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