Avis Budget (CAR) 10-Q2 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	379 Interpace Parkway
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		35,647,164
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2024	Mar. 31, 2023
Revenues
Revenues	$ 2,551	$ 2,557
Expenses
Operating	1,344	1,307
Vehicle depreciation and lease charges, net	636	265
Selling, general and administrative	325	324
Vehicle interest, net	239	133
Non-vehicle related depreciation and amortization	61	56
Interest expense related to corporate debt, net	83	73
Restructuring and other related charges	3	4
Transaction-related costs, net	1	0
Other (income) expense, net	1	(2)
Total expenses	2,693	2,160
Income (loss) before income taxes	(142)	397
Provision for (benefit from) income taxes	(29)	85
Net income (loss)	(113)	312
Less: net income attributable to non-controlling interests	1	0
Net income (loss) attributable to Avis Budget Group, Inc.	(114)	312
Comprehensive income (loss) attributable to Avis Budget Group, Inc.	$ (158)	$ 302
Earnings (loss) per share
Basic (in usd per share)	$ (3.21)	$ 7.88
Diluted (in usd per share)	$ (3.21)	$ 7.72

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 522	$ 555
Receivables, net	1,032	900
Other current assets	779	684
Total current assets	2,333	2,139
Property and equipment, net	709	719
Operating lease right-of-use assets	2,750	2,654
Deferred income taxes	1,811	1,868
Goodwill	1,088	1,099
Other intangibles, net	658	670
Other non-current assets	450	441
Total assets exclusive of assets under vehicle programs	9,799	9,590
Assets under vehicle programs:
Program cash	73	85
Vehicles, net	22,020	21,240
Receivables from vehicle manufacturers and other	431	443
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	1,205	1,211
Total assets under vehicle programs	23,729	22,979
Total Assets	33,528	32,569
Current liabilities:
Accounts payable and other current liabilities	2,669	2,627
Short-term debt and current portion of long-term debt	405	32
Total current liabilities	3,074	2,659
Long-term debt	5,032	4,791
Long-term operating lease liabilities	2,234	2,117
Other non-current liabilities	509	528
Total liabilities exclusive of liabilities under vehicle programs	10,849	10,095
Liabilities under vehicle programs:
Debt	3,241	3,496
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party	15,949	15,441
Deferred income taxes	3,325	3,418
Other	672	462
Total liabilities under vehicle programs	23,187	22,817
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.01 par value—authorized 10 shares; none issued and outstanding, in each period	0	0
Common stock, $0.01 par value—authorized 250 shares; issued 137 shares, in each period	1	1
Additional paid-in capital	6,610	6,634
Retained earnings	3,738	3,854
Accumulated other comprehensive loss	(140)	(96)
Treasury stock, at cost—101 and 102 shares, respectively	(10,724)	(10,742)
Stockholders’ equity attributable to Avis Budget Group, Inc.	(515)	(349)
Non-controlling interests	7	6
Total stockholders’ equity	(508)	(343)
Total Liabilities and Stockholders’ Equity	$ 33,528	$ 32,569

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	101,000,000	102,000,000

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income (loss)	$ (113)	$ 312
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Vehicle depreciation	562	477
Amortization of right-of-use assets	302	251
(Gain) loss on sale of vehicles, net	39	(250)
Non-vehicle related depreciation and amortization	61	56
Stock-based compensation	7	8
Amortization of debt financing fees	12	9
Net change in assets and liabilities:
Receivables	(8)	34
Income taxes and deferred income taxes	(34)	66
Accounts payable and other current liabilities	46	82
Operating lease liabilities	(299)	(250)
Other, net	14	24
Net cash provided by operating activities	589	819
Investing activities
Property and equipment additions	(53)	(44)
Proceeds received on asset sales	1	0
Net assets acquired (net of cash acquired)	(1)	(3)
Net cash used in investing activities exclusive of vehicle programs	(53)	(47)
Vehicle programs:
Investment in vehicles	(4,081)	(3,880)
Proceeds received on disposition of vehicles	2,610	2,283
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	(254)	(105)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	260	71
Net cash used in investing activities of vehicle programs	(1,465)	(1,631)
Net cash used in investing activities	(1,518)	(1,678)
Financing activities
Proceeds from long-term borrowings	651	0
Payments on long-term borrowings	(10)	(7)
Net change in short-term borrowings	0	2
Repurchases of common stock	(15)	(51)
Debt financing fees	(11)	(2)
Net cash provided by (used in) financing activities exclusive of vehicle programs	615	(58)
Vehicle programs:
Proceeds from borrowings	6,614	5,270
Payments on borrowings	(6,296)	(4,359)
Debt financing fees	(36)	(12)
Net cash provided by financing activities of vehicle programs	282	899
Net cash provided by financing activities	897	841
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	(13)	5
Net decrease in cash and cash equivalents, program and restricted cash	(45)	(13)
Cash and cash equivalents, program and restricted cash, beginning of period	644	642
Cash and cash equivalents, program and restricted cash, end of period	$ 599	$ 629

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Stockholders’ Equity Attributable to Avis Budget Group, Inc.	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2022			137.1
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							(97.6)
Comprehensive income (loss):
Net income (loss)	312	312			312
Other comprehensive loss	(10)	(10)				(10)
Total comprehensive income (loss)	302	302			312	(10)
Net activity related to restricted stock units (in shares)							0.3
Net activity related to restricted stock units	(43)	(43)		(46)			$ 3
Ending balance (in shares) at Mar. 31, 2023			137.1
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							(97.3)
Beginning balance (in shares) at Dec. 31, 2023			137.1
Beginning balance at Dec. 31, 2023	$ (343)	(349)	$ 1	6,634	3,854	(96)	$ (10,742)	6
Treasury stock, beginning balance (in shares) at Dec. 31, 2023	(102)						(101.6)
Comprehensive income (loss):
Net income (loss)	$ (113)	(114)			(114)			1
Other comprehensive loss	(44)	(44)				(44)
Total comprehensive income (loss)	(157)	(158)			(114)	(44)		1
Net activity related to restricted stock units (in shares)							0.2
Net activity related to restricted stock units	(8)	(8)		(24)	(2)		$ 18
Ending balance (in shares) at Mar. 31, 2024			137.1
Ending balance at Mar. 31, 2024	$ (508)	$ (515)	$ 1	$ 6,610	$ 3,738	$ (140)	$ (10,724)	$ 7
Treasury stock, ending balance (in shares) at Mar. 31, 2024	(101)						(101.4)

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
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 2023 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 2023 Annual Report on Form 10-K (the “2023 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 2023 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, 2024 2023 Cash and cash equivalents $ 522 $ 548 Program cash 73 80 Restricted cash (a) 4 1 Total cash and cash equivalents, program and restricted cash $ 599 $ 629 ________ (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. 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, 2024 and December 31, 2023, we had equity method investments with a carrying value o f $95 million and $93 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, 2024 and 2023 we recorded $3 million and an immaterial amount related to our equity method investments, respectively. 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 $42 million and $44 million during the three months ended March 31, 2024 and 2023, respectively. The following table presents our revenues disaggregated by geography: Three Months Ended 2024 2023 Americas $ 1,993 $ 2,016 Europe, Middle East and Africa 382 367 Asia and Australasia 176 174 Total revenues $ 2,551 $ 2,557 The following table presents our revenues disaggregated by brand: Three Months Ended 2024 2023 Avis $ 1,460 $ 1,415 Budget 921 977 Other 170 165 Total revenues $ 2,551 $ 2,557 ________ Other includes Zipcar and other operating brands. Recently Issued Accounting Pronouncements Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which amends Topic 740 primarily through enhanced disclosures about an entity’s tax risks and tax planning. The amendments are effective for public business entities in annual periods beginning after December 15, 2024, with early adoption permitted on a prospective or retrospective basis. ASU 2023-09 will become effective for us on January 1, 2025. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements. Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures,” which amends Topic 280 primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 became effective for us on January 1, 2024. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Condensed Financial Statements. Reference Rate Reform In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which amends ASU 2020-04 and clarifies the scope and guidance of Topic 848 to allow derivatives impacted by the reference rate reform to qualify for certain optional expedients and exceptions for contract modifications and hedge accounting. The guidance is optional and is effective for a limited period of time. In December 2022, the FASB also issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” to defer the sunset date of ASC 848 from December 31, 2022 to December 31, 2024. As of March 31, 2024, this guidance had no impact on our Consolidated Condensed Financial Statements, and we will continue to evaluate this guidance.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
Leases [Abstract]
Leases	Leases Lessor The following table presents our lease revenues disaggregated by geography: Three Months Ended 2024 2023 Americas $ 1,974 $ 1,995 Europe, Middle East and Africa 364 349 Asia and Australasia 171 169 Total lease revenues $ 2,509 $ 2,513 The following table presents our lease revenues disaggregated by brand: Three Months Ended 2024 2023 Avis $ 1,434 $ 1,388 Budget 909 964 Other 166 161 Total lease revenues $ 2,509 $ 2,513 ________ 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 2024 2023 Property leases (a) Operating lease expense $ 229 $ 205 Variable lease expense 69 83 Total property lease expense $ 298 $ 288 ________ (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 $ 2,750 $ 2,654 Short-term operating lease liabilities (a) $ 558 $ 576 Long-term operating lease liabilities 2,234 2,117 Operating lease liabilities $ 2,792 $ 2,693 Weighted average remaining lease term 8.0 years 8.1 years Weighted average discount rate 4.88 % 4.83 % ________ (a) Included in accounts payable and other current liabilities Supplemental cash flow information related to leases is as follows: Three Months Ended 2024 2023 Cash payments for lease liabilities within operating activities: Property operating leases $ 266 $ 210 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 380 $ 154
Leases	Leases Lessor The following table presents our lease revenues disaggregated by geography: Three Months Ended 2024 2023 Americas $ 1,974 $ 1,995 Europe, Middle East and Africa 364 349 Asia and Australasia 171 169 Total lease revenues $ 2,509 $ 2,513 The following table presents our lease revenues disaggregated by brand: Three Months Ended 2024 2023 Avis $ 1,434 $ 1,388 Budget 909 964 Other 166 161 Total lease revenues $ 2,509 $ 2,513 ________ 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 2024 2023 Property leases (a) Operating lease expense $ 229 $ 205 Variable lease expense 69 83 Total property lease expense $ 298 $ 288 ________ (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 $ 2,750 $ 2,654 Short-term operating lease liabilities (a) $ 558 $ 576 Long-term operating lease liabilities 2,234 2,117 Operating lease liabilities $ 2,792 $ 2,693 Weighted average remaining lease term 8.0 years 8.1 years Weighted average discount rate 4.88 % 4.83 % ________ (a) Included in accounts payable and other current liabilities Supplemental cash flow information related to leases is as follows: Three Months Ended 2024 2023 Cash payments for lease liabilities within operating activities: Property operating leases $ 266 $ 210 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 380 $ 154
Leases	Leases Lessor The following table presents our lease revenues disaggregated by geography: Three Months Ended 2024 2023 Americas $ 1,974 $ 1,995 Europe, Middle East and Africa 364 349 Asia and Australasia 171 169 Total lease revenues $ 2,509 $ 2,513 The following table presents our lease revenues disaggregated by brand: Three Months Ended 2024 2023 Avis $ 1,434 $ 1,388 Budget 909 964 Other 166 161 Total lease revenues $ 2,509 $ 2,513 ________ 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 2024 2023 Property leases (a) Operating lease expense $ 229 $ 205 Variable lease expense 69 83 Total property lease expense $ 298 $ 288 ________ (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 $ 2,750 $ 2,654 Short-term operating lease liabilities (a) $ 558 $ 576 Long-term operating lease liabilities 2,234 2,117 Operating lease liabilities $ 2,792 $ 2,693 Weighted average remaining lease term 8.0 years 8.1 years Weighted average discount rate 4.88 % 4.83 % ________ (a) Included in accounts payable and other current liabilities Supplemental cash flow information related to leases is as follows: Three Months Ended 2024 2023 Cash payments for lease liabilities within operating activities: Property operating leases $ 266 $ 210 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 380 $ 154

Restructuring and Other Related

Restructuring and Other Related Charges	3 Months Ended
Restructuring and Other Related Charges	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Other Related Charges	Restructuring and Other Related Charges During the first quarter of 2024, we initiated a global restructuring plan to further right size our operations (“Global Rightsizing”). The costs associated with this initiative are primarily related to the operational scaling of processes, locations, and lines of business. We expect further restructuring expense of approximately $35 million related to this initiative to be incurred this year. During the second quarter of 2022, we initiated a restructuring plan to focus on consolidating our global operations by designing new processes and implementing new systems (“Cost Optimization”). We expect this initiative to be completed this year. The following tables summarize the change to our restructuring-related liabilities and identifies the amounts recorded within our reporting segments for restructuring charges and corresponding payments and utilizations: Americas International Total Balance as of January 1, 2024 $ 2 $ 2 $ 4 Restructuring expense: Global Rightsizing 2 1 3 Restructuring payments and utilization: Global Rightsizing (2) (1) (3) Cost Optimization — (1) (1) Balance as of March 31, 2024 $ 2 $ 1 $ 3

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted earnings (loss) per share (“EPS”) (shares in millions): Three Months Ended March 31, 2024 2023 Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS $ (114) $ 312 Basic weighted average shares outstanding 35.6 39.6 Non-vested stock (a) — 0.8 Diluted weighted average shares outstanding 35.6 40.4 Earnings (loss) per share: Basic $ (3.21) $ 7.88 Diluted $ (3.21) $ 7.72 ________ (a)

Other Current Assets

Other Current Assets	3 Months Ended
Other Current Assets	Mar. 31, 2024
Assets, Current [Abstract]
Other Current Assets	Other Current Assets Other current assets consisted of: As of As of March 31, December 31, 2024 2023 Prepaid expenses $ 312 $ 239 Sales and use taxes 221 192 Other 246 253 Other current assets $ 779 $ 684

Intangible Assets

Intangible Assets	3 Months Ended
Intangible Assets	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of: As of March 31, 2024 As of December 31, 2023 Gross Accumulated Net Gross Accumulated Net Amortized Intangible Assets License agreements $ 312 $ 236 $ 76 $ 316 $ 234 $ 82 Customer relationships 250 220 30 253 221 32 Other 54 46 8 56 46 10 Total $ 616 $ 502 $ 114 $ 625 $ 501 $ 124 Unamortized Intangible Assets Goodwill $ 1,088 $ 1,099 Trademarks $ 544 $ 546 For the three months ended March 31, 2024 and 2023, amortization expense related to amortizable intangible assets was approximat el y $8 million in each period. Based on our amortizable intangible assets at March 31, 2024, we expect amortization expense of approximately $21 million for the remainder of 2024, $22 million for 2025, $21 million for 2026, $16 million for 2027, $9 million for 2028 and $7 million for 2029, excluding effects of currency exchange rates.

Vehicle Rental Activities

Vehicle Rental Activities	3 Months Ended
Vehicle Rental Activities	Mar. 31, 2024
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, 2024 2023 Rental vehicles $ 24,110 $ 23,114 Less: Accumulated depreciation (2,647) (2,639) 21,463 20,475 Vehicles held for sale 521 734 Vehicles, net investment in lease (a) 36 31 Vehicles, net $ 22,020 $ 21,240 ________ (a) See Note 14 – Related Party Transactions. The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended 2024 2023 Depreciation expense $ 562 $ 477 Lease charges 35 38 (Gain) loss on sale of vehicles, net 39 (250) Vehicle depreciation and lease charges, net $ 636 $ 265 At March 31, 2024 and 2023, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $483 million and $314 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $239 million and $137 million, respectively.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate for the three months ended March 31, 2024 was a benefit of 20.4%. Such rate differed from the Federal Statutory rate of 21.0% primarily due to the effect of certain tax credits, partially offset by foreign taxes on our International operations and state 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. The Organisation for Economic Cooperation and Development (“OECD”) published a proposal for the establishment of a global minimum tax rate of 15% (the “Pillar Two rule”), effective for fiscal 2024. We are closely monitoring developments of the Pillar Two rule as the OECD continues to refine its technical guidance and member states implement tax laws and regulations based on Pillar Two proposals. Based on our preliminary analysis, we do not expect Pillar Two to have a material impact on our financial statements for 2024.

Accounts Payable and Other Curr

Accounts Payable and Other Current Liabilities	3 Months Ended
Accounts Payable and Other Current Liabilities	Mar. 31, 2024
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, 2024 2023 Short-term operating lease liabilities $ 558 $ 576 Accounts payable 504 487 Accrued advertising and marketing 267 276 Accrued sales and use taxes 268 251 Accrued payroll and related 164 188 Deferred lease revenues - current 257 168 Public liability and property damage insurance liabilities – current 172 181 Other 479 500 Accounts payable and other current liabilities $ 2,669 $ 2,627

Long-term Corporate Debt and Bo

Long-term Corporate Debt and Borrowing Arrangements	3 Months Ended
Long-term Corporate Debt and Borrowing Arrangements	Mar. 31, 2024
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, Date 2024 2023 4.750% euro-denominated Senior Notes (a) January 2026 $ 378 $ 386 5.750% Senior Notes July 2027 736 736 4.750% Senior Notes April 2028 500 500 7.000% euro-denominated Senior Notes February 2029 647 — 5.375% Senior Notes March 2029 600 600 7.250% euro-denominated Senior Notes July 2030 432 441 8.000% Senior Notes February 2031 497 497 Floating Rate Term Loan (b) August 2027 1,162 1,164 Floating Rate Term Loan (c) March 2029 523 524 Other (d) 24 30 Deferred financing fees (62) (55) Total 5,437 4,823 Less: Short-term debt and current portion of long-term debt 405 32 Long-term debt $ 5,032 $ 4,791 ________ (a) In April 2024, these notes were fully redeemed. See Note 18 – Subsequent Events. (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, 2024, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 1.75%, for an aggregate rate of 7.19%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 3.26%. (c) 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, 2024, the floating rate term loan due 2029 bears interest at one-month SOFR plus 3.00% for an aggregate rate of 8.43%. (d) Primarily includes finance leases, which are secured by liens on the related assets. In February 2024, we issued €600 million of 7.000% euro-denominated Senior Notes due February 2029, at par, with interest payable semi-annually. Net proceeds from the offering will be used to redeem all of our outstanding 4.750% euro-denominated Senior Notes due January 2026 plus accrued interest, with the remainder being used for general corporate purposes. Committed Credit Facilities and Available Funding Arrangements As of March 31, 2024, 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 2028 (a) $ 2,000 $ — $ 1,800 $ 200 ________ (a) The senior revolving credit facility bears interest at one-month SOFR plus 1.75% 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, 2024, 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
Debt Under Vehicle Programs and Borrowing Arrangements	Mar. 31, 2024
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, 2024 2023 Americas - Debt due to Avis Budget Rental Car Funding (a) $ 16,030 $ 15,502 Americas - Debt borrowings 1,082 1,075 International - Debt borrowings (b) 1,973 2,203 International - Finance leases 164 172 Other 40 55 Deferred financing fees (c) (99) (70) Total $ 19,190 $ 18,937 ________ (a) Includes approximately $843 million and $841 million of Class R notes as of March 31, 2024 and December 31, 2023, respectively, which are held by us. (b) In February 2024, we amended our European rental fleet securitization program to increase its capacity to approximately €1.9 billion and extend the maturity of the program to September 2026. We also added £200 million to our capacity within the program. (c) Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2024 and December 31, 2023 were $81 million and $61 million, respectively. The following table provides a summary of debt issued by AESOP during the three months ended March 31, 2024: Issuance Date Maturity Date Weighted Average Amount January 2024 June 2029 5.51 % $ 1,200 February 2024 April 2026 6.24 % 53 February 2024 October 2026 6.18 % 37 February 2024 April 2028 6.23 % 52 March 2024 October 2027 5.26 % 400 March 2024 December 2029 5.35 % 700 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, 2024: Debt under Vehicle Programs (a) Within 1 year (b) $ 2,090 Between 1 and 2 years (c) 3,803 Between 2 and 3 years (d) 6,780 Between 3 and 4 years (e) 2,770 Between 4 and 5 years 2,365 Thereafter 1,481 Total $ 19,289 ________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $0.2 billion of bank and bank-sponsored facilities. (c) Includes $1.3 billion of bank and bank-sponsored facilities. (d) Includes $3.5 billion of bank and bank-sponsored facilities. (e) Includes $0.1 billion of bank and bank-sponsored facilities. Committed Credit Facilities and Available Funding Arrangements As of March 31, 2024, 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 $ 18,455 $ 16,030 $ 2,425 Americas - Debt borrowings 1,194 1,082 112 International - Debt borrowings 3,119 1,973 1,146 International - Finance leases 242 164 78 Other 40 40 — Total $ 23,050 $ 19,289 $ 3,761 ________ (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 2024. (b) The outstanding debt is collateralized by vehicles and related assets of $18.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.5 billion for Americas - Debt borrowings; $2.6 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases. Debt Covenants The agreements under our vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries and restrictions on indebtedness, mergers, liens, liquidations, and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of March 31, 2024, 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
Commitments and Contingencies	Mar. 31, 2024
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 filed a petition for rehearing, which was denied in April 2024, and the tax assessment is expected to become payable, even if judicial relief is sought. 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 September 2014, Dawn Valli et al. v. Avis Budget Group Inc., et al. was filed in U.S. District Court for the District of New Jersey. The plaintiffs seek to represent a purported nationwide class of certain renters of vehicles from our Avis and Budget subsidiaries from September 30, 2008 through the present. The plaintiffs seek damages in connection with claims relating to alleged misrepresentations and omissions concerning charging customers for traffic infractions and related administrative fees. On October 10, 2023, plaintiffs’ motion for class certification was denied as to their proposed nationwide class and granted as to a subclass, created at the Court’s discretion, of Avis Preferred and Budget Fastbreak members. We have been named as a defendant in other purported consumer class action lawsuits, including two class actions filed against us in New Jersey, one seeking damages in connection with a breach of contract claim and another related to ancillary charges at our Payless subsidiary. However, the Company intends to vigorously defend them. 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. We are a defendant in a number of legal proceedings for personal injury arising from the operation of our vehicles. In June 2023, two of our subsidiaries were named as defendants in a lawsuit filed in Dallas, Texas alleging that one of our employees caused the death of an individual with one of our vehicles: Peggy Dawson Edwards, Individually and as Anticipated Representative of the Estate of Michael Edwards, Sr., et. al. v. Avis Budget Car Rental, LLC; PV Holding Corp.; and Kevin Barnes, Cause No. CC-23-03188-E, pending in County Court at Law No. 5 for Dallas County, Texas. The complaint alleges that our subsidiaries are responsible for Mr. Edwards’ death and seeks compensatory and punitive damages in an unspecified amount exceeding $1 million. The court has set a trial date in November 2024 for this lawsuit. Given the early stages of the legal proceedings, it is not possible to predict the outcome of the claim. However, the Company intends to vigorously defend it. Litigation is inherently unpredictable and, although we believe that our accruals are adequate and/or that we have valid defenses in these matters, unfavorable resolutions could occur. We estimate that the potential exposure resulting from adverse outcomes of current legal proceedings in which it is reasonably possible that a loss may be incurred could, in the aggregate, be up to approximately $40 million in excess of amounts accrued as of March 31, 2024. 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 $4.1 billion of vehicles from manufacturers over the next 12 months, a $2.7 billion decrease compared to December 31, 2023, 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, 2024 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 $38 million and $23 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
Stockholders' Equity	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Share Repurchases Our Board of Directors has authorized the repurchase of up t o approximately $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, 2024 and 2023 , we did not repurchase any shares of common stock under the program. As of March 31, 2024, approximately $802 million of authorization remained available to repurchase common stock under the program. Common stock repurchases under the Stock Repurchase Program do not include shares withheld to satisfy employees’ income tax liabilities attributable to the vesting of restricted stock unit awards. Total Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income (loss). The components of other comprehensive income (loss) were as follows: Three Months Ended March 31, 2024 2023 Net income (loss) $ (113) $ 312 Less: net income attributable to non-controlling interests 1 — Net income (loss) attributable to Avis Budget Group, Inc. (114) 312 Other comprehensive income (loss): Currency translation adjustments (net of tax of $(5) and $3, respectively) (52) (4) Net unrealized gain (loss) on cash flow hedges (net of tax of $(2) and $2, respectively) 7 (7) Minimum pension liability adjustment (net of tax of $0 in each period) 1 1 (44) (10) Comprehensive income (loss) attributable to Avis Budget Group, Inc. $ (158) $ 302 ________ 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, 2024 $ (3) $ 37 $ (130) $ (96) Other comprehensive income (loss) before reclassifications (52) 12 — (40) Amounts reclassified from accumulated other comprehensive income (loss) — (5) 1 (4) Net current-period other comprehensive income (loss) (52) 7 1 (44) Balance, March 31, 2024 $ (55) $ 44 $ (129) $ (140) Balance, January 1, 2023 $ (30) $ 45 $ (116) $ (101) Other comprehensive income (loss) before reclassifications (4) (5) — (9) Amounts reclassified from accumulated other comprehensive income (loss) — (2) 1 (1) Net current-period other comprehensive income (loss) (4) (7) 1 (10) Balance, March 31, 2023 $ (34) $ 38 $ (115) $ (111) ________ 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 $108 million gain, net of tax, as of March 31, 2024 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, 2024 and 2023, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $7 million ($5 million, net of tax) and gains of $3 million ($2 million, net of tax), respectively. (b) For the three months ended March 31, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $1 million ($1 million, net of tax), in each period.

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
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 to report 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 do not have the ability to direct the significant activities of the former subsidiary and are therefore no longer primary beneficiary of the VIE. In August and October 2023, SRS made capital contributions to AMV, increasing their ownership to approximately 65%. 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, 2024 and 2023, we recorded $2 million and $8 million of related income within other (income) expense, net, respectively. For the three months ended March 31, 2024 and 2023 , we recorded losses of $3 million and $6 million within other (income) expense, net, related to our equity investment, respectively.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation We recorded stock-based compensation expense of $7 million and $8 million ( $5 million and $6 million, net of tax) during the three months ended March 31, 2024 and 2023, respectively . As part of our declaration and payment of a special cash dividend in December 2023, we granted additional restricted stock units (“ RSUs ”) to our award holders with unvested shares as a dividend equivalent, which has been deferred until, and will not be paid unless, the shares of stock underlying the award vest. 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, 2024 290 $ 161.87 Granted (a) 120 113.10 Vested (b) (90) 125.57 Forfeited (1) 180.27 Outstanding and expected to vest at March 31, 2024 (c) 319 $ 153.71 1.6 $ 39 Performance-based RSUs Outstanding at January 1, 2024 411 $ 128.77 Granted (a) 144 113.10 Vested (b) (222) 68.54 Forfeited (1) 154.07 Outstanding at March 31, 2024 332 $ 162.12 2.1 $ 41 Outstanding and expected to vest at March 31, 2024 (c) 199 $ 156.64 2.1 $ 24 ________ (a) Reflects the maximum number of stock units assuming achievement of all performance- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the three months ended March 31, 2023 w as $208.84 . (b) The total fair value of RSUs vested during the three months ended March 31, 2024 and 2023 was $27 million and $17 million, respectively. (c) Aggregate unrecognized compensation expense related to time-based RSUs and performance-based RSUs amoun ted to $57 million and will be recognized over a weighted average vesting period of 1.8 years .

Financial Instruments

Financial Instruments	3 Months Ended
Financial Instruments	Mar. 31, 2024
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 $26 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 fuel. 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 $ 2,062 Interest rate caps (a) 15,835 Interest rate swaps 750 ________ (a) Repres ents $10.6 billion of interest rate caps sold, partially offset by approximately $5.3 billion of interest rate caps purchased. These amounts exclude $5.9 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, 2024 As of December 31, 2023 Fair Value, Fair Value, Fair Value, Fair Value, Derivatives designated as hedging instruments Interest rate swaps (a) $ 59 $ — $ 50 $ — Derivatives not designated as hedging instruments Foreign exchange contracts (b) 4 6 5 4 Interest rate caps (c) 7 48 19 74 Total $ 70 $ 54 $ 74 $ 78 ________ 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 2024 2023 Derivatives designated as hedging instruments (a) Interest rate swaps (b) $ 7 $ (7) Euro-denominated notes (c) 15 (9) Derivatives not designated as hedging instruments (d) Foreign exchange contracts (e) (13) (7) Total $ 9 $ (23) ________ (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 (loss) into earnings. (c) Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss). (d) Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. (e) Included in interest expense. Debt Instruments The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows: As of March 31, 2024 As of December 31, 2023 Carrying Estimated Carrying Estimated Corporate debt Short-term debt and current portion of long-term debt $ 405 $ 406 $ 32 $ 32 Long-term debt 5,032 5,021 4,791 4,812 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 15,949 $ 15,817 $ 15,441 $ 15,238 Vehicle-backed debt 3,193 3,215 3,422 3,435 Interest rate swaps and interest rate caps (a) 48 48 74 74 ________ (a) Derivatives in a liability position.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2024
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; legal matters, which includes amounts recorded in excess of $5 million related to class action lawsuits and personal injury matters; non-operational charges related to shareholder activist activity, which includes 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, 2024 2023 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 1,993 $ 44 $ 2,016 $ 516 International 558 (15) 541 50 Corporate and Other (a) — (17) — (31) Total Company $ 2,551 $ 12 $ 2,557 $ 535 Reconciliation of Adjusted EBITDA to income (loss) before income taxes: 2024 2023 Adjusted EBITDA $ 12 $ 535 Less: Non-vehicle related depreciation and amortization 61 56 Interest expense related to corporate debt, net 83 73 Restructuring and other related charges 3 4 Transaction-related costs, net 1 — Other (income) expense, net (b) 1 (2) Reported within operating expenses: Cloud computing costs 10 7 Legal matters, net (5) — Income (loss) before income taxes $ (142) $ 397 ________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. (b) Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary. Since December 31, 2023, there have been no significant changes in segment assets exclusive of assets under vehicle programs. As of March 31, 2024 and December 31, 2023, Americas’ segment assets under vehicle programs were approximately $20.2 billion and $19.3 billion, respectively. This increase in assets under vehicle programs is directly correlated to the increase in the size and cost of our vehicle fleet.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April 2024, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary amended and restated its asset-backed variable-funding financing facilities to extend its maturity through April 2025. In April 2024, we redeemed all of our 4.750% euro-denominated Senior Notes due January 2026 with an aggregate outstanding balance of €350 million plus accrued interest.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (114)	$ 312

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2024
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 2023 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 2023 Annual Report on Form 10-K (the “2023 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.
Revenues	Revenues.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which amends Topic 740 primarily through enhanced disclosures about an entity’s tax risks and tax planning. The amendments are effective for public business entities in annual periods beginning after December 15, 2024, with early adoption permitted on a prospective or retrospective basis. ASU 2023-09 will become effective for us on January 1, 2025. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements. Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures,” which amends Topic 280 primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 became effective for us on January 1, 2024. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Condensed Financial Statements. Reference Rate Reform In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which amends ASU 2020-04 and clarifies the scope and guidance of Topic 848 to allow derivatives impacted by the reference rate reform to qualify for certain optional expedients and exceptions for contract modifications and hedge accounting. The guidance is optional and is effective for a limited period of time. In December 2022, the FASB also issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” to defer the sunset date of ASC 848 from December 31, 2022 to December 31, 2024. As of March 31, 2024, this guidance had no impact on our Consolidated Condensed Financial Statements, and we will continue to evaluate this guidance.
Lessee	Lessee We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities, and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
Basis of Presentation (Tables)	Mar. 31, 2024
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, 2024 2023 Cash and cash equivalents $ 522 $ 548 Program cash 73 80 Restricted cash (a) 4 1 Total cash and cash equivalents, program and restricted cash $ 599 $ 629 ________ (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, 2024 2023 Cash and cash equivalents $ 522 $ 548 Program cash 73 80 Restricted cash (a) 4 1 Total cash and cash equivalents, program and restricted cash $ 599 $ 629 ________ (a) Included within other current assets.
Schedule of Disaggregation of Revenue	The following table presents our revenues disaggregated by geography: Three Months Ended 2024 2023 Americas $ 1,993 $ 2,016 Europe, Middle East and Africa 382 367 Asia and Australasia 176 174 Total revenues $ 2,551 $ 2,557 The following table presents our revenues disaggregated by brand: Three Months Ended 2024 2023 Avis $ 1,460 $ 1,415 Budget 921 977 Other 170 165 Total revenues $ 2,551 $ 2,557 ________ Other includes Zipcar and other operating brands.

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases [Abstract]
Schedule of Operating Lease, Lease Income	The following table presents our lease revenues disaggregated by geography: Three Months Ended 2024 2023 Americas $ 1,974 $ 1,995 Europe, Middle East and Africa 364 349 Asia and Australasia 171 169 Total lease revenues $ 2,509 $ 2,513 The following table presents our lease revenues disaggregated by brand: Three Months Ended 2024 2023 Avis $ 1,434 $ 1,388 Budget 909 964 Other 166 161 Total lease revenues $ 2,509 $ 2,513 ________ 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 2024 2023 Property leases (a) Operating lease expense $ 229 $ 205 Variable lease expense 69 83 Total property lease expense $ 298 $ 288 ________ (a) Primarily within operating expenses. Supplemental cash flow information related to leases is as follows: Three Months Ended 2024 2023 Cash payments for lease liabilities within operating activities: Property operating leases $ 266 $ 210 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases $ 380 $ 154
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 $ 2,750 $ 2,654 Short-term operating lease liabilities (a) $ 558 $ 576 Long-term operating lease liabilities 2,234 2,117 Operating lease liabilities $ 2,792 $ 2,693 Weighted average remaining lease term 8.0 years 8.1 years Weighted average discount rate 4.88 % 4.83 % ________ (a) Included in accounts payable and other current liabilities

Restructuring and Other Relat_2

Restructuring and Other Related Charges (Tables)	3 Months Ended
Restructuring and Other Related Charges (Tables)	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Schedule of Changes to Restructuring-Related Liabilities	The following tables summarize the change to our restructuring-related liabilities and identifies the amounts recorded within our reporting segments for restructuring charges and corresponding payments and utilizations: Americas International Total Balance as of January 1, 2024 $ 2 $ 2 $ 4 Restructuring expense: Global Rightsizing 2 1 3 Restructuring payments and utilization: Global Rightsizing (2) (1) (3) Cost Optimization — (1) (1) Balance as of March 31, 2024 $ 2 $ 1 $ 3

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
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 (loss) per share (“EPS”) (shares in millions): Three Months Ended March 31, 2024 2023 Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS $ (114) $ 312 Basic weighted average shares outstanding 35.6 39.6 Non-vested stock (a) — 0.8 Diluted weighted average shares outstanding 35.6 40.4 Earnings (loss) per share: Basic $ (3.21) $ 7.88 Diluted $ (3.21) $ 7.72 ________ (a)

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
Other Current Assets (Tables)	Mar. 31, 2024
Assets, Current [Abstract]
Schedule of Other Current Assets	Other current assets consisted of: As of As of March 31, December 31, 2024 2023 Prepaid expenses $ 312 $ 239 Sales and use taxes 221 192 Other 246 253 Other current assets $ 779 $ 684

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
Intangible Assets (Tables)	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets consisted of: As of March 31, 2024 As of December 31, 2023 Gross Accumulated Net Gross Accumulated Net Amortized Intangible Assets License agreements $ 312 $ 236 $ 76 $ 316 $ 234 $ 82 Customer relationships 250 220 30 253 221 32 Other 54 46 8 56 46 10 Total $ 616 $ 502 $ 114 $ 625 $ 501 $ 124 Unamortized Intangible Assets Goodwill $ 1,088 $ 1,099 Trademarks $ 544 $ 546

Vehicle Rental Activities (Tabl

Vehicle Rental Activities (Tables)	3 Months Ended
Vehicle Rental Activities (Tables)	Mar. 31, 2024
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, 2024 2023 Rental vehicles $ 24,110 $ 23,114 Less: Accumulated depreciation (2,647) (2,639) 21,463 20,475 Vehicles held for sale 521 734 Vehicles, net investment in lease (a) 36 31 Vehicles, net $ 22,020 $ 21,240 ________ (a) See Note 14 – Related Party Transactions. The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended 2024 2023 Depreciation expense $ 562 $ 477 Lease charges 35 38 (Gain) loss on sale of vehicles, net 39 (250) Vehicle depreciation and lease charges, net $ 636 $ 265

Accounts Payable and Other Cu_2

Accounts Payable and Other Current Liabilities (Tables)	3 Months Ended
Accounts Payable and Other Current Liabilities (Tables)	Mar. 31, 2024
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, 2024 2023 Short-term operating lease liabilities $ 558 $ 576 Accounts payable 504 487 Accrued advertising and marketing 267 276 Accrued sales and use taxes 268 251 Accrued payroll and related 164 188 Deferred lease revenues - current 257 168 Public liability and property damage insurance liabilities – current 172 181 Other 479 500 Accounts payable and other current liabilities $ 2,669 $ 2,627

Long-term Corporate Debt and _2

Long-term Corporate Debt and Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2024
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, Date 2024 2023 4.750% euro-denominated Senior Notes (a) January 2026 $ 378 $ 386 5.750% Senior Notes July 2027 736 736 4.750% Senior Notes April 2028 500 500 7.000% euro-denominated Senior Notes February 2029 647 — 5.375% Senior Notes March 2029 600 600 7.250% euro-denominated Senior Notes July 2030 432 441 8.000% Senior Notes February 2031 497 497 Floating Rate Term Loan (b) August 2027 1,162 1,164 Floating Rate Term Loan (c) March 2029 523 524 Other (d) 24 30 Deferred financing fees (62) (55) Total 5,437 4,823 Less: Short-term debt and current portion of long-term debt 405 32 Long-term debt $ 5,032 $ 4,791 ________ (a) In April 2024, these notes were fully redeemed. See Note 18 – Subsequent Events. (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, 2024, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 1.75%, for an aggregate rate of 7.19%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 3.26%. (c) 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, 2024, the floating rate term loan due 2029 bears interest at one-month SOFR plus 3.00% for an aggregate rate of 8.43%. (d) Primarily includes finance leases, which are secured by liens on the related assets. The following table provides a summary of debt issued by AESOP during the three months ended March 31, 2024: Issuance Date Maturity Date Weighted Average Amount January 2024 June 2029 5.51 % $ 1,200 February 2024 April 2026 6.24 % 53 February 2024 October 2026 6.18 % 37 February 2024 April 2028 6.23 % 52 March 2024 October 2027 5.26 % 400 March 2024 December 2029 5.35 % 700
Schedule of Committed Credit Facilities	As of March 31, 2024, 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 2028 (a) $ 2,000 $ — $ 1,800 $ 200 ________ (a) The senior revolving credit facility bears interest at one-month SOFR plus 1.75% 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, 2024, 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 $ 18,455 $ 16,030 $ 2,425 Americas - Debt borrowings 1,194 1,082 112 International - Debt borrowings 3,119 1,973 1,146 International - Finance leases 242 164 78 Other 40 40 — Total $ 23,050 $ 19,289 $ 3,761 ________ (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 2024. (b) The outstanding debt is collateralized by vehicles and related assets of $18.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.5 billion for Americas - Debt borrowings; $2.6 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, 2024
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, 2024 2023 Americas - Debt due to Avis Budget Rental Car Funding (a) $ 16,030 $ 15,502 Americas - Debt borrowings 1,082 1,075 International - Debt borrowings (b) 1,973 2,203 International - Finance leases 164 172 Other 40 55 Deferred financing fees (c) (99) (70) Total $ 19,190 $ 18,937 ________ (a) Includes approximately $843 million and $841 million of Class R notes as of March 31, 2024 and December 31, 2023, respectively, which are held by us. (b) In February 2024, we amended our European rental fleet securitization program to increase its capacity to approximately €1.9 billion and extend the maturity of the program to September 2026. We also added £200 million to our capacity within the program. (c) Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2024 and December 31, 2023 were $81 million and $61 million, respectively.
Schedule of Debt Issued by AESOP	Long-term corporate debt and borrowing arrangements consisted of: As of As of Maturity March 31, December 31, Date 2024 2023 4.750% euro-denominated Senior Notes (a) January 2026 $ 378 $ 386 5.750% Senior Notes July 2027 736 736 4.750% Senior Notes April 2028 500 500 7.000% euro-denominated Senior Notes February 2029 647 — 5.375% Senior Notes March 2029 600 600 7.250% euro-denominated Senior Notes July 2030 432 441 8.000% Senior Notes February 2031 497 497 Floating Rate Term Loan (b) August 2027 1,162 1,164 Floating Rate Term Loan (c) March 2029 523 524 Other (d) 24 30 Deferred financing fees (62) (55) Total 5,437 4,823 Less: Short-term debt and current portion of long-term debt 405 32 Long-term debt $ 5,032 $ 4,791 ________ (a) In April 2024, these notes were fully redeemed. See Note 18 – Subsequent Events. (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, 2024, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 1.75%, for an aggregate rate of 7.19%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 3.26%. (c) 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, 2024, the floating rate term loan due 2029 bears interest at one-month SOFR plus 3.00% for an aggregate rate of 8.43%. (d) Primarily includes finance leases, which are secured by liens on the related assets. The following table provides a summary of debt issued by AESOP during the three months ended March 31, 2024: Issuance Date Maturity Date Weighted Average Amount January 2024 June 2029 5.51 % $ 1,200 February 2024 April 2026 6.24 % 53 February 2024 October 2026 6.18 % 37 February 2024 April 2028 6.23 % 52 March 2024 October 2027 5.26 % 400 March 2024 December 2029 5.35 % 700
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, 2024: Debt under Vehicle Programs (a) Within 1 year (b) $ 2,090 Between 1 and 2 years (c) 3,803 Between 2 and 3 years (d) 6,780 Between 3 and 4 years (e) 2,770 Between 4 and 5 years 2,365 Thereafter 1,481 Total $ 19,289 ________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $0.2 billion of bank and bank-sponsored facilities. (c) Includes $1.3 billion of bank and bank-sponsored facilities. (d) Includes $3.5 billion of bank and bank-sponsored facilities. (e) Includes $0.1 billion of bank and bank-sponsored facilities.
Schedule of Committed Credit Facilities	As of March 31, 2024, 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 2028 (a) $ 2,000 $ — $ 1,800 $ 200 ________ (a) The senior revolving credit facility bears interest at one-month SOFR plus 1.75% 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, 2024, 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 $ 18,455 $ 16,030 $ 2,425 Americas - Debt borrowings 1,194 1,082 112 International - Debt borrowings 3,119 1,973 1,146 International - Finance leases 242 164 78 Other 40 40 — Total $ 23,050 $ 19,289 $ 3,761 ________ (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 2024. (b) The outstanding debt is collateralized by vehicles and related assets of $18.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.5 billion for Americas - Debt borrowings; $2.6 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Mar. 31, 2024
Equity [Abstract]
Schedule of Components of Other Comprehensive Income (Loss)	The components of other comprehensive income (loss) were as follows: Three Months Ended March 31, 2024 2023 Net income (loss) $ (113) $ 312 Less: net income attributable to non-controlling interests 1 — Net income (loss) attributable to Avis Budget Group, Inc. (114) 312 Other comprehensive income (loss): Currency translation adjustments (net of tax of $(5) and $3, respectively) (52) (4) Net unrealized gain (loss) on cash flow hedges (net of tax of $(2) and $2, respectively) 7 (7) Minimum pension liability adjustment (net of tax of $0 in each period) 1 1 (44) (10) Comprehensive income (loss) attributable to Avis Budget Group, Inc. $ (158) $ 302 ________ 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, 2024 $ (3) $ 37 $ (130) $ (96) Other comprehensive income (loss) before reclassifications (52) 12 — (40) Amounts reclassified from accumulated other comprehensive income (loss) — (5) 1 (4) Net current-period other comprehensive income (loss) (52) 7 1 (44) Balance, March 31, 2024 $ (55) $ 44 $ (129) $ (140) Balance, January 1, 2023 $ (30) $ 45 $ (116) $ (101) Other comprehensive income (loss) before reclassifications (4) (5) — (9) Amounts reclassified from accumulated other comprehensive income (loss) — (2) 1 (1) Net current-period other comprehensive income (loss) (4) (7) 1 (10) Balance, March 31, 2023 $ (34) $ 38 $ (115) $ (111) ________ 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 $108 million gain, net of tax, as of March 31, 2024 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, 2024 and 2023, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $7 million ($5 million, net of tax) and gains of $3 million ($2 million, net of tax), respectively. (b) For the three months ended March 31, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $1 million ($1 million, net of tax), in each period.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
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, 2024 290 $ 161.87 Granted (a) 120 113.10 Vested (b) (90) 125.57 Forfeited (1) 180.27 Outstanding and expected to vest at March 31, 2024 (c) 319 $ 153.71 1.6 $ 39 Performance-based RSUs Outstanding at January 1, 2024 411 $ 128.77 Granted (a) 144 113.10 Vested (b) (222) 68.54 Forfeited (1) 154.07 Outstanding at March 31, 2024 332 $ 162.12 2.1 $ 41 Outstanding and expected to vest at March 31, 2024 (c) 199 $ 156.64 2.1 $ 24 ________ (a) Reflects the maximum number of stock units assuming achievement of all performance- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the three months ended March 31, 2023 w as $208.84 . (b) The total fair value of RSUs vested during the three months ended March 31, 2024 and 2023 was $27 million and $17 million, respectively. (c) Aggregate unrecognized compensation expense related to time-based RSUs and performance-based RSUs amoun ted to $57 million and will be recognized over a weighted average vesting period of 1.8 years .

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
Financial Instruments (Tables)	Mar. 31, 2024
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 $ 2,062 Interest rate caps (a) 15,835 Interest rate swaps 750 ________ (a) Repres ents $10.6 billion of interest rate caps sold, partially offset by approximately $5.3 billion of interest rate caps purchased. These amounts exclude $5.9 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, 2024 As of December 31, 2023 Fair Value, Fair Value, Fair Value, Fair Value, Derivatives designated as hedging instruments Interest rate swaps (a) $ 59 $ — $ 50 $ — Derivatives not designated as hedging instruments Foreign exchange contracts (b) 4 6 5 4 Interest rate caps (c) 7 48 19 74 Total $ 70 $ 54 $ 74 $ 78 ________ 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 2024 2023 Derivatives designated as hedging instruments (a) Interest rate swaps (b) $ 7 $ (7) Euro-denominated notes (c) 15 (9) Derivatives not designated as hedging instruments (d) Foreign exchange contracts (e) (13) (7) Total $ 9 $ (23) ________ (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 (loss) into earnings. (c) Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss). (d) Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. (e) Included in interest expense.
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, 2024 As of December 31, 2023 Carrying Estimated Carrying Estimated Corporate debt Short-term debt and current portion of long-term debt $ 405 $ 406 $ 32 $ 32 Long-term debt 5,032 5,021 4,791 4,812 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 15,949 $ 15,817 $ 15,441 $ 15,238 Vehicle-backed debt 3,193 3,215 3,422 3,435 Interest rate swaps and interest rate caps (a) 48 48 74 74 ________ (a) Derivatives in a liability position.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2024
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, 2024 2023 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 1,993 $ 44 $ 2,016 $ 516 International 558 (15) 541 50 Corporate and Other (a) — (17) — (31) Total Company $ 2,551 $ 12 $ 2,557 $ 535 Reconciliation of Adjusted EBITDA to income (loss) before income taxes: 2024 2023 Adjusted EBITDA $ 12 $ 535 Less: Non-vehicle related depreciation and amortization 61 56 Interest expense related to corporate debt, net 83 73 Restructuring and other related charges 3 4 Transaction-related costs, net 1 — Other (income) expense, net (b) 1 (2) Reported within operating expenses: Cloud computing costs 10 7 Legal matters, net (5) — Income (loss) before income taxes $ (142) $ 397 ________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. (b) Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.

Basis of Presentation (Schedule

Basis of Presentation (Schedule of Cash Activity) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 522	$ 555	$ 548
Program cash	73	85	80
Restricted cash	4		1
Total cash and cash equivalents, program and restricted cash	$ 599	$ 644	$ 629	$ 642

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Investments	$ 95		$ 93
Equity method investment	3	$ 0
Royalty fee
Debt Instrument [Line Items]
Revenue	$ 42	$ 44

Basis of Presentation (Disaggre

Basis of Presentation (Disaggregated Revenue in Basis of Presentation) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 2,551	$ 2,557
Avis
Disaggregation of Revenue [Line Items]
Revenues	1,460	1,415
Budget
Disaggregation of Revenue [Line Items]
Revenues	921	977
Other
Disaggregation of Revenue [Line Items]
Revenues	170	165
Americas
Disaggregation of Revenue [Line Items]
Revenues	1,993	2,016
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenues	382	367
Asia and Australasia
Disaggregation of Revenue [Line Items]
Revenues	$ 176	$ 174

Leases (Lessor) (Details)

Leases (Lessor) (Details) - USD ($) $ in Millions	3 Months Ended
Leases (Lessor) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Lessor, Lease, Description [Line Items]
Total lease revenues	$ 2,509	$ 2,513
Avis
Lessor, Lease, Description [Line Items]
Total lease revenues	1,434	1,388
Budget
Lessor, Lease, Description [Line Items]
Total lease revenues	909	964
Other
Lessor, Lease, Description [Line Items]
Total lease revenues	166	161
Americas
Lessor, Lease, Description [Line Items]
Total lease revenues	1,974	1,995
Europe, Middle East and Africa
Lessor, Lease, Description [Line Items]
Total lease revenues	364	349
Asia and Australasia
Lessor, Lease, Description [Line Items]
Total lease revenues	$ 171	$ 169

Leases (Lessee Components of Le

Leases (Lessee Components of Lease Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property leases
Operating lease expense	$ 229	$ 205
Variable lease expense	69	83
Total property lease expense	$ 298	$ 288

Leases (Supplemental Balance Sh

Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property leases
Operating lease ROU assets	$ 2,750	$ 2,654
Short-term operating lease liabilities	558	576
Long-term operating lease liabilities	2,234	2,117
Operating lease liabilities	$ 2,792	$ 2,693
Weighted average remaining lease term	8 years	8 years 1 month 6 days
Weighted average discount rate	4.88%	4.83%
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, 2024	Mar. 31, 2023
Cash payments for lease liabilities within operating activities:
Property operating leases	$ 266	$ 210
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$ 380	$ 154

Restructuring and Other Relat_3

Restructuring and Other Related Charges (Narrative) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Global Rightsizing
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 35

Restructuring and Other Relat_4

Restructuring and Other Related Charges (Summary of Changes to Restructuring-Related Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	$ 4
Restructuring expense:	3	$ 4
Balance at the end of the period	3
Global Rightsizing
Restructuring Reserve [Roll Forward]
Restructuring expense:	3
Restructuring payments and utilization:	(3)
Cost Optimization
Restructuring Reserve [Roll Forward]
Restructuring payments and utilization:	(1)
Americas
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	2
Balance at the end of the period	2
Americas \| Global Rightsizing
Restructuring Reserve [Roll Forward]
Restructuring expense:	2
Restructuring payments and utilization:	(2)
Americas \| Cost Optimization
Restructuring Reserve [Roll Forward]
Restructuring payments and utilization:	0
International
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	2
Balance at the end of the period	1
International \| Global Rightsizing
Restructuring Reserve [Roll Forward]
Restructuring expense:	1
Restructuring payments and utilization:	(1)
International \| Cost Optimization
Restructuring Reserve [Roll Forward]
Restructuring payments and utilization:	$ (1)

Earnings Per Share (Computation

Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS	$ (114)	$ 312
Basic weighted average shares outstanding (in shares)	35.6	39.6
Non-vested stock (in shares)	0	0.8
Diluted weighted average shares outstanding (in shares)	35.6	40.4
Earnings (loss) per share:
Basic (in usd per share)	$ (3.21)	$ 7.88
Diluted (in usd per share)	$ (3.21)	$ 7.72
Non-vested stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0.3	0.1

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets, Current [Abstract]
Prepaid expenses	$ 312	$ 239
Sales and use taxes	221	192
Other	246	253
Other current assets	$ 779	$ 684

Intangible Assets (Schedule of

Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 616	$ 625
Accumulated Amortization	502	501
Net Carrying Amount	114	124
Indefinite-lived Intangible Assets [Line Items]
Goodwill	1,088	1,099
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	544	546
License agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	312	316
Accumulated Amortization	236	234
Net Carrying Amount	76	82
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	250	253
Accumulated Amortization	220	221
Net Carrying Amount	30	32
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	54	56
Accumulated Amortization	46	46
Net Carrying Amount	$ 8	$ 10

Intangible Assets (Narrative) (

Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense relating to all intangible assets	$ 8	$ 8
Amortization expense for remainder of the year	21
Intangible assets amortization expense, year one	22
Intangible assets amortization expense, year two	21
Intangible assets amortization expense, year three	16
Intangible assets amortization expense, year four	9
Intangible assets amortization expense, year five	$ 7

Vehicle Rental Activities (Comp

Vehicle Rental Activities (Components of the Company's Vehicles) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Rental vehicles	$ 24,110	$ 23,114
Less: Accumulated depreciation	(2,647)	(2,639)
Rental Vehicles Net, Total	21,463	20,475
Vehicles held for sale	521	734
Vehicle, net investment in lease	36	31
Vehicles, net	22,020	$ 21,240
Liabilities under vehicle programs	483		$ 314
Other receivables	$ 239		$ 137

Vehicle Rental Activities (Co_2

Vehicle Rental Activities (Components of Vehicle Depreciation and Lease Charges) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 562	$ 477
Lease charges	35	38
(Gain) loss on sale of vehicles, net	39	(250)
Vehicle depreciation and lease charges, net	$ 636	$ 265

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	20.40%	21.40%

Accounts Payable and Other Cu_3

Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Short-term operating lease liabilities	$ 558	$ 576
Accounts payable	504	487
Accrued advertising and marketing	267	276
Accrued sales and use taxes	268	251
Accrued payroll and related	164	188
Deferred lease revenues - current	257	168
Public liability and property damage insurance liabilities – current	172	181
Other	479	500
Accounts payable and other current liabilities	$ 2,669	$ 2,627

Long-term Corporate Debt and _3

Long-term Corporate Debt and Borrowing Arrangements (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Feb. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Other	$ 24		$ 30
Deferred financing fees	(62)		(55)
Total	5,437		4,823
Less: Short-term debt and current portion of long-term debt	405		32
Long-term debt	5,032		4,791
4.750% euro-denominated Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage		4.75%
Long-term debt	$ 378		386
5.750% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	5.75%
Long-term debt	$ 736		736
4.750% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	4.75%
Long-term debt	$ 500		500
7.000% euro-denominated Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	7%
Long-term debt	$ 647		0
5.375% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	5.375%
Long-term debt	$ 600		600
7.250% euro-denominated Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	7.25%
Long-term debt	$ 432		441
8.000% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage	8%
Long-term debt	$ 497		497
Floating Rate Term Loan \| Loans Payable
Debt Instrument [Line Items]
Long-term debt	$ 1,162		1,164
Aggregate interest rate	7.19%
Floating Rate Term Loan \| Interest rate swaps \| Loans Payable
Debt Instrument [Line Items]
Amount of hedged item	$ 750
Aggregate rate	3.26%
Floating Rate Term Loan \| SOFR \| 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	$ 523		$ 524
Aggregate interest rate	8.43%
Floating Rate Term Loan \| SOFR \| Loans Payable
Debt Instrument [Line Items]
Basis spread on variable rate	3%

Long-term Corporate Debt and _4

Long-term Corporate Debt and Borrowing Arrangements (Schedule of Committed Credit Facilities) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Outstanding Borrowings	$ 19,289
Available Capacity	3,761
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Total Capacity	2,000
Outstanding Borrowings	0
Letters of Credit Issued	1,800
Available Capacity	$ 200
Revolving Credit Facility \| Line of Credit \| SOFR
Line of Credit Facility [Line Items]
Basis points	1.75%

Long-term Corporate Debt and _5

Long-term Corporate Debt and Borrowing Arrangements (Narrative) (Detail) - Senior Notes - EUR (€)	Mar. 31, 2024	Feb. 29, 2024
7.000% euro-denominated Senior Notes
Debt Instrument [Line Items]
Amount issued		€ 600,000,000
Debt instrument stated interest percentage	7%
4.750% euro-denominated Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage		4.75%

Debt Under Vehicle Programs a_3

Debt Under Vehicle Programs and Borrowing Arrangements (Schedule of Debt Under Vehicle Programs) (Details) € in Millions, £ in Millions, $ in Millions	Mar. 31, 2024 USD ($)	Feb. 29, 2024 EUR (€)	Feb. 29, 2024 GBP (£)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt under vehicle programs	$ 19,190			$ 18,937
Deferred financing fees	62			55
Americas - Debt due to Avis Budget Rental Car Funding
Debt Instrument [Line Items]
Debt under vehicle programs	16,030			15,502
Debt Due To Rental Car Funding, Class R Notes
Debt Instrument [Line Items]
Debt under vehicle programs	843			841
Americas - Debt borrowings
Debt Instrument [Line Items]
Debt under vehicle programs	1,082			1,075
International - Debt borrowings
Debt Instrument [Line Items]
Debt under vehicle programs	1,973			2,203
International - Finance leases
Debt Instrument [Line Items]
Debt under vehicle programs	164			172
Other
Debt Instrument [Line Items]
Debt under vehicle programs	40			55
Deferred Financing Fees
Debt Instrument [Line Items]
Deferred financing fees	(99)			(70)
European Rental Fleet Securitization Program
Debt Instrument [Line Items]
Debt under vehicle programs		€ 1,900	£ 200
Avis Budget Rental Car Funding \| Deferred Financing Fees
Debt Instrument [Line Items]
Deferred financing fees	$ 81			$ 61

Debt Under Vehicle Programs a_4

Debt Under Vehicle Programs and Borrowing Arrangements (Debt Issued by AESOP) (Detail) $ in Millions	Jan. 31, 2024 USD ($)
Avis Budget Rental Car Funding Program June 2029
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.51%
Amount Issued	$ 1,200
Avis Budget Rental Car Funding Program April 2026
Debt Instrument [Line Items]
Weighted Average Interest Rate	6.24%
Amount Issued	$ 53
Avis Budget Rental Car Funding Program October 2026
Debt Instrument [Line Items]
Weighted Average Interest Rate	6.18%
Amount Issued	$ 37
Avis Budget Rental Car Funding Program April 2028
Debt Instrument [Line Items]
Weighted Average Interest Rate	6.23%
Amount Issued	$ 52
Avis Budget Rental Car Funding Program October 2027
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.26%
Amount Issued	$ 400
Avis Budget Rental Car Funding Program December 2029
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.35%
Amount Issued	$ 700

Debt Under Vehicle Programs a_5

Debt Under Vehicle Programs and Borrowing Arrangements (Schedule of Contractual Maturities) (Details) - Deferred Financing Fees $ in Millions	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Within 1 year	$ 2,090
Between 1 and 2 years	3,803
Between 2 and 3 years (d)	6,780
Between 3 and 4 years (e)	2,770
Between 4 and 5 years	2,365
Thereafter	1,481
Total	19,289
Bank And Bank-Sponsored Facilities
Debt Instrument [Line Items]
Within 1 year	200
Between 1 and 2 years	1,300
Between 2 and 3 years (d)	3,500
Between 3 and 4 years (e)	$ 100

Debt Under Vehicle Programs a_6

Debt Under Vehicle Programs and Borrowing Arrangements (Schedule of Available Funding Under the Vehicle Programs) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Total Capacity	$ 23,050
Outstanding Borrowings	19,289
Available Capacity	3,761
Americas - Debt due to Avis Budget Rental Car Funding \| Affiliated Entity
Debt Instrument [Line Items]
Total Capacity	18,455
Outstanding Borrowings	16,030
Available Capacity	2,425
Americas - Debt due to Avis Budget Rental Car Funding \| Affiliated Entity \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	18,300
Americas - Debt borrowings
Debt Instrument [Line Items]
Total Capacity	1,194
Outstanding Borrowings	1,082
Available Capacity	112
Americas - Debt borrowings \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	1,500
International - Debt borrowings
Debt Instrument [Line Items]
Total Capacity	3,119
Outstanding Borrowings	1,973
Available Capacity	1,146
International - Debt borrowings \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	2,600
International - Finance leases
Debt Instrument [Line Items]
Total Capacity	242
Outstanding Borrowings	164
Available Capacity	78
International - Finance leases \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	200
Other
Debt Instrument [Line Items]
Total Capacity	40
Outstanding Borrowings	40
Available Capacity	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2023 USD ($) defendant	Mar. 31, 2024 USD ($) classAction	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Number of class actions \| classAction		2
Number of class actions seeking damages \| classAction		1
Range of possible loss (up to)		$ 40
Purchase obligation over the next twelve months		4,100
Long-term purchase commitment, term			12 months
Purchase commitment period decrease			$ 2,700
Other receivables		239		$ 137
Cause No. CC-23-03188-E \| Pending Litigation
Schedule Of Commitments And Contingencies [Line Items]
Number of defendants \| defendant	2
Estimate possible loss (in excess of)	$ 1
Realogy
Schedule Of Commitments And Contingencies [Line Items]
Other receivables		38
Wyndham
Schedule Of Commitments And Contingencies [Line Items]
Other receivables		$ 23
Tax Liability \| Real Estate Inc
Schedule Of Commitments And Contingencies [Line Items]
Liability assumed, percent				62.50%
Tax Liability \| Wyndham Hotels And Resorts Inc And Travel + Leisure Co.
Schedule Of Commitments And Contingencies [Line Items]
Liability assumed, percent				37.50%

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2013
Equity [Abstract]
Stock repurchase program, authorized amount (up to)			$ 8,100
Number of shares purchased (in shares)	0	0
Remaining authorized repurchase amount	$ 802

Stockholders' Equity (Component

Stockholders' Equity (Components of Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Net income (loss)	$ (113)	$ 312
Less: net income attributable to non-controlling interests	1	0
Net income (loss) attributable to Avis Budget Group, Inc.	(114)	312
Other comprehensive income (loss):
Currency translation adjustments (net of tax of $(5) and $3, respectively)	(52)	(4)
Net unrealized gain (loss) on cash flow hedges (net of tax of $(2) and $2, respectively)	7	(7)
Minimum pension liability adjustment (net of tax of $0 in each period)	1	1
Other comprehensive income (loss)	(44)	(10)
Comprehensive income (loss) attributable to Avis Budget Group, Inc.	(158)	302
Currency translation adjustments, tax	(5)	3
Net unrealized gain (loss) on cash flow hedges, tax	(2)	2
Minimum pension liability adjustment, tax	$ 0	$ 0

Stockholders' Equity (Accumulat

Stockholders' Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (343)	$ (700)
Other comprehensive income (loss) before reclassifications	(40)	(9)
Amounts reclassified from accumulated other comprehensive income (loss)	(4)	(1)
Net current-period other comprehensive income (loss)	(44)	(10)
Ending balance	(508)	(441)
Amounts reclassified from accumulated other comprehensive income (loss)	4	1
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	108
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(96)	(101)
Ending balance	(140)	(111)
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3)	(30)
Other comprehensive income (loss) before reclassifications	(52)	(4)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Net current-period other comprehensive income (loss)	(52)	(4)
Ending balance	(55)	(34)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Net Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	37	45
Other comprehensive income (loss) before reclassifications	12	(5)
Amounts reclassified from accumulated other comprehensive income (loss)	(5)	(2)
Net current-period other comprehensive income (loss)	7	(7)
Ending balance	44	38
Amounts reclassified from accumulated other comprehensive income (loss)	5	2
Net Unrealized Gains (Losses) on Cash Flow Hedges \| Corporate Interest Expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income (loss)	(5)	(2)
Amounts reclassified from accumulated other comprehensive income (loss)	7	3
Amounts reclassified from accumulated other comprehensive income (loss)	5	2
Minimum Pension Liability Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(130)	(116)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	1	1
Net current-period other comprehensive income (loss)	1	1
Ending balance	(129)	(115)
Amounts reclassified from accumulated other comprehensive income (loss)	(1)	$ (1)
Minimum Pension Liability Adjustment \| Selling, General and Administrative Expenses
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive income (loss)	1
Amounts reclassified from accumulated other comprehensive income (loss)	(1)
Amounts reclassified from accumulated other comprehensive income (loss)	$ (1)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2023	Oct. 31, 2023	Sep. 01, 2022
Related Party Transaction [Line Items]
Non-controlling interests	$ 7			$ 6
Assets	33,528			32,569
Other (income) expense, net	(1)	$ 2
Vehicles, net	22,020			21,240
Vehicle, net investment in lease receivables	36			31
Other non-current assets	450			441
Avis Mobility Ventures LLC (AMV) \| Receivables From Related Party \| Related Party
Related Party Transaction [Line Items]
Vehicles, net	10			2
Avis Mobility Ventures LLC (AMV) \| Avis Mobility Ventures LLC (AMV) \| Related Party
Related Party Transaction [Line Items]
Other non-current assets	21			$ 24
Avis Mobility Ventures LLC (AMV) \| Avis Mobility Ventures LLC (AMV) \| Administrative Services \| Related Party
Related Party Transaction [Line Items]
Other (income) expense, net	2	8
Avis Mobility Ventures LLC (AMV) \| Avis Mobility Ventures LLC (AMV) \| Equipment Investment \| Related Party
Related Party Transaction [Line Items]
Other (income) expense, net	3	$ 6
Subsidiary Equity
Related Party Transaction [Line Items]
Assets	49
Gain on deconsolidation	$ 10
Subsidiary Equity \| SRS Mobility Ventures, LLC
Related Party Transaction [Line Items]
Contributions from non-controlling interests			$ 37.5
Non-controlling interests						$ 62
Subsidiary Equity \| SRS Mobility Ventures, LLC \| Company Subsidiary
Related Party Transaction [Line Items]
Ownership acquired percentage			33.34%
Subsidiary Equity \| SRS Mobility Ventures, LLC \| Maximum \| Company Subsidiary
Related Party Transaction [Line Items]
Ownership interest					65%	51%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 7	$ 8
Stock-based compensation expense (net of tax)	$ 5	$ 6

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock Based Compensation Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Number of Shares
Balance (in shares)	319
Weighted Average Grant Date Fair Value
Cost not yet recognized	$ 57
Period for recognition	1 year 9 months 18 days
Time-based RSUs
Number of Shares
Balance (in shares)	290
Granted (in shares)	120
Vested (in shares)	(90)
Forfeited (in shares)	(1)
Outstanding and expected to vest (in shares)	319
Weighted Average Grant Date Fair Value
Balance (in usd per share)	$ 161.87
Granted (in usd per share)	113.10	$ 208.84
Vested (in usd per share)	125.57
Forfeited (in usd per share)	180.27
Balance (in usd per share)	153.71
Outstanding and expected to vest, weighted average grant date fair value (in usd per share)	$ 153.71
Outstanding and expected to vest, weighted average remaining contractual term (in years)	1 year 7 months 6 days
Aggregate intrinsic value, outstanding and expected to vest	$ 39
Fair value vested in period	$ 27	$ 17
Performance-based RSUs
Number of Shares
Balance (in shares)	411
Granted (in shares)	144
Vested (in shares)	(222)
Forfeited (in shares)	(1)
Balance (in shares)	332
Outstanding and expected to vest (in shares)	199
Weighted Average Grant Date Fair Value
Balance (in usd per share)	$ 128.77
Granted (in usd per share)	113.10
Vested (in usd per share)	68.54
Forfeited (in usd per share)	154.07
Balance (in usd per share)	162.12
Outstanding and expected to vest, weighted average grant date fair value (in usd per share)	$ 156.64
Outstanding and expected to vest, weighted average remaining contractual term (in years)	2 years 1 month 6 days
Outstanding, weighted average remaining contractual terms (in years)	2 years 1 month 6 days
Aggregate intrinsic value, outstanding and expected to vest	$ 24
Aggregate intrinsic value outstanding	$ 41

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) $ in Millions	3 Months Ended
Financial Instruments (Narrative) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash flow hedge gain to be reclassified within twelve months	$ 26

Financial Instruments (Notation

Financial Instruments (Notational Amounts of Derivatives Held) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 2,062
Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	15,835
Interest rate caps \| Subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	5,900
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	750
Sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	10,600
Purchase
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 5,300

Financial Instruments (Fair Val

Financial Instruments (Fair Values of Derivatives Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	$ 70	$ 74
Fair Value, Derivative Liabilities	54	78
Derivatives designated as hedging instruments \| Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	59	50
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	4	5
Fair Value, Derivative Liabilities	6	4
Derivatives not designated as hedging instruments \| Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	7	19
Fair Value, Derivative Liabilities	$ 48	$ 74

Financial Instruments (Effects

Financial Instruments (Effects of Derivatives Recognized) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ 9	$ (23)
Interest rate swaps \| Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	7	(7)
Euro-denominated notes \| Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	15	(9)
Foreign exchange contracts \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ (13)	$ (7)

Financial Instruments (Schedule

Financial Instruments (Schedule of Carrying Amounts and Estimated Fair Values) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 5,032	$ 4,791
Carrying Amount \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	405	32
Long-term debt	5,032	4,791
Carrying Amount \| Interest rate swaps and interest rate caps \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and interest rate caps	48	74
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	3,193	3,422
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	15,949	15,441
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	406	32
Long-term debt	5,021	4,812
Estimated Fair Value \| Interest rate swaps and interest rate caps \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and interest rate caps	48	74
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	3,215	3,435
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	$ 15,817	$ 15,238

Segment Information (Narrative)

Segment Information (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Threshold litigation amount	$ 5
Assets under vehicle programs		$ 23,729	$ 22,979
Americas
Segment Reporting Information [Line Items]
Assets under vehicle programs		$ 20,200	$ 19,300

Segment Information (Summary of

Segment Information (Summary of Segments Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 2,551	$ 2,557
Adjusted EBITDA	12	535
Reconciliation of Adjusted EBITDA to income (loss) before income taxes:
Non-vehicle related depreciation and amortization	61	56
Interest expense related to corporate debt, net	83	73
Restructuring and other related charges	3	4
Transaction-related costs, net	1	0
Other (income) expense, net	1	(2)
Legal matters, net	(5)	0
Income (loss) before income taxes	(142)	397
Operating Expense \| Cloud Computing Costs
Reconciliation of Adjusted EBITDA to income (loss) before income taxes:
Cloud computing costs	10	7
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	0	0
Adjusted EBITDA	(17)	(31)
Americas \| Geographical
Segment Reporting Information [Line Items]
Revenues	1,993	2,016
Adjusted EBITDA	44	516
International \| Geographical
Segment Reporting Information [Line Items]
Revenues	558	541
Adjusted EBITDA	$ (15)	$ 50

Subsequent Events (Details)

Subsequent Events (Details) - 4.750% euro-denominated Senior Notes - Senior Notes - EUR (€)	Apr. 30, 2024	Feb. 29, 2024
Subsequent Event [Line Items]
Debt instrument stated interest percentage		4.75%
Subsequent Event
Subsequent Event [Line Items]
Debt instrument stated interest percentage	4.75%
Amount issued	€ 350,000,000