bank-sponsored faci lities.
Schedule Of Committed Credit Facilities	As of March 31, 2022, the committed corporate credit facilities available to us and/or our subsidiaries were as follows: Total Outstanding Letters of Credit Issued Available Senior revolving credit facility maturing 2026 (a) $ 1,950 $ — $ 1,596 $ 354 __________ (a) The senior revolving credit facility bears interest at one-month LIBOR plus 175 basis points and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, liens on substantially all of our intellectual property and certain other real and personal property. Committed Credit Facilities and Available Funding Arrangements As of March 31, 2022, available funding under our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of: Total Capacity (a) Outstanding Borrowings (b) Available Americas - Debt due to Avis Budget Rental Car Funding $ 10,103 $ 9,779 $ 324 Americas - Debt borrowings 985 615 370 International - Debt borrowings 2,590 1,573 1,017 International - Finance leases 192 156 36 Other 19 19 — Total $ 13,889 $ 12,142 $ 1,747 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Components Of Other Comprehensive Income (Loss)	The components of other comprehensive income (loss) were as follows: Three Months Ended 2022 2021 Net income (loss) $ 527 $ (170) Less: net loss attributable to non-controlling interests (2) — Net income (loss) attributable to Avis Budget Group, Inc. 529 (170) Other comprehensive income (loss): Currency translation adjustments (net of tax of $(3) and $(12), respectively) 7 (14) Net unrealized gain (loss) on cash flow hedges (net of tax of $(11) and $3, respectively) 30 35 Minimum pension liability adjustment (net of tax of $0 and $0, respectively) 2 3 39 24 Comprehensive income (loss) attributable to Avis Budget Group, Inc. $ 568 $ (146) __________ Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.
Components of Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) were as follows: Currency Net Unrealized Gains (Losses) on Cash Flow Hedges (a) Minimum Pension Liability Adjustment (b) Accumulated Balance, January 1, 2022 $ 16 $ (19) $ (130) $ (133) Other comprehensive income (loss) before reclassifications 7 26 — 33 Amounts reclassified from accumulated other comprehensive income (loss) — 4 2 6 Net current-period other comprehensive income (loss) 7 30 2 39 Balance, March 31, 2022 $ 23 $ 11 $ (128) $ (94) Balance, January 1, 2021 $ 40 $ (51) $ (176) $ (187) Other comprehensive income (loss) before reclassifications (14) 32 1 19 Amounts reclassified from accumulated other comprehensive income (loss) — 3 2 5 Net current-period other comprehensive income (loss) (14) 35 3 24 Balance, March 31, 2021 $ 26 $ (16) $ (173) $ (163) __________ 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 $90 million gain, net of tax, as of March 31, 2022 related to our hedge of our investment in euro-denominated foreign operatio ns (see Note 16–Financial Instruments). (a) For the three months ended March 31, 2022 and 2021, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $5 million ($4 million, net of tax) and $1 million ($0 million, net of tax), respectively. For the three months ended March 31, 2021, the amount reclassified from accumulated other comprehensive income (loss) into vehicle interest expense was $4 million ($3 million, net of tax). (b) For the three months ended March 31, 2022 and 2021, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $3 million ($2 million , net of tax) and $3 million ($2 million, net of tax), respectively.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 671 $ 39.39 Granted (a) 67 194.74 Vested (b) (260) 34.00 Forfeited (6) 36.03 Outstanding and expected to vest at March 31, 2022 (c) 472 $ 64.49 1.1 $ 124 Performance-based and market-based RSUs Outstanding at January 1, 2022 886 $ 35.40 Granted (a) 96 194.74 Vested (b) (163) 34.82 Forfeited (15) 32.42 Outstanding at March 31, 2022 804 $ 54.58 1.5 $ 212 Outstanding and expected to vest at March 31, 2022 (c) 796 $ 53.17 1.5 $ 210 __________ (a) Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the three months ended March 31, 2021 was $63.12 and $62.27, respectively. (b) The total fair value of RSUs vested during the three months ended March 31, 2022 and 2021 was $15 million and $11 million, respectively. (c) Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $55 million and will be recognized over a weighted average vesting period of 1.4 years.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	We held derivative instruments with absolute notional values as follows: As of Foreign exchange contracts $ 1,914 Interest rate caps (a) 11,724 Interest rate swaps 1,450 __________ (a) Repres ents $7.1 billion of interest rate caps sold, partially offset by approximately $4.6 billion of interest rate caps purchased. These amounts exclude $3.0 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as it is not consolidated by us .
Fair Value Of Derivative Instruments	Estimated fair values (Level 2) of derivative instruments were as follows: As of March 31, 2022 As of December 31, 2021 Fair Value, Fair Value, Fair Value, Fair Value, Derivatives designated as hedging instruments Interest rate swaps (a) $ 24 $ 9 $ 2 $ 27 Derivatives not designated as hedging instruments Foreign exchange contracts (b) 5 7 7 10 Interest rate caps (c) 30 48 11 15 Total $ 59 $ 64 $ 20 $ 52 __________ Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by us; however, certain amounts related to the deriv atives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 13–Stockholders’ Equity. (a) Included in other non-current assets or other non-current liabilities. (b) Included in other current assets or other current liabilities. (c) Included in assets under vehicle programs or liabilities under vehicle programs. The effects of derivatives recognized in our Consolidated Condensed Financial Statements were as follows: Three Months Ended 2022 2021 Derivatives designated as hedging instruments (a) Interest rate swaps (b) $ 30 $ 35 Euro-denominated notes (c) 20 33 Derivatives not designated as hedging instruments (d) Foreign exchange contracts (e) 12 (8) Interest rate caps (f) 2 (1) Total $ 64 $ 59 __________ (a) Recognized, net of tax, as a component of other comprehensive income (loss) within stockholders’ equity. (b) Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 13–Stockholders’ Equity for amounts reclassified from accumulated other comprehensive income into earnings. (c) Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss). (d) Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. (e) For the three months ended March 31, 2022, included a $12 million gain in interest expense. For the three months ended
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 March 31, 2022 As of December 31, 2021 Carrying Estimated Carrying Estimated Corporate debt Short-term debt and current portion of long-term debt $ 27 $ 26 $ 19 $ 18 Long-term debt 4,678 4,701 3,990 4,153 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 9,743 $ 9,610 $ 8,848 $ 9,009 Vehicle-backed debt 2,308 2,313 2,528 2,559 Interest rate swaps and interest rate caps (a) 48 48 14 14 __________ (a) Derivatives in a liability position.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Summary Of Segments Information	Our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. Three Months Ended March 31, 2022 2021 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 2,000 $ 810 $ 1,080 $ 108 International 432 23 292 (50) Corporate and Other (a) — (23) — (11) Total Company $ 2,432 $ 810 $ 1,372 $ 47 Reconciliation of Adjusted EBITDA to income (loss) before income taxes: 2022 2021 Adjusted EBITDA $ 810 $ 47 Less: Non-vehicle related depreciation and amortization (b) 60 68 Interest expense related to corporate debt, net: Interest expense 53 61 Early extinguishment of debt — 129 Restructuring and other related charges 8 20 Unprecedented personal-injury and other legal matters, net (c) 1 — Transaction-related costs, net — 1 COVID-19 charges (d) (7) 18 Income (loss) before income taxes $ 695 $ (250) __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. (b) For the three months ended March 31, 2022, includes operating expenses in our Consolidated Condensed Statements of Operations related to cloud computing costs of $2 million. (c) Reported within operating expenses. (d) The following table presents the unusual, direct and incremental costs due to the COVID-19 pandemic: 2022 2021 Minimum annual guaranteed rent in excess of concession fees, net $ (7) $ 19 Vehicles damaged in overflow parking lots, net of insurance proceeds — (6) Other charges — 5 Operating expenses $ (7) $ 17 Selling, general and administrative expenses $ — $ 1 COVID-19 charges, net $ (7) $ 18

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Feb. 28, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Investments		$ 71			$ 72
Disposed of by Sale
Debt Instrument [Line Items]
Assets held for sale				$ 13
Gain (loss) on write down of assets held for sale		2
Amount of consideration received	$ 15
Restructuring and other related charges		7
Royalty fee
Debt Instrument [Line Items]
Revenue		$ 34	$ 40

Basis of Presentation (Schedule

Basis of Presentation (Schedule of Cash Activity) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 550	$ 534	$ 576
Program cash	85	89	61
Restricted cash	2		2
Total cash and cash equivalents, program and restricted cash	$ 637	$ 626	$ 639	$ 765

Basis of Presentation (Disaggre

Basis of Presentation (Disaggregated Revenue in Basis of Presentation) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 2,432	$ 1,372
Avis
Disaggregation of Revenue [Line Items]
Revenues	1,281	717
Budget
Disaggregation of Revenue [Line Items]
Revenues	982	524
Other
Disaggregation of Revenue [Line Items]
Revenues	169	131
Americas
Disaggregation of Revenue [Line Items]
Revenues	2,000	1,080
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenues	324	203
Asia and Australasia
Disaggregation of Revenue [Line Items]
Revenues	$ 108	$ 89

Leases (Lessor) (Details)

Leases (Lessor) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lessor, Lease, Description [Line Items]
Total lease revenues	$ 2,398	$ 1,332
Avis
Lessor, Lease, Description [Line Items]
Total lease revenues	1,261	690
Budget
Lessor, Lease, Description [Line Items]
Total lease revenues	972	516
Other
Lessor, Lease, Description [Line Items]
Total lease revenues	165	126
Americas
Lessor, Lease, Description [Line Items]
Total lease revenues	1,985	1,054
Europe, Middle East and Africa
Lessor, Lease, Description [Line Items]
Total lease revenues	309	192
Asia and Australasia
Lessor, Lease, Description [Line Items]
Total lease revenues	$ 104	$ 86

Leases (Lessee Components of Le

Leases (Lessee Components of Lease Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property leases
Operating lease expense	$ 161	$ 139
Variable lease expense	102	54
Total property lease expense	263	193
Minimum annual guaranteed rent in excess of concession fees, net	$ (7)	$ 19

Leases (Supplemental Balance Sh

Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Property leases
Operating lease ROU assets	$ 2,417	$ 2,368
Short-term operating lease liabilities	536	496
Long-term operating lease liabilities	1,918	1,910
Operating lease liabilities	$ 2,454	$ 2,406
Weighted average remaining lease term	8 years 7 months 6 days	8 years 9 months 18 days
Weighted average discount rate	3.81%	3.84%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current

Leases (Supplemental Cash Flow

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash payments for lease liabilities within operating activities:
Property operating leases	$ 164	$ 202
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$ 213	$ 169

Restructuring and Other Relat_3

Restructuring and Other Related Charges (Narrative) (Detail) - T21	3 Months Ended
	Mar. 31, 2022employee
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated	45
Number of positions eliminated	40

Restructuring and Other Relat_4

Restructuring and Other Related Charges (Summary Of Changes To Restructuring-Related Liabilities) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	$ 10
Restructuring expenses	8	$ 20
Balance at the end of the period	6
Personnel
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	7
Balance at the end of the period	4
Facility Related
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	2
Balance at the end of the period	1
Other
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	1
Balance at the end of the period	1
Americas
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	2
Balance at the end of the period	2
International
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	8
Balance at the end of the period	4
T21
Restructuring Reserve [Roll Forward]
Restructuring expenses	3
Restructuring payment/utilization:	(7)
T21 | Personnel
Restructuring Reserve [Roll Forward]
Restructuring expenses	3
Restructuring payment/utilization:	(6)
T21 | Facility Related
Restructuring Reserve [Roll Forward]
Restructuring expenses	0
Restructuring payment/utilization:	(1)
T21 | Other
Restructuring Reserve [Roll Forward]
Restructuring expenses	0
Restructuring payment/utilization:	0
T21 | Americas
Restructuring Reserve [Roll Forward]
Restructuring expenses	1
Restructuring payment/utilization:	(1)
T21 | International
Restructuring Reserve [Roll Forward]
Restructuring expenses	2
Restructuring payment/utilization:	$ (6)

Earnings Per Share (Computation

Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS	$ 529	$ (170)
Basic weighted average shares outstanding (in shares)	53.1	69.9
Non-vested stock (in shares)	1.4	0
Diluted weighted average shares outstanding (in shares)	54.5	69.9
Earnings (loss) per share:
Basic (in usd per share)	$ 9.96	$ (2.43)
Diluted (in usd per share)	$ 9.71	$ (2.43)
Non-vested stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0.1	1.1

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets, Current [Abstract]
Prepaid expenses	$ 246	$ 205
Sales and use taxes	106	238
Other	87	95
Other current assets	$ 439	$ 538

Intangible Assets (Schedule Of

Intangible Assets (Schedule Of Intangible Assets) (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 597	$ 606
Accumulated Amortization	443	433
Net Carrying Amount	154	173
Indefinite-lived Intangible Assets [Line Items]
Goodwill	1,096	1,108
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Unamortized Intangible Assets	552	551
License agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	295	298
Accumulated Amortization	203	193
Net Carrying Amount	92	105
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	253	257
Accumulated Amortization	204	204
Net Carrying Amount	49	53
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	49	51
Accumulated Amortization	36	36
Net Carrying Amount	$ 13	$ 15

Intangible Assets (Narrative) (

Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense relating to all intangible assets	$ 16	$ 18
Amortization expense for remainder of the year	30
Intangible assets amortization expense, year one	27
Intangible assets amortization expense, year two	23
Intangible assets amortization expense, year three	16
Intangible assets amortization expense, year four	15
Intangible assets amortization expense, year five	$ 12

Vehicle Rental Activities (Comp

Vehicle Rental Activities (Components Of The Company's Vehicles) (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Rental vehicles	$ 15,768	$ 14,612
Less: Accumulated depreciation	(1,955)	(1,911)
Rental Vehicles Net, Total	13,813	12,701
Vehicles held for sale	174	165
Vehicles, net	13,987	$ 12,866
Liabilities under vehicle programs	150		$ 344
Other receivables	$ 64		$ 195

Vehicle Rental Activities (Co_2

Vehicle Rental Activities (Components Of Vehicle Depreciation And Lease Charges) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 381	$ 259
Lease charges	33	44
(Gain) loss on sale of vehicles, net	(303)	(49)
Vehicle depreciation and lease charges, net	$ 111	$ 254

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	24.20%	(32.00%)

Accounts Payable and Other Cu_3

Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities, Current [Abstract]
Short-term operating lease liabilities	$ 536	$ 496
Accounts payable	513	407
Deferred lease revenues - current	322	185
Accrued advertising and marketing	248	218
Accrued sales and use taxes	225	313
Accrued payroll and related	175	193
Public liability and property damage insurance liabilities - current	160	159
Other	496	418
Accounts payable and other current liabilities	$ 2,675	$ 2,389

Long-term Corporate Debt and _3

Long-term Corporate Debt and Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Other	$ 20	$ 19
Deferred financing fees	(53)	(48)
Total	4,705	4,009
Less: Short-term debt and current portion of long-term debt	27	19
Long-term debt	$ 4,678	3,990
4.125% euro-denominated Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.125%
Long-term debt	$ 332	341
4.500% euro-denominated Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.50%
Long-term debt	$ 277	284
4.750% euro-denominated Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.75%
Long-term debt	$ 387	398
5.750% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	5.75%
Long-term debt	$ 729	728
4.750% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.75%
Long-term debt	$ 500	500
5.375% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	5.375%
Long-term debt	$ 600	600
Floating Rate Term Loan | Loans Payable
Debt Instrument [Line Items]
Long-term debt	$ 1,184	1,187
Aggregate interest rate	2.21%
Floating Rate Term Loan | Interest rate swaps | Loans Payable
Debt Instrument [Line Items]
Amount of hedged item	$ 700
Aggregate rate	4.75%
Floating Rate Term Loan | London Interbank Offered Rate (LIBOR) | Loans Payable
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Floating Rate Term Loan | Loans Payable
Debt Instrument [Line Items]
Long-term debt	$ 729	$ 0
Aggregate interest rate	4.00%

Long-term Corporate Debt and _4

Long-term Corporate Debt and Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Line of Credit Facility [Line Items]
Outstanding Borrowings	$ 12,142
Available Capacity	$ 1,747
Revolving Credit Facility Maturing 2021 | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis points	1.75%
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Total Capacity	$ 1,950
Outstanding Borrowings	0
Letters of Credit Issued	1,596
Available Capacity	$ 354

Long-term Corporate Debt and _5

Long-term Corporate Debt and Borrowing Arrangements (Narrative) (Detail) - Loans Payable - Floating Rate Term Loan	1 Months Ended
	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Amount issued	$ 750,000,000
Debt issuance discount, percent	97.00%
Aggregate interest rate	4.00%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis points	3.50%

Debt Under Vehicle Programs A_3

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Debt Under Vehicle Programs) (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt under vehicle programs	$ 12,099	$ 11,390
Deferred financing fees	(53)	(48)
Americas - Debt due to Avis Budget Rental Car Funding
Debt Instrument [Line Items]
Debt under vehicle programs	9,779	8,889
Americas - Debt borrowings
Debt Instrument [Line Items]
Debt under vehicle programs	615	612
International - Debt borrowings
Debt Instrument [Line Items]
Debt under vehicle programs	1,573	1,757
International - Finance leases
Debt Instrument [Line Items]
Debt under vehicle programs	156	177
Other
Debt Instrument [Line Items]
Debt under vehicle programs	19	3
Deferred financing fees
Debt Instrument [Line Items]
Deferred financing fees	(43)	(48)
Avis budget rental car funding | Deferred financing fees
Debt Instrument [Line Items]
Deferred financing fees	$ (36)	$ (41)

Debt Under Vehicle Programs A_4

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Contractual Maturities) (Detail) - Deferred financing fees $ in Millions	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Within 1 year	$ 2,145
Between 1 and 2 years	1,413
Between 2 and 3 years	5,545
Between 3 and 4 years	1,532
Between 4 and 5 years	1,507
Total	12,142
Bank And Bank-Sponsored Facilities
Debt Instrument [Line Items]
Within 1 year	800
Between 1 and 2 years	200
Between 2 and 3 years	$ 3,800

Debt Under Vehicle Programs A_5

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Available Funding Under The Vehicle Programs) (Detail) $ in Millions	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Total Capacity	$ 13,889
Outstanding Borrowings	12,142
Available Capacity	1,747
Americas - Debt due to Avis Budget Rental Car Funding | Affiliated Entity
Debt Instrument [Line Items]
Total Capacity	10,103
Outstanding Borrowings	9,779
Available Capacity	324
Americas - Debt due to Avis Budget Rental Car Funding | Affiliated Entity | Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	11,500
Americas - Debt borrowings
Debt Instrument [Line Items]
Total Capacity	985
Outstanding Borrowings	615
Available Capacity	370
Americas - Debt borrowings | Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	900
International - Debt borrowings
Debt Instrument [Line Items]
Total Capacity	2,590
Outstanding Borrowings	1,573
Available Capacity	1,017
International - Debt borrowings | Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	2,000
International - Finance leases
Debt Instrument [Line Items]
Total Capacity	192
Outstanding Borrowings	156
Available Capacity	36
International - Finance leases | Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	200
Other
Debt Instrument [Line Items]
Total Capacity	19
Outstanding Borrowings	19
Available Capacity	$ 0

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Detail) $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2017employee	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Number of cases brought by plaintiffs | employee	2
Range of possible loss (up to)		$ 35
Purchase obligation over the next twelve months		5,100
Purchase commitment period decrease		800
Other receivables		64	$ 195
Realogy
Schedule Of Commitments And Contingencies [Line Items]
Other receivables		26
Wyndham
Schedule Of Commitments And Contingencies [Line Items]
Other receivables		$ 16

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Detail) - USD ($) shares in Millions	3 Months Ended
	Mar. 31, 2022	Aug. 31, 2021
Equity [Abstract]
Stock repurchase program, authorized amount (up to)		$ 5,100,000,000
Net activity related to restricted stock units (in shares)	6.4
Share repurchased during period	$ 1,300,000,000
Remaining authorized repurchase amount	$ 652,000,000

Stockholders' Equity (Component

Stockholders' Equity (Components Of Other Comprehensive Income) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Net income (loss)	$ 527	$ (170)
Less: net loss attributable to non-controlling interests	2	0
Net income (loss)	529	(170)
Other comprehensive income (loss):
Currency translation adjustments (net of tax of $(3) and $(12), respectively)	7	(14)
Net unrealized gain (loss) on cash flow hedges (net of tax of $(11) and $3, respectively)	30	35
Minimum pension liability adjustment (net of tax of $0 and $0, respectively)	2	3
Other comprehensive income	39	24
Comprehensive income (loss) attributable to Avis Budget Group, Inc.	568	(146)
Currency translation adjustments, tax	(3)	(12)
Net unrealized gain (loss) on cash flow hedges, tax	(11)	3
Minimum pension liability adjustment, tax	$ 0	$ 0

Stockholders' Equity (Accumulat

Stockholders' Equity (Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (209)	$ (155)
Other comprehensive income (loss) before reclassifications	33	19
Amounts reclassified from accumulated other comprehensive income (loss)	6	5
Net current-period other comprehensive income (loss)	39	24
Ending balance	(983)	(316)
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	90
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	16	40
Other comprehensive income (loss) before reclassifications	7	(14)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Net current-period other comprehensive income (loss)	7	(14)
Ending balance	23	26
Net Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(19)	(51)
Other comprehensive income (loss) before reclassifications	26	32
Amounts reclassified from accumulated other comprehensive income (loss)	4	3
Net current-period other comprehensive income (loss)	30	35
Ending balance	11	(16)
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)	4	0
Amounts reclassified from accumulated other comprehensive income (loss)	5	1
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)		3
Amounts reclassified from accumulated other comprehensive income (loss)		4
Minimum Pension Liability Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(130)	(176)
Other comprehensive income (loss) before reclassifications	0	1
Amounts reclassified from accumulated other comprehensive income (loss)	2	2
Net current-period other comprehensive income (loss)	2	3
Ending balance	(128)	(173)
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)	(2)
Amounts reclassified from accumulated other comprehensive income (loss)	(3)	(3)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(133)	(187)
Ending balance	$ (94)	$ (163)

Related Party Transactions (Det

Related Party Transactions (Details) - SRS Mobility Ventures, LLC - Subsidiary Equity - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Aug. 09, 2021
Related Party Transaction [Line Items]
Contributions from non-controlling interests	$ 37.5
Ownership acquired percentage		33.34%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 6	$ 4
Stock-based compensation expense (net of tax)	$ 4	$ 3

Stock-Based Compensation (Assum

Stock-Based Compensation (Assumptions Used) (Details) - Performance-based and market-based RSUs	3 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility of stock price	91.00%
Risk-free interest rate	0.18%
Valuation period	3 years
Dividend yield	0.00%

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock Based Compensation Activity) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Number of Shares
Balance (in shares)	472
Weighted Average Grant Date Fair Value
Cost not yet recognized	$ 55
Period for recognition	1 year 4 months 24 days
Time-based RSUs
Number of Shares
Balance (in shares)	671
Granted (in shares)	67
Vested (in shares)	(260)
Canceled (in shares)	(6)
Outstanding and expected to vest (in shares)	472
Weighted Average Grant Date Fair Value
Balance (in usd per share)	$ 39.39
Granted (in usd per share)	194.74	$ 63.12
Vested (in usd per share)	34
Canceled (in usd per share)	36.03
Balance (in usd per share)	64.49
Outstanding and expected to vest, weighted average grant date fair value (in usd per share)	$ 64.49
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	$ 124
Fair value vested in period	$ 15	$ 11
Performance-based and market-based RSUs
Number of Shares
Balance (in shares)	886
Granted (in shares)	96
Vested (in shares)	(163)
Canceled (in shares)	(15)
Balance (in shares)	804
Outstanding and expected to vest (in shares)	796
Weighted Average Grant Date Fair Value
Balance (in usd per share)	$ 35.40
Granted (in usd per share)	194.74	$ 62.27
Vested (in usd per share)	34.82
Canceled (in usd per share)	32.42
Balance (in usd per share)	54.58
Outstanding and expected to vest, weighted average grant date fair value (in usd per share)	$ 53.17
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	$ 212
Aggregate intrinsic value, outstanding and expected to vest	$ 210

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash flow hedge loss to be reclassified within twelve months	$ 9

Financial Instruments (Notation

Financial Instruments (Notational Amounts of Derivatives Held) (Details) $ in Millions	Mar. 31, 2022USD ($)
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 1,914
Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	11,724
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	1,450
Sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	7,100
Purchase
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 4,600

Financial Instruments (Fair Val

Financial Instruments (Fair Values Of Derivatives Instruments) (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Derivative Assets	$ 59	$ 20
Fair Value, Derivative Liabilities	64	52
Derivatives designated as hedging instruments | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Derivative Assets	24	2
Fair Value, Derivative Liabilities	9	27
Derivatives not designated as hedging instruments | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Derivative Assets	5	7
Fair Value, Derivative Liabilities	7	10
Derivatives not designated as hedging instruments | Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Derivative Assets	30	11
Fair Value, Derivative Liabilities	$ 48	$ 15

Financial Instruments (Effects

Financial Instruments (Effects of Derivatives Recognized) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ 64	$ 59
Interest rate swaps | Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	30	35
Euro-denominated notes | Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	20	33
Foreign exchange contracts | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	12	(8)
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	12	(7)
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)
Interest rate caps | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ 2	$ (1)

Financial Instruments (Schedule

Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values) (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	$ 27	$ 19
Long-term debt	4,678	3,990
Carrying Amount | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	27	19
Long-term debt	4,678	3,990
Carrying Amount | Interest rate caps | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and interest rate caps	48	14
Carrying Amount | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	2,308	2,528
Carrying Amount | Avis budget rental car funding | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	9,743	8,848
Estimated Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	26	18
Long-term debt	4,701	4,153
Estimated Fair Value | Interest rate caps | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and interest rate caps	48	14
Estimated Fair Value | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	2,313	2,559
Estimated Fair Value | Avis budget rental car funding | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	$ 9,610	$ 9,009

Segment Information (Narrative)

Segment Information (Narrative) (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Estimated litigation liability	$ 5
Assets under vehicle programs	15,136	$ 14,019
Americas
Segment Reporting Information [Line Items]
Assets under vehicle programs	$ 12,700	$ 11,400

Segment Information (Summary Of

Segment Information (Summary Of Segments Information) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 2,432	$ 1,372
Adjusted EBITDA	810	47
Less:
Non-vehicle related depreciation and amortization	60	68
Interest expense	53	61
Early extinguishment of debt	0	129
Restructuring and other related charges	8	20
Transaction-related costs, net	0	1
COVID-19 charges	(7)	18
Unprecedented personal-injury and other legal matters, net	1	0
Net income (loss)	695	(250)
Minimum annual guaranteed rent in excess of concession fees, net	(7)	19
Vehicles damaged in overflow parking lots, net of insurance proceeds	0	(6)
Other charges	0	5
COVID-19 charges	(7)	18
Operating expense
Less:
COVID-19 charges	(7)	17
COVID-19 charges	(7)	17
Selling, general and administrative expenses
Less:
COVID-19 charges	0	1
COVID-19 charges	0	1
COVID-19 Charges
Less:
COVID-19 charges	(7)	18
COVID-19 charges	(7)	18
Statements of Operations | Cloud Based Computing Costs
Less:
COVID-19 charges	2
COVID-19 charges	2
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	0	0
Adjusted EBITDA	(23)	(11)
Americas | Geographical
Segment Reporting Information [Line Items]
Revenues	2,000	1,080
Adjusted EBITDA	810	108
International | Geographical
Segment Reporting Information [Line Items]
Revenues	432	292
Adjusted EBITDA	$ 23	$ (50)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) shares in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	May 01, 2022	Aug. 31, 2021
Subsequent Event [Line Items]
Stock repurchase program, authorized amount		$ 1,307,000,000	$ 10,000,000
Stock repurchase program, authorized amount (up to)					$ 5,100,000,000
Subsequent Event
Subsequent Event [Line Items]
Asset-backed securities, at carrying value	$ 660,000,000
Weighted average interest rate	3.96%
Number of shares purchased (in shares)	1.5
Stock repurchase program, authorized amount	$ 393,000,000
Stock repurchase program, authorized amount (up to)				$ 2,000,000,000