Avis Budget (CAR) 10-Q 2 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		39,762,342
Amendment Flag	false
Document Fiscal Year Focus	2023
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, 2023	Mar. 31, 2022
Revenues
Revenues	$ 2,557	$ 2,432
Expenses
Operating	1,307	1,147
Vehicle depreciation and lease charges, net	265	111
Selling, general and administrative	324	283
Vehicle interest, net	133	77
Non-vehicle related depreciation and amortization	56	58
Interest expense related to corporate debt, net:
Interest expense	73	53
Restructuring and other related charges	4	8
Other (income) expense, net	(2)	0
Total expenses	2,160	1,737
Income before income taxes	397	695
Provision for income taxes	85	168
Net income	312	527
Less: net income (loss) attributable to non-controlling interests	0	(2)
Net income attributable to Avis Budget Group, Inc.	312	529
Comprehensive income attributable to Avis Budget Group, Inc.	$ 302	$ 568
Earnings per share
Basic (in usd per share)	$ 7.88	$ 9.96
Diluted (in usd per share)	$ 7.72	$ 9.71

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 548	$ 570
Receivables, net	801	810
Other current assets	634	506
Total current assets	1,983	1,886
Property and equipment, net	604	594
Operating lease right-of-use assets	2,350	2,405
Deferred income taxes	1,399	1,379
Goodwill	1,076	1,070
Other intangibles, net	659	666
Other non-current assets	440	499
Total assets exclusive of assets under vehicle programs	8,511	8,499
Assets under vehicle programs:
Program cash	80	70
Vehicles, net	17,434	15,961
Receivables from vehicle manufacturers and other	353	421
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	1,010	976
Total assets under vehicle programs	18,877	17,428
Total Assets	27,388	25,927
Current liabilities:
Accounts payable and other current liabilities	2,715	2,547
Short-term debt and current portion of long-term debt	34	27
Total current liabilities	2,749	2,574
Long-term debt	4,662	4,644
Long-term operating lease liabilities	1,852	1,884
Other non-current liabilities	497	554
Total liabilities exclusive of liabilities under vehicle programs	9,760	9,656
Liabilities under vehicle programs:
Debt	2,571	2,534
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party	12,206	11,275
Deferred income taxes	2,820	2,754
Other	472	408
Total liabilities under vehicle programs	18,069	16,971
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	6,620	6,666
Retained earnings	2,891	2,579
Accumulated other comprehensive loss	(111)	(101)
Treasury stock, at cost— 97 and 98 shares, respectively	(9,845)	(9,848)
Stockholders’ equity attributable to Avis Budget Group, Inc.	(444)	(703)
Non-controlling interests	3	3
Total stockholders’ equity	(441)	(700)
Total Liabilities and Stockholders’ Equity	$ 27,388	$ 25,927

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	97,000,000	98,000,000

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net income	$ 312	$ 527
Adjustments to reconcile net income to net cash provided by operating activities:
Vehicle depreciation	477	381
Amortization of right-of-use assets	251	194
(Gain) loss on sale of vehicles, net	(250)	(303)
Non-vehicle related depreciation and amortization	56	58
Stock-based compensation	8	6
Amortization of debt financing fees	9	8
Net change in assets and liabilities:
Receivables	34	9
Income taxes and deferred income taxes	66	158
Accounts payable and other current liabilities	82	303
Operating lease liabilities	(250)	(195)
Other, net	24	2
Net cash provided by operating activities	819	1,148
Investing activities
Property and equipment additions	(44)	(37)
Proceeds received on asset sales	0	1
Net assets acquired (net of cash acquired)	(3)	(1)
Other, net	0	23
Net cash used in investing activities exclusive of vehicle programs	(47)	(14)
Vehicle programs:
Investment in vehicles	(3,880)	(2,727)
Proceeds received on disposition of vehicles	2,283	1,616
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	(105)	(84)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	71	44
Net cash used in investing activities of vehicle programs	(1,631)	(1,151)
Net cash used in investing activities	(1,678)	(1,165)
Financing activities
Proceeds from long-term borrowings	0	729
Payments on long-term borrowings	(7)	(5)
Net change in short-term borrowings	2	0
Repurchases of common stock	(51)	(1,299)
Debt financing fees	(2)	(6)
Net cash used in financing activities exclusive of vehicle programs	(58)	(581)
Vehicle programs:
Proceeds from borrowings	5,270	4,016
Payments on borrowings	(4,359)	(3,403)
Debt financing fees	(12)	(2)
Net cash provided by financing activities of vehicle programs	899	611
Net cash provided by financing activities	841	30
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	5	(2)
Net (decrease) increase in cash and cash equivalents, program and restricted cash	(13)	11
Cash and cash equivalents, program and restricted cash, beginning of period	642	626
Cash and cash equivalents, program and restricted cash, end of period	$ 629	$ 637

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ 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, 2021			137,100,000
Beginning balance at Dec. 31, 2021	$ (209)	$ (220)	$ 1	$ 6,676	$ (185)	$ (133)	$ (6,579)	$ 11
Treasury stock, beginning balance (in shares) at Dec. 31, 2021							(81,200,000)
Comprehensive income:
Net income	527	529			529			(2)
Other comprehensive income (loss)	39	39				39
Comprehensive income attributable to Avis Budget Group, Inc.	566	568			529	39		(2)
Net activity related to restricted stock units (in shares)							200,000
Net activity related to restricted stock units	(33)	(33)		(30)			$ (3)
Repurchases of common stock (in shares)							(6,400,000)
Repurchases of common stock	(1,307)	(1,307)					$ (1,307)
Ending balance (in shares) at Mar. 31, 2022			137,100,000
Ending balance at Mar. 31, 2022	(983)	(992)	$ 1	6,646	344	(94)	$ (7,889)	9
Treasury stock, ending balance (in shares) at Mar. 31, 2022							(87,400,000)
Beginning balance (in shares) at Dec. 31, 2022			137,100,000
Beginning balance at Dec. 31, 2022	$ (700)	(703)	$ 1	6,666	2,579	(101)	$ (9,848)	3
Treasury stock, beginning balance (in shares) at Dec. 31, 2022	(98,000,000)						(97,600,000)
Comprehensive income:
Net income	$ 312	312			312			0
Other comprehensive income (loss)	(10)	(10)				(10)
Comprehensive income attributable to Avis Budget Group, Inc.	302	302			312	(10)		0
Net activity related to restricted stock units (in shares)							300,000
Net activity related to restricted stock units	$ (43)	(43)		(46)			$ 3
Repurchases of common stock (in shares)	0
Ending balance (in shares) at Mar. 31, 2023			137,100,000
Ending balance at Mar. 31, 2023	$ (441)	$ (444)	$ 1	$ 6,620	$ 2,891	$ (111)	$ (9,845)	$ 3
Treasury stock, ending balance (in shares) at Mar. 31, 2023	(97,000,000)						(97,300,000)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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 the areas in which we do not operate directly. • International - consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly. 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 2022 acquisitions of various licensees were not material. We consolidate joint venture activities when we have a controlling interest and record non-controlling interests within stockholders’ equity and the statement of comprehensive income equal to the percentage of ownership interest retained in such entities by the respective non-controlling party. In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with our 2022 Annual Report on Form 10-K (the “2022 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 2022 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, 2023 2022 Cash and cash equivalents $ 548 $ 550 Program cash 80 85 Restricted cash (a) 1 2 Total cash and cash equivalents, program and restricted cash $ 629 $ 637 ________ (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. The Netherlands operations were reported within our International reporting segment. Variable Interest Entity (“VIE”). We review our investments to determine if they are VIEs. A VIE is an entity in which either (i) the equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. Entities that are determined to be VIEs are consolidated if we are the primary beneficiary of the entity. The primary beneficiary possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. We will reconsider our original assessment of a VIE upon the occurrence of certain events such as contributions and redemptions, either by us, or third parties, or amendments to an entity’s governing documents. On an ongoing basis, we reconsider whether we are deemed to be a VIE’s primary beneficiary. See Note 14 – Related Party Transactions for our VIE investment in our former subsidiary. Investments. As of March 31, 2023 and December 31, 2022, we had equity method investments with a carrying value o f $80 million and $77 million, respectively, which are included in other non-current assets. Earnings from our equity method investments are included within operating expenses. For the three months ended March 31, 2023 and 2022, we recorded an immaterial amount related to our equity method investments, in each period. See Note 14 – Related Party Transactions for our equity method investment in our former subsidiary. Revenues. Revenues are recognized under “Leases (Topic 842),” with the exception of royalty fee revenue derived from our licensees and revenue related to our customer loyalty program, which were approximately $44 million and $34 million during the three months ended March 31, 2023 and 2022, respectively. The following table presents our revenues disaggregated by geography: Three Months Ended 2023 2022 Americas $ 2,016 $ 2,000 Europe, Middle East and Africa 367 324 Asia and Australasia 174 108 Total revenues $ 2,557 $ 2,432 The following table presents our revenues disaggregated by brand: Three Months Ended 2023 2022 Avis $ 1,415 $ 1,281 Budget 977 982 Other 165 169 Total revenues $ 2,557 $ 2,432 ________ 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 became effective for us on January 1, 2023. The adoption of this accounting pronouncement did not have a material impact on our Consolidated Condensed Financial Statements.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Leases Lessor The following table presents our lease revenues disaggregated by geography: Three Months Ended 2023 2022 Americas $ 1,995 $ 1,985 Europe, Middle East and Africa 349 309 Asia and Australasia 169 104 Total lease revenues $ 2,513 $ 2,398 The following table presents our lease revenues disaggregated by brand: Three Months Ended 2023 2022 Avis $ 1,388 $ 1,261 Budget 964 972 Other 161 165 Total lease revenues $ 2,513 $ 2,398 _______ 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 2023 2022 Property leases (a) Operating lease expense $ 205 $ 161 Variable lease expense 83 102 Total property lease expense $ 288 $ 263 __________ (a) Primarily within operating expenses. Supplemental balance sheet information related to leases is as follows: As of As of Property leases Operating lease ROU assets $ 2,350 $ 2,405 Short-term operating lease liabilities (a) $ 533 $ 555 Long-term operating lease liabilities 1,852 1,884 Operating lease liabilities $ 2,385 $ 2,439 Weighted average remaining lease term 8.2 years 8.2 years Weighted average discount rate 4.39 % 4.30 % _________ (a) Included in a ccounts payable and other current liabilities Supplemental cash flow information related to leases is as follows: Three Months Ended 2023 2022 Cash payments for lease liabilities within operating activities: Property operating leases $ 210 $ 164 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 154 $ 213
Leases	Leases Lessor The following table presents our lease revenues disaggregated by geography: Three Months Ended 2023 2022 Americas $ 1,995 $ 1,985 Europe, Middle East and Africa 349 309 Asia and Australasia 169 104 Total lease revenues $ 2,513 $ 2,398 The following table presents our lease revenues disaggregated by brand: Three Months Ended 2023 2022 Avis $ 1,388 $ 1,261 Budget 964 972 Other 161 165 Total lease revenues $ 2,513 $ 2,398 _______ 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 2023 2022 Property leases (a) Operating lease expense $ 205 $ 161 Variable lease expense 83 102 Total property lease expense $ 288 $ 263 __________ (a) Primarily within operating expenses. Supplemental balance sheet information related to leases is as follows: As of As of Property leases Operating lease ROU assets $ 2,350 $ 2,405 Short-term operating lease liabilities (a) $ 533 $ 555 Long-term operating lease liabilities 1,852 1,884 Operating lease liabilities $ 2,385 $ 2,439 Weighted average remaining lease term 8.2 years 8.2 years Weighted average discount rate 4.39 % 4.30 % _________ (a) Included in a ccounts payable and other current liabilities Supplemental cash flow information related to leases is as follows: Three Months Ended 2023 2022 Cash payments for lease liabilities within operating activities: Property operating leases $ 210 $ 164 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 154 $ 213
Leases	Leases Lessor The following table presents our lease revenues disaggregated by geography: Three Months Ended 2023 2022 Americas $ 1,995 $ 1,985 Europe, Middle East and Africa 349 309 Asia and Australasia 169 104 Total lease revenues $ 2,513 $ 2,398 The following table presents our lease revenues disaggregated by brand: Three Months Ended 2023 2022 Avis $ 1,388 $ 1,261 Budget 964 972 Other 161 165 Total lease revenues $ 2,513 $ 2,398 _______ 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 2023 2022 Property leases (a) Operating lease expense $ 205 $ 161 Variable lease expense 83 102 Total property lease expense $ 288 $ 263 __________ (a) Primarily within operating expenses. Supplemental balance sheet information related to leases is as follows: As of As of Property leases Operating lease ROU assets $ 2,350 $ 2,405 Short-term operating lease liabilities (a) $ 533 $ 555 Long-term operating lease liabilities 1,852 1,884 Operating lease liabilities $ 2,385 $ 2,439 Weighted average remaining lease term 8.2 years 8.2 years Weighted average discount rate 4.39 % 4.30 % _________ (a) Included in a ccounts payable and other current liabilities Supplemental cash flow information related to leases is as follows: Three Months Ended 2023 2022 Cash payments for lease liabilities within operating activities: Property operating leases $ 210 $ 164 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 154 $ 213

Restructuring and Other Related

Restructuring and Other Related Charges	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Other Related Charges	Restructuring and Other Related Charges During second quarter 2022, we initiated a restructuring plan to focus on consolidating our global operations by designing new processes and implementing new systems (“Cost Optimization”). As of March 31, 2023, we formally communicated the termination of employment to approximately 265 employees as part of this process, and terminated approximately 225 of these employees. We expect further restructuring expense of approximately $2 million related to this initiative to be incurred this year. The following table presents our restructuring liabilities and related activities by reportable segment as it relates to our Cost Optimization plan, which are all personnel related in nature: Americas International Total Balance as of January 1, 2023 $ 1 $ 3 $ 4 Restructuring expense 3 1 4 Restructuring payments and utilization (2) (2) (4) Balance as of March 31, 2023 $ 2 $ 2 $ 4

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Net income attributable to Avis Budget Group, Inc. for basic and diluted EPS $ 312 $ 529 Basic weighted average shares outstanding 39.6 53.1 Non-vested stock (a) 0.8 1.4 Diluted weighted average shares outstanding 40.4 54.5 Earnings per share: Basic $ 7.88 $ 9.96 Diluted $ 7.72 $ 9.71 ________ (a) For the three months ended March 31, 2023 and 2022, 0.1 million non-vested stock awards, in each period, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding.

Other Current Assets

Other Current Assets	3 Months Ended
	Mar. 31, 2023
Assets, Current [Abstract]
Other Current Assets	Other Current Assets Other current assets consisted of: As of March 31, 2023 As of December 31, 2022 Prepaid expenses $ 274 $ 252 Sales and use taxes 199 142 Other 161 112 Other current assets $ 634 $ 506

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of: As of March 31, 2023 As of December 31, 2022 Gross Accumulated Net Gross Accumulated Net Amortized Intangible Assets License agreements $ 291 $ 222 $ 69 $ 290 $ 217 $ 73 Customer relationships 249 211 38 247 207 40 Other 48 41 7 48 39 9 Total $ 588 $ 474 $ 114 $ 585 $ 463 $ 122 Unamortized Intangible Assets Goodwill $ 1,076 $ 1,070 Trademarks $ 545 $ 544 For the three months ended March 31, 2023 and 2022, amortization expense related to amortizable intangible assets was approximat el y $8 million and $16 million, respectively. Based on our amortizable intangible assets at March 31, 2023, we expect amortization expense of approximately $19 million for the remainder of 2023, $22 million for 2024, $16 million for 2025, $15 million for 2026, $11 million for 2027 and $9 million for 2028, excluding effects of currency exchange rates.

Vehicle Rental Activities

Vehicle Rental Activities	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Vehicle Rental Activities	Vehicle Rental Activities The components of vehicles, net within assets under vehicle programs are as follows: As of As of March 31, December 31, 2023 2022 Rental vehicles $ 19,365 $ 17,819 Less: Accumulated depreciation (2,244) (2,211) 17,121 15,608 Vehicles held for sale 277 317 Vehicles, net investment in lease (a) 36 36 Vehicles, net $ 17,434 $ 15,961 ________ (a) See Note 14 – Related Party Transactions. The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended 2023 2022 Depreciation expense $ 477 $ 381 Lease charges 38 33 (Gain) loss on sale of vehicles, net (250) (303) Vehicle depreciation and lease charges, net $ 265 $ 111 At March 31, 2023 and 2022, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $314 million and $150 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $137 million and $64 million, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate for the three months ended March 31, 2023 was a provision of 21.4%. Such rate differed from the Federal Statutory rate of 21.0% primarily due to foreign taxes on our International operations and state taxes, partially offset by the effect of certain tax credits and the favorable adjustments related to stock-based compensation. Our effective tax rate for the three months ended March 31, 2022 was a provision of 24.2%. Such rate 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, 2023
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, 2023 2022 Accounts payable $ 510 $ 466 Short-term operating lease liabilities 533 555 Deferred lease revenues - current 302 188 Accrued advertising and marketing 289 268 Accrued sales and use taxes 267 246 Accrued payroll and related 187 205 Public liability and property damage insurance liabilities – current 171 174 Other 456 445 Accounts payable and other current liabilities $ 2,715 $ 2,547

Long-term Corporate Debt and Bo

Long-term Corporate Debt and Borrowing Arrangements	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 4.125% euro-denominated Senior Notes November 2024 $ 325 $ 321 4.500% euro-denominated Senior Notes May 2025 271 268 4.750% euro-denominated Senior Notes January 2026 379 375 5.750% Senior Notes July 2027 733 732 4.750% Senior Notes April 2028 500 500 5.375% Senior Notes March 2029 600 600 Floating Rate Term Loan (a) August 2027 1,173 1,176 Floating Rate Term Loan (b) March 2029 724 725 Other (c) 34 18 Deferred financing fees (43) (44) Total 4,696 4,671 Less: Short-term debt and current portion of long-term debt 34 27 Long-term debt $ 4,662 $ 4,644 __________ (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, 2023, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 175 basis points, for an aggregate rate of 6.60%. 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) 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, 2023, the floating rate term loan due 2029 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 350 basis points for an aggregate rate of 8.41%. (c) Primarily includes finance leases, which are secured by liens on the related assets. Committed Credit Facilities and Available Funding Arrangements As of March 31, 2023, 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) $ 2,000 $ — $ 1,123 $ 877 __________ (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 and/or liens by us and certain of our subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. Our senior credit facility also contains a maximum leverage ratio requirement. As of March 31, 2023, 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, 2023
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, 2023 2022 Americas - Debt due to Avis Budget Rental Car Funding $ 12,259 $ 11,322 Americas - Debt borrowings 739 598 International - Debt borrowings 1,608 1,700 International - Finance leases 175 176 Other 53 65 Deferred financing fees (a) (57) (52) Total $ 14,777 $ 13,809 __________ (a) Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2023 and December 31, 2022 were $53 million and $47 million, respectively. In January 2023, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $500 million and $350 million of asset-backed notes to investors with an expected final payment date of April 2028 and October 2026, respectively, and a weighted average interest rate of 5.36% and 5.31%, 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, 2023: Debt under Vehicle Programs (a) Within 1 year (b) $ 2,489 Between 1 and 2 years (c) 5,803 Between 2 and 3 years (d) 2,596 Between 3 and 4 years 2,071 Between 4 and 5 years 1,414 Thereafter 461 Total $ 14,834 __________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $1.2 billion of bank and bank-sponsored facilities. (c) Includes $3.9 billion of bank and bank-sponsored facilities. (d) Includes $0.1 billion of bank and bank-sponsored facilities. Committed Credit Facilities and Available Funding Arrangements As of March 31, 2023, available funding under our debt arrangements related to 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 $ 13,243 $ 12,259 $ 984 Americas - Debt borrowings 962 739 223 International - Debt borrowings 2,649 1,608 1,041 International - Finance leases 211 175 36 Other 54 53 1 Total $ 17,119 $ 14,834 $ 2,285 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from an amendment and renewal of our asset-backed variable-funding financing facilities during March 2023. (b) The outstanding debt is collateralized by vehicles and related assets of $14.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.1 billion for Americas - Debt borrowings; $2.5 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, 2023, we are not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under our vehicle-backed funding programs.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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 (now known as Anywhere Real Estate, Inc., and Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co., respectively). 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 Anywhere Real Estate, Inc., Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co. have agreed to assume responsibility for these liabilities. In March 2023, the California Office of Tax Appeals (“OTA”) issued an opinion in a case involving notices of proposed assessment of California corporation franchise tax for tax year 1999 issued to us. The case involves whether (i) the notices of proposed assessment were barred by the statute of limitations; and (ii) a transaction undertaken by us in tax year 1999 constituted a tax-free reorganization under the Internal Revenue Code (“IRC”). The OTA concluded that the notices of proposed assessment were not barred by the statute of limitations and that the 1999 transaction was not a tax-free reorganization under the IRC. Anywhere Real Estate, Inc. has assumed 62.5%, and Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co. have assumed 37.5% of the potential tax liability in this matter, respectively. We have filed a petition for rehearing and intend to vigorously pursue this matter. 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 sought 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 sought damages in connection with claims relating to our electronic toll service, including that administrative fees and toll charges were not properly disclosed to customers and/or were excessive. Plaintiff’s motion for class certification was approved by the Court in November 2017. The parties have entered into a settlement agreement and the Court has entered a final order approving the settlement. We have also been named as a defendant in other purported consumer class action lawsuits, including a class action filed against us in Florida seeking damages in connection with a breach of contract claim and two purported class action suits filed against us in New Jersey, one related to fines and fees charged to car renters by us for violations incurred during the course of their rental and another related to ancillary charges at our Payless subsidiary. In the Florida lawsuit, the Court has entered a final order approving a settlement. We are currently involved, and in the future may be involved, in claims and/or legal proceedings, including class actions, and governmental inquiries that are incidental to our vehicle rental and car sharing operations, including, among others, contract and licensee disputes, competition matters, employment and wage-and-hour claims, insurance and liability claims, intellectual property claims, business practice disputes and other regulatory, environmental, commercial and tax matters. Litigation is inherently unpredictable and, although we believe that our accruals are adequate and/or that we have valid defenses in these matters, unfavorable resolutions could occur. We estimate that the potential exposure resulting from adverse outcomes of current legal proceedings in which it is reasonably possible that a loss may be incurred could, in the aggregate, be up to approximately $35 million in excess of amounts accrued as of March 31, 2023. 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 approximate ly $9.3 billion of vehicles from manufacturers over the next 12 months, a $2.6 billion increase compared to December 31, 2022, 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, 2023 include (i) risks related to our repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers and primarily with respect to receivables for program cars that have been disposed but for which we have not yet received payment from the manufacturers and (ii) risks related to Realogy and Wyndham, including receivables of $36 million and $21 million, re sp 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, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Share Repurchases Our Board of Directors has authorized the repurchase of up t o $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded most recently in February 2023 (the “Stock Repurchase Program”). During the three months ended March 31, 2023, no common stock repurchases were made under the program . As of March 31, 2023, approximately $1.7 billion of authorization remains available to repurchase common stock under the program. Total Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income. The components of other comprehensive income (loss) were as follows: Three Months Ended 2023 2022 Net income $ 312 $ 527 Less: net income (loss) attributable to non-controlling interests — (2) Net income attributable to Avis Budget Group, Inc. 312 529 Other comprehensive income (loss): Currency translation adjustments (net of tax of $3 and $(3), respectively) (4) 7 Net unrealized gain (loss) on cash flow hedges (net of tax of $2 and $(11), respectively) (7) 30 Minimum pension liability adjustment (net of tax of $0, in each period) 1 2 (10) 39 Comprehensive income attributable to Avis Budget Group, Inc. $ 302 $ 568 __________ 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, 2023 $ (30) $ 45 $ (116) $ (101) Other comprehensive income (loss) before reclassifications (4) (5) — (9) Amounts reclassified from accumulated other comprehensive income — (2) 1 (1) Net current-period other comprehensive income (loss) (4) (7) 1 (10) Balance, March 31, 2023 $ (34) $ 38 $ (115) $ (111) Balance, January 1, 2022 $ 16 $ (19) $ (130) $ (133) Other comprehensive income (loss) before reclassifications 7 26 — 33 Amounts reclassified from accumulated other comprehensive income — 4 2 6 Net current-period other comprehensive income (loss) 7 30 2 39 Balance, March 31, 2022 $ 23 $ 11 $ (128) $ (94) __________ 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 $105 million gain, net of tax, as of March 31, 2023 related to our hedge of our investment in euro-denominated foreign operations (see Note 16 – Financial Instruments). (a) For the three months ended March 31, 2023 and 2022, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $3 million ($2 million, net of tax) and $5 million ($4 million, net of tax), respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions SRS Mobility Ventures, LLC In 2021, SRS Mobility Ventures, LLC acquired a 33 1/3% Class A Membership Interest in one of our subsidiaries at fair value of $37.5 million. SRS Mobility Ventures, LLC is an affiliate of our largest shareholder, SRS Investment Management, LLC. On September 1, 2022, through the issuance of Class B Preferred Voting Membership Interests, SRS Mobility Ventures, LLC increased their ownership in this subsidiary to 51% at a fair value of $62 million. As a result, we deconsolidated our former subsidiary, Avis Mobility Ventures LLC (“AMV”), from our financial statements and began reporting our proportional share of the former subsidiary’s income or loss within other (income) expense, net in our Consolidated Condensed Statements of Comprehensive Income as we no longer have the ability to direct the significant activities of the former subsidiary and are therefore no longer primary beneficiary of the VIE. In accordance with ASC Topic 810-10-40, we must deconsolidate a subsidiary as of the date we cease to have a controlling interest in that subsidiary and recognize the gain or loss in net income at that time. The fair value of our retained investment was determined utilizing a discounted cash flow methodology based on various assumptions, including projections of future cash flows, which include forecast of future revenue and EBITDA. Upon deconsolidation, our former subsidiary had a net asset carrying amount of $49 million resulting in a gain of $10 million. We continue to provide vehicles, related fleet services and certain administrative services to AMV to support their operations. For the three months ended March 31, 2023, we recorded $8 million of related income within other (income) expense, net. As of March 31, 2023 and December 31, 2022, receivables from AMV related to these services were $4 million and $6 million, respectively, and our net investment in vehicle finance lease with AMV, which is included in vehicles, net, was $36 million, in each period. The carrying value of our equity investment in AMV as of March 31, 2023 and December 31, 2022 was approximately $43 million and $49 million, respectively, which is included in other non-current assets. For the three months ended March 31, 2023, we recorded losses of $6 million within other (income) expense, net related to our equity investment.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation We recorded stock-based compensation expense of $8 million and $6 million ($6 million and $4 million , net of tax) during the three months ended March 31, 2023 and 2022, 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, 2023 451 $ 92.06 Granted (a) 71 208.84 Vested (b) (191) 49.13 Forfeited — — Outstanding and expected to vest at March 31, 2023 (c) 331 $ 141.90 1.7 $ 64 Performance-based and market-based RSUs Outstanding at January 1, 2023 691 $ 57.56 Granted (a) 88 208.84 Vested (b) (344) 21.09 Forfeited — — Outstanding at March 31, 2023 435 $ 116.95 1.4 $ 85 Outstanding and expected to vest at March 31, 2023 (c) 404 $ 110.22 1.4 $ 79 __________ (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, 2022 w as $194.74 . (b) The total fair value of RSUs vested during the three months ended March 31, 2023 and 2022 was $17 million and $15 million , respectively. (c) Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amoun ted to $69 million and will be recognized over a weighted average vesting period of 1.5 years .

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2023
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 $18 million of gain curr ently 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 chan ges 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 $ 1,224 Interest rate caps (a) 14,520 Interest rate swaps 1,450 __________ (a) Repres ents $10.0 billion of interest rate caps sold, partially offset by approximately $4.6 billion of interest rate caps purchased. These amounts exclude $6.2 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as it is not consolidated by us . Estimated fair values (Level 2) of derivative instruments are as follows: As of March 31, 2023 As of December 31, 2022 Fair Value, Fair Value, Fair Value, Fair Value, Derivatives designated as hedging instruments Interest rate swaps (a) $ 52 $ — $ 61 $ — Derivatives not designated as hedging instruments Foreign exchange contracts (b) 3 1 4 6 Interest rate caps (c) 45 98 46 111 Total $ 100 $ 99 $ 111 $ 117 __________ 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 are as follows: Three Months Ended 2023 2022 Derivatives designated as hedging instruments (a) Interest rate swaps (b) $ (7) $ 30 Euro-denominated notes (c) (9) 20 Derivatives not designated as hedging instruments (d) Foreign exchange contracts (e) (7) 12 Interest rate caps (f) — 2 Total $ (23) $ 64 __________ (a) Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity. (b) Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 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) Included in interest expense. (f) Primarily included in vehicle interest, net. Debt Instruments The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows: As of March 31, 2023 As of December 31, 2022 Carrying Estimated Carrying Estimated Corporate debt Short-term debt and current portion of long-term debt $ 34 $ 34 $ 27 $ 26 Long-term debt 4,662 4,604 4,644 4,411 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 12,206 $ 11,847 $ 11,275 $ 10,848 Vehicle-backed debt 2,473 2,471 2,423 2,422 Interest rate swaps and interest rate caps (a) 98 98 111 111 __________ (a) Derivatives in a liability position.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Our chief operating decision-maker assesses performance and allocates resources based upon the separate financial information of our operating segments. In identifying our reportable segments, we also consider the nature of services provided by our operating segments, the geographical areas in which the segments operate and other relevant factors. We aggregate certain of our operating segments into our reportable segments. Management evaluates the operating results of each of our reportable segments based upon revenues and “Adjusted EBITDA,” which we define as income (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 fees; COVID-19 charges, net; cloud computing costs; other (income) expense, net; and income taxes. We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. Three Months Ended March 31, 2023 2022 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 2,016 $ 516 $ 2,000 $ 810 International 541 50 432 23 Corporate and Other (a) — (31) — (23) Total Company $ 2,557 $ 535 $ 2,432 $ 810 Reconciliation of Adjusted EBITDA to income before income taxes: 2023 2022 Adjusted EBITDA $ 535 $ 810 Less: Non-vehicle related depreciation and amortization 56 58 Interest expense related to corporate debt, net 73 53 Restructuring and other related charges 4 8 Other (income) expense, net (b) (2) — Reported within operating expenses: Cloud computing costs 7 2 COVID-19 charges — (7) Unprecedented personal-injury and other legal matters, net — 1 Income before income taxes $ 397 $ 695 __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. (b) Primarily consists of fleet related services as well as certain administrative services provided to a former subsidiary . Since December 31, 2022, there have been no significant changes in segment assets exclusive of assets under vehicle programs. As of March 31, 2023 and December 31, 2022, Americas’ segment assets under vehicle programs were approxim ately $15.7 billion an d $14.3 billion , respectively. This increase in assets under vehicle programs is directly correlated to the increase in the size and cost of our vehicle rental fleet to meet demand.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In April 2023, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $450 million and $550 million of asset-backed notes to investors with an expected final payment date of February 2027 and June 2028, respectively, and a weighted average interest rate of 5.67% and 5.76%, respectively. In April 2023, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary amended its asset-backed variable-funding financing facilities to increase its capacity by $750 million.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
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 the areas in which we do not operate directly. • International - consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly. 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 2022 acquisitions of various licensees were not material. We consolidate joint venture activities when we have a controlling interest and record non-controlling interests within stockholders’ equity and the statement of comprehensive income equal to the percentage of ownership interest retained in such entities by the respective non-controlling party. In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with our 2022 Annual Report on Form 10-K (the “2022 Form 10-K”).
Vehicle Programs	Vehicle Programs. We present separately the financial data of our vehicle programs. These programs are distinct from our other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.
Transaction-related costs, net	Transaction-related costs, net. Transaction-related costs, net are classified separately in the Consolidated Condensed Statements of Comprehensive Income. These costs are comprised of expenses primarily related to acquisition-related activities such as due diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with those of our operations, including the implementation of best practices and process improvements, non-cash gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions.
Currency Transactions	Currency Transactions. We record the gain or loss on foreign currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net.
Variable Interest Entity (“VIE”)	Variable Interest Entity (“VIE”). We review our investments to determine if they are VIEs. A VIE is an entity in which either (i) the equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. Entities that are determined to be VIEs are consolidated if we are the primary beneficiary of the entity. The primary beneficiary possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. We will reconsider our original assessment of a VIE upon the occurrence of certain events such as contributions and redemptions, either by us, or third parties, or amendments to an entity’s governing documents. On an ongoing basis, we reconsider whether we are deemed to be a VIE’s primary beneficiary. See Note 14 – Related Party Transactions for our VIE investment in our former subsidiary.
Investments	Investments.Earnings from our equity method investments are included within operating expenses.
Revenues	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 became effective for us on January 1, 2023. The adoption of this accounting pronouncement did not have a material impact on our Consolidated Condensed Financial Statements.
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, 2023
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, 2023 2022 Cash and cash equivalents $ 548 $ 550 Program cash 80 85 Restricted cash (a) 1 2 Total cash and cash equivalents, program and restricted cash $ 629 $ 637 ________ (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, 2023 2022 Cash and cash equivalents $ 548 $ 550 Program cash 80 85 Restricted cash (a) 1 2 Total cash and cash equivalents, program and restricted cash $ 629 $ 637 ________ (a) Included within other current assets.
Schedule of Disaggregation of Revenue	The following table presents our revenues disaggregated by geography: Three Months Ended 2023 2022 Americas $ 2,016 $ 2,000 Europe, Middle East and Africa 367 324 Asia and Australasia 174 108 Total revenues $ 2,557 $ 2,432 The following table presents our revenues disaggregated by brand: Three Months Ended 2023 2022 Avis $ 1,415 $ 1,281 Budget 977 982 Other 165 169 Total revenues $ 2,557 $ 2,432 ________ Other includes Zipcar and other operating brands.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Operating Lease, Lease Income	The following table presents our lease revenues disaggregated by geography: Three Months Ended 2023 2022 Americas $ 1,995 $ 1,985 Europe, Middle East and Africa 349 309 Asia and Australasia 169 104 Total lease revenues $ 2,513 $ 2,398 The following table presents our lease revenues disaggregated by brand: Three Months Ended 2023 2022 Avis $ 1,388 $ 1,261 Budget 964 972 Other 161 165 Total lease revenues $ 2,513 $ 2,398 _______ Other includes Zipcar and other operating brands.
Schedule of the Components of Lease Expense	The components of lease expense are as follows: Three Months Ended 2023 2022 Property leases (a) Operating lease expense $ 205 $ 161 Variable lease expense 83 102 Total property lease expense $ 288 $ 263 __________ (a) Primarily within operating expenses. Supplemental cash flow information related to leases is as follows: Three Months Ended 2023 2022 Cash payments for lease liabilities within operating activities: Property operating leases $ 210 $ 164 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 154 $ 213
Schedule of 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 $ 2,350 $ 2,405 Short-term operating lease liabilities (a) $ 533 $ 555 Long-term operating lease liabilities 1,852 1,884 Operating lease liabilities $ 2,385 $ 2,439 Weighted average remaining lease term 8.2 years 8.2 years Weighted average discount rate 4.39 % 4.30 % _________ (a) Included in a ccounts payable and other current liabilities

Restructuring and Other Relat_2

Restructuring and Other Related Charges (Tables)	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of Changes to Restructuring-Related Liabilities	The following table presents our restructuring liabilities and related activities by reportable segment as it relates to our Cost Optimization plan, which are all personnel related in nature: Americas International Total Balance as of January 1, 2023 $ 1 $ 3 $ 4 Restructuring expense 3 1 4 Restructuring payments and utilization (2) (2) (4) Balance as of March 31, 2023 $ 2 $ 2 $ 4

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions): Three Months Ended March 31, 2023 2022 Net income attributable to Avis Budget Group, Inc. for basic and diluted EPS $ 312 $ 529 Basic weighted average shares outstanding 39.6 53.1 Non-vested stock (a) 0.8 1.4 Diluted weighted average shares outstanding 40.4 54.5 Earnings per share: Basic $ 7.88 $ 9.96 Diluted $ 7.72 $ 9.71 ________ (a) For the three months ended March 31, 2023 and 2022, 0.1 million non-vested stock awards, in each period, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding.

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Assets, Current [Abstract]
Schedule of Other Current Assets	Other current assets consisted of: As of March 31, 2023 As of December 31, 2022 Prepaid expenses $ 274 $ 252 Sales and use taxes 199 142 Other 161 112 Other current assets $ 634 $ 506

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets consisted of: As of March 31, 2023 As of December 31, 2022 Gross Accumulated Net Gross Accumulated Net Amortized Intangible Assets License agreements $ 291 $ 222 $ 69 $ 290 $ 217 $ 73 Customer relationships 249 211 38 247 207 40 Other 48 41 7 48 39 9 Total $ 588 $ 474 $ 114 $ 585 $ 463 $ 122 Unamortized Intangible Assets Goodwill $ 1,076 $ 1,070 Trademarks $ 545 $ 544

Vehicle Rental Activities (Tabl

Vehicle Rental Activities (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	The components of vehicles, net within assets under vehicle programs are as follows: As of As of March 31, December 31, 2023 2022 Rental vehicles $ 19,365 $ 17,819 Less: Accumulated depreciation (2,244) (2,211) 17,121 15,608 Vehicles held for sale 277 317 Vehicles, net investment in lease (a) 36 36 Vehicles, net $ 17,434 $ 15,961 ________ (a) See Note 14 – Related Party Transactions. The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended 2023 2022 Depreciation expense $ 477 $ 381 Lease charges 38 33 (Gain) loss on sale of vehicles, net (250) (303) Vehicle depreciation and lease charges, net $ 265 $ 111

Accounts Payable and Other Cu_2

Accounts Payable and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Accounts payable $ 510 $ 466 Short-term operating lease liabilities 533 555 Deferred lease revenues - current 302 188 Accrued advertising and marketing 289 268 Accrued sales and use taxes 267 246 Accrued payroll and related 187 205 Public liability and property damage insurance liabilities – current 171 174 Other 456 445 Accounts payable and other current liabilities $ 2,715 $ 2,547

Long-term Corporate Debt and _2

Long-term Corporate Debt and Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 4.125% euro-denominated Senior Notes November 2024 $ 325 $ 321 4.500% euro-denominated Senior Notes May 2025 271 268 4.750% euro-denominated Senior Notes January 2026 379 375 5.750% Senior Notes July 2027 733 732 4.750% Senior Notes April 2028 500 500 5.375% Senior Notes March 2029 600 600 Floating Rate Term Loan (a) August 2027 1,173 1,176 Floating Rate Term Loan (b) March 2029 724 725 Other (c) 34 18 Deferred financing fees (43) (44) Total 4,696 4,671 Less: Short-term debt and current portion of long-term debt 34 27 Long-term debt $ 4,662 $ 4,644 __________ (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, 2023, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 175 basis points, for an aggregate rate of 6.60%. 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) 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, 2023, the floating rate term loan due 2029 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 350 basis points for an aggregate rate of 8.41%. (c) Primarily includes finance leases, which are secured by liens on the related assets.
Schedule of Committed Credit Facilities	As of March 31, 2023, 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) $ 2,000 $ — $ 1,123 $ 877 __________ (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, 2023, available funding under our debt arrangements related to 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 $ 13,243 $ 12,259 $ 984 Americas - Debt borrowings 962 739 223 International - Debt borrowings 2,649 1,608 1,041 International - Finance leases 211 175 36 Other 54 53 1 Total $ 17,119 $ 14,834 $ 2,285 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from an amendment and renewal of our asset-backed variable-funding financing facilities during March 2023. (b) The outstanding debt is collateralized by vehicles and related assets of $14.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.1 billion for Americas - Debt borrowings; $2.5 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

Debt Under Vehicle Programs a_2

Debt Under Vehicle Programs and Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Americas - Debt due to Avis Budget Rental Car Funding $ 12,259 $ 11,322 Americas - Debt borrowings 739 598 International - Debt borrowings 1,608 1,700 International - Finance leases 175 176 Other 53 65 Deferred financing fees (a) (57) (52) Total $ 14,777 $ 13,809 __________ (a) Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2023 and December 31, 2022 were $53 million and $47 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, 2023: Debt under Vehicle Programs (a) Within 1 year (b) $ 2,489 Between 1 and 2 years (c) 5,803 Between 2 and 3 years (d) 2,596 Between 3 and 4 years 2,071 Between 4 and 5 years 1,414 Thereafter 461 Total $ 14,834 __________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $1.2 billion of bank and bank-sponsored facilities. (c) Includes $3.9 billion of bank and bank-sponsored facilities. (d) Includes $0.1 billion of bank and bank-sponsored facilities.
Schedule of Committed Credit Facilities	As of March 31, 2023, 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) $ 2,000 $ — $ 1,123 $ 877 __________ (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, 2023, available funding under our debt arrangements related to 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 $ 13,243 $ 12,259 $ 984 Americas - Debt borrowings 962 739 223 International - Debt borrowings 2,649 1,608 1,041 International - Finance leases 211 175 36 Other 54 53 1 Total $ 17,119 $ 14,834 $ 2,285 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from an amendment and renewal of our asset-backed variable-funding financing facilities during March 2023. (b) The outstanding debt is collateralized by vehicles and related assets of $14.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.1 billion for Americas - Debt borrowings; $2.5 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Components of Other Comprehensive Income (Loss)	The components of other comprehensive income (loss) were as follows: Three Months Ended 2023 2022 Net income $ 312 $ 527 Less: net income (loss) attributable to non-controlling interests — (2) Net income attributable to Avis Budget Group, Inc. 312 529 Other comprehensive income (loss): Currency translation adjustments (net of tax of $3 and $(3), respectively) (4) 7 Net unrealized gain (loss) on cash flow hedges (net of tax of $2 and $(11), respectively) (7) 30 Minimum pension liability adjustment (net of tax of $0, in each period) 1 2 (10) 39 Comprehensive income attributable to Avis Budget Group, Inc. $ 302 $ 568 __________ Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.
Schedule of Components of Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) were as follows: Currency Net Unrealized Gains (Losses) on Cash Flow Hedges (a) Minimum Pension Liability Adjustment (b) Accumulated Balance, January 1, 2023 $ (30) $ 45 $ (116) $ (101) Other comprehensive income (loss) before reclassifications (4) (5) — (9) Amounts reclassified from accumulated other comprehensive income — (2) 1 (1) Net current-period other comprehensive income (loss) (4) (7) 1 (10) Balance, March 31, 2023 $ (34) $ 38 $ (115) $ (111) Balance, January 1, 2022 $ 16 $ (19) $ (130) $ (133) Other comprehensive income (loss) before reclassifications 7 26 — 33 Amounts reclassified from accumulated other comprehensive income — 4 2 6 Net current-period other comprehensive income (loss) 7 30 2 39 Balance, March 31, 2022 $ 23 $ 11 $ (128) $ (94) __________ 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 $105 million gain, net of tax, as of March 31, 2023 related to our hedge of our investment in euro-denominated foreign operations (see Note 16 – Financial Instruments). (a) For the three months ended March 31, 2023 and 2022, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $3 million ($2 million, net of tax) and $5 million ($4 million, net of tax), respectively.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Weighted Average Assumptions Used	The weighted average assumptions used in the model are as follows: Expected volatility of stock price 91% Risk-free interest rate 0.18% Valuation period 3 years Dividend yield —%
Schedule of Stock Based Compensation Activity	The activity related to RSUs consisted of (in thousands of shares): Number of Shares Weighted Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Time-based RSUs Outstanding at January 1, 2023 451 $ 92.06 Granted (a) 71 208.84 Vested (b) (191) 49.13 Forfeited — — Outstanding and expected to vest at March 31, 2023 (c) 331 $ 141.90 1.7 $ 64 Performance-based and market-based RSUs Outstanding at January 1, 2023 691 $ 57.56 Granted (a) 88 208.84 Vested (b) (344) 21.09 Forfeited — — Outstanding at March 31, 2023 435 $ 116.95 1.4 $ 85 Outstanding and expected to vest at March 31, 2023 (c) 404 $ 110.22 1.4 $ 79 __________ (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, 2022 w as $194.74 . (b) The total fair value of RSUs vested during the three months ended March 31, 2023 and 2022 was $17 million and $15 million , respectively. (c) Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amoun ted to $69 million and will be recognized over a weighted average vesting period of 1.5 years .

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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 $ 1,224 Interest rate caps (a) 14,520 Interest rate swaps 1,450 __________ (a) Repres ents $10.0 billion of interest rate caps sold, partially offset by approximately $4.6 billion of interest rate caps purchased. These amounts exclude $6.2 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as it is not consolidated by us .
Schedule of Fair Value of Derivative Instruments	Estimated fair values (Level 2) of derivative instruments are as follows: As of March 31, 2023 As of December 31, 2022 Fair Value, Fair Value, Fair Value, Fair Value, Derivatives designated as hedging instruments Interest rate swaps (a) $ 52 $ — $ 61 $ — Derivatives not designated as hedging instruments Foreign exchange contracts (b) 3 1 4 6 Interest rate caps (c) 45 98 46 111 Total $ 100 $ 99 $ 111 $ 117 __________ 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 are as follows: Three Months Ended 2023 2022 Derivatives designated as hedging instruments (a) Interest rate swaps (b) $ (7) $ 30 Euro-denominated notes (c) (9) 20 Derivatives not designated as hedging instruments (d) Foreign exchange contracts (e) (7) 12 Interest rate caps (f) — 2 Total $ (23) $ 64 __________ (a) Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity. (b) Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 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) Included in interest expense. (f) Primarily included in vehicle interest, net.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows: As of March 31, 2023 As of December 31, 2022 Carrying Estimated Carrying Estimated Corporate debt Short-term debt and current portion of long-term debt $ 34 $ 34 $ 27 $ 26 Long-term debt 4,662 4,604 4,644 4,411 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 12,206 $ 11,847 $ 11,275 $ 10,848 Vehicle-backed debt 2,473 2,471 2,423 2,422 Interest rate swaps and interest rate caps (a) 98 98 111 111 __________ (a) Derivatives in a liability position.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segments Information	We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. Three Months Ended March 31, 2023 2022 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 2,016 $ 516 $ 2,000 $ 810 International 541 50 432 23 Corporate and Other (a) — (31) — (23) Total Company $ 2,557 $ 535 $ 2,432 $ 810 Reconciliation of Adjusted EBITDA to income before income taxes: 2023 2022 Adjusted EBITDA $ 535 $ 810 Less: Non-vehicle related depreciation and amortization 56 58 Interest expense related to corporate debt, net 73 53 Restructuring and other related charges 4 8 Other (income) expense, net (b) (2) — Reported within operating expenses: Cloud computing costs 7 2 COVID-19 charges — (7) Unprecedented personal-injury and other legal matters, net — 1 Income before income taxes $ 397 $ 695 __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. (b) Primarily consists of fleet related services as well as certain administrative services provided to a former subsidiary .

Basis of Presentation (Schedule

Basis of Presentation (Schedule of Cash Activity) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 548	$ 570	$ 550
Program cash	80	70	85
Restricted cash	1		2
Total cash and cash equivalents, program and restricted cash	$ 629	$ 642	$ 637	$ 626

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Feb. 28, 2022
Debt Instrument [Line Items]
Investments		$ 80		$ 77
Royalty fee
Debt Instrument [Line Items]
Revenue		$ 44	$ 34
Disposed of by Sale
Debt Instrument [Line Items]
Assets held for sale					$ 13
Gain on write down of assets held for sale			2
Amount of consideration received	$ 15
Restructuring and other related charges			$ 7

Basis of Presentation (Disaggre

Basis of Presentation (Disaggregated Revenue in Basis of Presentation) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 2,557	$ 2,432
Avis
Disaggregation of Revenue [Line Items]
Revenues	1,415	1,281
Budget
Disaggregation of Revenue [Line Items]
Revenues	977	982
Other
Disaggregation of Revenue [Line Items]
Revenues	165	169
Americas
Disaggregation of Revenue [Line Items]
Revenues	2,016	2,000
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenues	367	324
Asia and Australasia
Disaggregation of Revenue [Line Items]
Revenues	$ 174	$ 108

Leases (Lessor) (Details)

Leases (Lessor) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessor, Lease, Description [Line Items]
Total lease revenues	$ 2,513	$ 2,398
Avis
Lessor, Lease, Description [Line Items]
Total lease revenues	1,388	1,261
Budget
Lessor, Lease, Description [Line Items]
Total lease revenues	964	972
Other
Lessor, Lease, Description [Line Items]
Total lease revenues	161	165
Americas
Lessor, Lease, Description [Line Items]
Total lease revenues	1,995	1,985
Europe, Middle East and Africa
Lessor, Lease, Description [Line Items]
Total lease revenues	349	309
Asia and Australasia
Lessor, Lease, Description [Line Items]
Total lease revenues	$ 169	$ 104

Leases (Lessee Components of Le

Leases (Lessee Components of Lease Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property leases
Operating lease expense	$ 205	$ 161
Variable lease expense	83	102
Total property lease expense	$ 288	$ 263

Leases (Supplemental Balance Sh

Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property leases
Operating lease ROU assets	$ 2,350	$ 2,405
Short-term operating lease liabilities	533	555
Long-term operating lease liabilities	1,852	1,884
Operating lease liabilities	$ 2,385	$ 2,439
Weighted average remaining lease term	8 years 2 months 12 days	8 years 2 months 12 days
Weighted average discount rate	4.39%	4.30%
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, 2023	Mar. 31, 2022
Cash payments for lease liabilities within operating activities:
Property operating leases	$ 210	$ 164
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$ 154	$ 213

Restructuring and Other Relat_3

Restructuring and Other Related Charges (Narrative) (Detail) - T22 $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) employee
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated	265
Number of positions eliminated	225
Expected cost remaining | $	$ 2

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, 2023	Mar. 31, 2022
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	$ 4
Restructuring expenses	4	$ 8
Balance at the end of the period	4
Americas
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	1
Balance at the end of the period	2
International
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	3
Balance at the end of the period	2
Restructuring expense
Restructuring Reserve [Roll Forward]
Restructuring expenses	4
Restructuring payments and utilization	(4)
Restructuring expense | Americas
Restructuring Reserve [Roll Forward]
Restructuring expenses	3
Restructuring payments and utilization	(2)
Restructuring expense | International
Restructuring Reserve [Roll Forward]
Restructuring expenses	1
Restructuring payments and utilization	$ (2)

Earnings Per Share (Computation

Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income attributable to Avis Budget Group, Inc. for basic and diluted EPS	$ 312	$ 529
Basic weighted average shares outstanding (in shares)	39.6	53.1
Non-vested stock (in shares)	0.8	1.4
Diluted weighted average shares outstanding (in shares)	40.4	54.5
Earnings per share:
Basic (in usd per share)	$ 7.88	$ 9.96
Diluted (in usd per share)	$ 7.72	$ 9.71
Non-vested stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0.1	0.1

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets, Current [Abstract]
Prepaid expenses	$ 274	$ 252
Sales and use taxes	199	142
Other	161	112
Other current assets	$ 634	$ 506

Intangible Assets (Schedule Of

Intangible Assets (Schedule Of Intangible Assets) (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 588	$ 585
Accumulated Amortization	474	463
Net Carrying Amount	114	122
Indefinite-lived Intangible Assets [Line Items]
Goodwill	1,076	1,070
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	545	544
License agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	291	290
Accumulated Amortization	222	217
Net Carrying Amount	69	73
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	249	247
Accumulated Amortization	211	207
Net Carrying Amount	38	40
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	48	48
Accumulated Amortization	41	39
Net Carrying Amount	$ 7	$ 9

Intangible Assets (Narrative) (

Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense relating to all intangible assets	$ 8	$ 16
Amortization expense for remainder of the year	19
Intangible assets amortization expense, year one	22
Intangible assets amortization expense, year two	16
Intangible assets amortization expense, year three	15
Intangible assets amortization expense, year four	11
Intangible assets amortization expense, year five	$ 9

Vehicle Rental Activities (Comp

Vehicle Rental Activities (Components Of The Company's Vehicles) (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Rental vehicles	$ 19,365	$ 17,819
Less: Accumulated depreciation	(2,244)	(2,211)
Rental Vehicles Net, Total	17,121	15,608
Vehicles held for sale	277	317
Vehicle, net investment in lease receivables	36	36
Vehicles, net	17,434	$ 15,961
Liabilities under vehicle programs	314		$ 150
Other receivables	$ 137		$ 64

Vehicle Rental Activities (Co_2

Vehicle Rental Activities (Components Of Vehicle Depreciation And Lease Charges) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 477	$ 381
Lease charges	38	33
(Gain) loss on sale of vehicles, net	(250)	(303)
Vehicle depreciation and lease charges, net	$ 265	$ 111

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	21.40%	24.20%

Accounts Payable and Other Cu_3

Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 510	$ 466
Short-term operating lease liabilities	533	555
Deferred lease revenues - current	302	188
Accrued advertising and marketing	289	268
Accrued sales and use taxes	267	246
Accrued payroll and related	187	205
Public liability and property damage insurance liabilities – current	171	174
Other	456	445
Accounts payable and other current liabilities	$ 2,715	$ 2,547

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, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Other	$ 34	$ 18
Deferred financing fees	(43)	(44)
Total	4,696	4,671
Less: Short-term debt and current portion of long-term debt	34	27
Long-term debt	$ 4,662	4,644
4.125% euro-denominated Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.125%
Long-term debt	$ 325	321
4.500% euro-denominated Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.50%
Long-term debt	$ 271	268
4.750% euro-denominated Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.75%
Long-term debt	$ 379	375
5.750% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	5.75%
Long-term debt	$ 733	732
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	$ 1,173	1,176
Aggregate interest rate	6.60%
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	$ 724	$ 725
Aggregate interest rate	8.41%
Floating Rate Term Loan | Interest rate swaps | Loans Payable
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%

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, 2023 USD ($)
Line of Credit Facility [Line Items]
Outstanding Borrowings	$ 14,834
Available Capacity	$ 2,285
Line of Credit | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis points	1.75%
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Total Capacity	$ 2,000
Outstanding Borrowings	0
Letters of Credit Issued	1,123
Available Capacity	$ 877

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, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt under vehicle programs	$ 14,777	$ 13,809
Deferred financing fees	43	44
Americas - Debt due to Avis Budget Rental Car Funding
Debt Instrument [Line Items]
Debt under vehicle programs	12,259	11,322
Americas - Debt borrowings
Debt Instrument [Line Items]
Debt under vehicle programs	739	598
International - Debt borrowings
Debt Instrument [Line Items]
Debt under vehicle programs	1,608	1,700
International - Finance leases
Debt Instrument [Line Items]
Debt under vehicle programs	175	176
Other
Debt Instrument [Line Items]
Debt under vehicle programs	53	65
Deferred Financing Fees
Debt Instrument [Line Items]
Deferred financing fees	(57)	(52)
Avis Budget Rental Car Funding | Deferred Financing Fees
Debt Instrument [Line Items]
Deferred financing fees	$ 53	$ 47

Debt Under Vehicle Programs a_4

Debt Under Vehicle Programs and Borrowing Arrangements (Narrative) (Details) $ in Millions	Jan. 31, 2023 USD ($)
Avis Budget Rental Car Funding Program March 2024
Debt Instrument [Line Items]
Asset-backed securities, at carrying value	$ 500
Weighted average interest rate	5.36%
Avis Budget Rental Car Funding Program October 2026
Debt Instrument [Line Items]
Asset-backed securities, at carrying value	$ 350
Weighted average interest rate	5.31%

Debt Under Vehicle Programs A_5

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Contractual Maturities) (Detail) - Deferred Financing Fees $ in Millions	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Within 1 year	$ 2,489
Between 1 and 2 years	5,803
Between 2 and 3 years	2,596
Between 3 and 4 years	2,071
Between 4 and 5 years	1,414
Thereafter	461
Total	14,834
Bank And Bank-Sponsored Facilities
Debt Instrument [Line Items]
Within 1 year	1,200
Between 1 and 2 years	3,900
Between 2 and 3 years	$ 100

Debt Under Vehicle Programs A_6

Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Available Funding Under The Vehicle Programs) (Detail) $ in Millions	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total Capacity	$ 17,119
Outstanding Borrowings	14,834
Available Capacity	2,285
Americas - Debt due to Avis Budget Rental Car Funding | Affiliated Entity
Debt Instrument [Line Items]
Total Capacity	13,243
Outstanding Borrowings	12,259
Available Capacity	984
Americas - Debt due to Avis Budget Rental Car Funding | Affiliated Entity | Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	14,300
Americas - Debt borrowings
Debt Instrument [Line Items]
Total Capacity	962
Outstanding Borrowings	739
Available Capacity	223
Americas - Debt borrowings | Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	1,100
International - Debt borrowings
Debt Instrument [Line Items]
Total Capacity	2,649
Outstanding Borrowings	1,608
Available Capacity	1,041
International - Debt borrowings | Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	2,500
International - Finance leases
Debt Instrument [Line Items]
Total Capacity	211
Outstanding Borrowings	175
Available Capacity	36
International - Finance leases | Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	200
Other
Debt Instrument [Line Items]
Total Capacity	54
Outstanding Borrowings	53
Available Capacity	$ 1

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Detail) $ in Millions	1 Months Ended		3 Months Ended
	Nov. 30, 2017 lawsuit	Nov. 30, 2011 class	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Range of possible loss (up to)			$ 35
Purchase obligation over the next twelve months			9,300
Purchase commitment period increase			2,600
Other receivables			$ 137	$ 64
Long-term purchase commitment, term			12 months
Electronic Toll Service Dispute | Jose Mendez v Avis Budget Group Inc
Schedule Of Commitments And Contingencies [Line Items]
Number of cases brought by plaintiffs | class		2
Breach of Contract | Jose Mendez v Avis Budget Group Inc
Schedule Of Commitments And Contingencies [Line Items]
Number of claims filed | lawsuit	2
Fines And Fees Charged To Renters | Jose Mendez v Avis Budget Group Inc
Schedule Of Commitments And Contingencies [Line Items]
Number of claims filed | lawsuit	1
Realogy
Schedule Of Commitments And Contingencies [Line Items]
Other receivables			$ 36
Wyndham
Schedule Of Commitments And Contingencies [Line Items]
Other receivables			$ 21
Real Estate Inc | Tax Liability
Schedule Of Commitments And Contingencies [Line Items]
Liability assumed, percent			62.50%
Wyndham Hotels And Resorts Inc And Travel + Leisure Co. | Tax Liability
Schedule Of Commitments And Contingencies [Line Items]
Liability assumed, percent			37.50%

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Detail) - USD ($) $ in Billions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2013
Equity [Abstract]
Stock repurchase program, authorized amount (up to)		$ 8.1
Number of shares purchased (in shares)	0
Remaining authorized repurchase amount	$ 1.7

Stockholders' Equity (Component

Stockholders' Equity (Components of Other Comprehensive Income) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Net income	$ 312	$ 527
Less: net income (loss) attributable to non-controlling interests	0	2
Net income	312	529
Other comprehensive income (loss):
Currency translation adjustments (net of tax of $3 and $(3), respectively)	(4)	7
Net unrealized gain (loss) on cash flow hedges (net of tax of $2 and $(11), respectively)	(7)	30
Minimum pension liability adjustment (net of tax of $0, in each period)	1	2
Other comprehensive income (loss)	(10)	39
Comprehensive income attributable to Avis Budget Group, Inc.	302	568
Currency translation adjustments, tax	3	(3)
Net unrealized gain (loss) on cash flow hedges, tax	2	(11)
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, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (700)	$ (209)
Other comprehensive income (loss) before reclassifications	(9)	33
Amounts reclassified from accumulated other comprehensive income	(1)	6
Net current-period other comprehensive income (loss)	(10)	39
Ending balance	(441)	(983)
Amounts reclassified from accumulated other comprehensive income	(1)	6
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	105
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(30)	16
Other comprehensive income (loss) before reclassifications	(4)	7
Amounts reclassified from accumulated other comprehensive income	0	0
Net current-period other comprehensive income (loss)	(4)	7
Ending balance	(34)	23
Amounts reclassified from accumulated other comprehensive income	0	0
Net Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	45	(19)
Other comprehensive income (loss) before reclassifications	(5)	26
Amounts reclassified from accumulated other comprehensive income	(2)	4
Net current-period other comprehensive income (loss)	(7)	30
Ending balance	38	11
Amounts reclassified from accumulated other comprehensive income	(2)	4
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	2	4
Amounts reclassified from accumulated other comprehensive income (loss)	3	5
Amounts reclassified from accumulated other comprehensive income	2	4
Minimum Pension Liability Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(116)	(130)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income	1	2
Net current-period other comprehensive income (loss)	1	2
Ending balance	(115)	(128)
Amounts reclassified from accumulated other comprehensive income	1	2
Minimum Pension Liability Adjustment | Selling, General and Administrative Expenses [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income	1	2
Amounts reclassified from accumulated other comprehensive income (loss)	1	3
Amounts reclassified from accumulated other comprehensive income	1	2
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(101)	(133)
Ending balance	$ (111)	$ (94)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2022	Sep. 01, 2022
Related Party Transaction [Line Items]
Non-controlling interests	$ 3		$ 3
Assets	27,388		25,927
Vehicle, net investment in lease receivables	36		36
Receivables From Related Party | Affiliated Entity | Avis Mobility Ventures LLC (AMV)
Related Party Transaction [Line Items]
Due from related parties	4		6
Avis Mobility Ventures LLC (AMV) | Affiliated Entity | Avis Mobility Ventures LLC (AMV)
Related Party Transaction [Line Items]
Equity investments	43		$ 49
Avis Mobility Ventures LLC (AMV) | Administrative Services | Affiliated Entity | Avis Mobility Ventures LLC (AMV)
Related Party Transaction [Line Items]
Revenue from related parties	8
Expense with relater party	6
Subsidiary Equity
Related Party Transaction [Line Items]
Assets	49
Gain on deconsolidation	$ 10
SRS Mobility Ventures, LLC | Subsidiary Equity
Related Party Transaction [Line Items]
Contributions from non-controlling interests		$ 37.5
Non-controlling interests				$ 62
SRS Mobility Ventures, LLC | Subsidiary Equity | Company Subsidiary
Related Party Transaction [Line Items]
Ownership interest				51%
Ownership acquired percentage		33.34%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 8	$ 6
Stock-based compensation expense (net of tax)	$ 6	$ 4

Stock-Based Compensation (Assum

Stock-Based Compensation (Assumptions Used) (Details) - Performance-based and market-based RSUs	3 Months Ended
	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility of stock price	91%
Risk-free interest rate	0.18%
Valuation period	3 years
Dividend yield	0%

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, 2023	Mar. 31, 2022
Number of Shares
Balance (in shares)	331
Weighted Average Grant Date Fair Value
Cost not yet recognized	$ 69
Period for recognition	1 year 6 months
Time-based RSUs
Number of Shares
Balance (in shares)	451
Granted (in shares)	71
Vested (in shares)	(191)
Forfeited (in shares)	0
Outstanding and expected to vest (in shares)	331
Weighted Average Grant Date Fair Value
Balance (in usd per share)	$ 92.06
Granted (in usd per share)	208.84	$ 194.74
Vested (in usd per share)	49.13
Forfeited (in usd per share)	0
Balance (in usd per share)	141.90
Outstanding and expected to vest, weighted average grant date fair value (in usd per share)	$ 141.90
Outstanding and expected to vest weighted average remaining contractual term (in years)	1 year 8 months 12 days
Aggregate intrinsic value, outstanding and expected to vest	$ 64
Fair value vested in period	$ 17	$ 15
Performance-based and market-based RSUs
Number of Shares
Balance (in shares)	691
Granted (in shares)	88
Vested (in shares)	(344)
Forfeited (in shares)	0
Balance (in shares)	435
Outstanding and expected to vest (in shares)	404
Weighted Average Grant Date Fair Value
Balance (in usd per share)	$ 57.56
Granted (in usd per share)	208.84	$ 194.74
Vested (in usd per share)	21.09
Forfeited (in usd per share)	0
Balance (in usd per share)	116.95
Outstanding and expected to vest, weighted average grant date fair value (in usd per share)	$ 110.22
Outstanding and expected to vest weighted average remaining contractual term (in years)	1 year 4 months 24 days
Outstanding weighted average remaining contractual terms (in years)	1 year 4 months 24 days
Aggregate intrinsic value, outstanding and expected to vest	$ 79
Aggregate intrinsic value outstanding	$ 85

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash flow hedge gain to be reclassified within twelve months	$ 18

Financial Instruments (Notation

Financial Instruments (Notational Amounts of Derivatives Held) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 1,224
Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	14,520
Interest rate caps | Subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	6,200
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	1,450
Sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	10,000
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, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	$ 100	$ 111
Fair Value, Derivative Liabilities	99	117
Derivatives designated as hedging instruments | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	52	61
Fair Value, Derivative Liabilities	0	0
Derivatives not designated as hedging instruments | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	3	4
Fair Value, Derivative Liabilities	1	6
Derivatives not designated as hedging instruments | Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	45	46
Fair Value, Derivative Liabilities	$ 98	$ 111

Financial Instruments (Effects

Financial Instruments (Effects of Derivatives Recognized) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ (23)	$ 64
Interest rate swaps | Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	(7)	30
Euro-denominated notes | Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	(9)	20
Foreign exchange contracts | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	(7)	12
Interest rate caps | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ 0	$ 2

Financial Instruments (Schedule

Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values) (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	$ 34	$ 27
Long-term debt	4,662	4,644
Carrying Amount | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	34	27
Long-term debt	4,662	4,644
Carrying Amount | Interest Rate Caps | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and interest rate caps	98	111
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	2,473	2,423
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	12,206	11,275
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	34	26
Long-term debt	4,604	4,411
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	98	111
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	2,471	2,422
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	$ 11,847	$ 10,848

Segment Information (Narrative)

Segment Information (Narrative) (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Estimated litigation liability	$ 5
Assets under vehicle programs	18,877	$ 17,428
Americas
Segment Reporting Information [Line Items]
Assets under vehicle programs	$ 15,700	$ 14,300

Segment Information (Summary Of

Segment Information (Summary Of Segments Information) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 2,557	$ 2,432
Adjusted EBITDA	535	810
Less:
Non-vehicle related depreciation and amortization	56	58
Interest expense	73	53
Restructuring and other related charges	4	8
Other (income) expense, net	(2)	0
COVID-19 charges	0	(7)
Unprecedented personal-injury and other legal matters, net	0	1
Net income	397	695
Operating Expense | Cloud Computing Costs
Less:
Cloud computing costs	7	2
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	0	0
Adjusted EBITDA	(31)	(23)
Americas | Geographical
Segment Reporting Information [Line Items]
Revenues	2,016	2,000
Adjusted EBITDA	516	810
International | Geographical
Segment Reporting Information [Line Items]
Revenues	541	432
Adjusted EBITDA	$ 50	$ 23

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event $ in Millions	1 Months Ended
	Apr. 30, 2023 USD ($)
Subsequent Event [Line Items]
Asset-Backed Securities, Period Increase (Decrease)	$ 750
Avis Budget Rental Car Funding Program February 2027
Subsequent Event [Line Items]
Asset-backed securities, at carrying value	$ 450
Weighted average interest rate	5.67%
Avis Budget Rental Car Funding Program June 2028
Subsequent Event [Line Items]
Asset-backed securities, at carrying value	$ 550
Weighted average interest rate	5.76%