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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity Share Repurchases Our Board of Directors has authorized the repurchase of up t o $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded most recently in February 2023 (the “Stock Repurchase Program”). During the six months ended June 30, 2023, we repurchased approximately 723 thousand shares of common stock at a cost of approximately $146.1 million under the program. As of June 30, 2023, approximately $1.5 billion of authorization remains available to repurchase common stock under the program. Total Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income. The components of other comprehensive income (loss) were as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Net income | $ | 436 |  |  | $ | 774 |  |  | $ | 748 |  |  | $ | 1,301 |
| Less: net income (loss) attributable to non-controlling interests | 1 |  |  | (4) |  |  | 1 |  |  | (6) |
Net income attributable to Avis Budget Group, Inc. | 435 |  |  | 778 |  |  | 747 |  |  | 1,307 |
Other comprehensive income (loss): |  |  |  |  |  |  |
| Currency translation adjustments (net of tax of $2, $(14), $5 and $(17), respectively) | 6 |  |  | (50) |  |  | 2 |  |  | (43) |
| Net unrealized gain (loss) on cash flow hedges (net of tax of $(4), $(4), $(2) and $(15), respectively) | 14 |  |  | 13 |  |  | 7 |  |  | 43 |
| Minimum pension liability adjustment (net of tax of $0, in each period) | 1 |  |  | 1 |  |  | 2 |  |  | 3 |
|  | 21 |  |  | (36) |  |  | 11 |  |  | 3 |
Comprehensive income attributable to Avis Budget Group, Inc. | $ | 456 |  |  | $ | 742 |  |  | $ | 758 |  |  | $ | 1,310 |
__________ Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) were as follows:
|  | Currency Translation Adjustments |  | Net Unrealized Gains (Losses) on Cash Flow Hedges(a) |  | Minimum Pension Liability Adjustment(b) |  | Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2023 | $ | (30) |  |  | $ | 45 |  |  | $ | (116) |  |  | $ | (101) |
| Other comprehensive income (loss) before reclassifications | 2 |  |  | 13 |  |  | — |  |  | 15 |
| Amounts reclassified from accumulated other comprehensive income | — |  |  | (6) |  |  | 2 |  |  | (4) |
Net current-period other comprehensive income (loss) | 2 |  |  | 7 |  |  | 2 |  |  | 11 |
Balance, June 30, 2023 | $ | (28) |  |  | $ | 52 |  |  | $ | (114) |  |  | $ | (90) |
Balance, January 1, 2022 | $ | 16 |  |  | $ | (19) |  |  | $ | (130) |  |  | $ | (133) |
| Other comprehensive income (loss) before reclassifications | (43) |  |  | 36 |  |  | 1 |  |  | (6) |
| Amounts reclassified from accumulated other comprehensive income | — |  |  | 7 |  |  | 2 |  |  | 9 |
Net current-period other comprehensive income (loss) | (43) |  |  | 43 |  |  | 3 |  |  | 3 |
Balance, June 30, 2022 | $ | (27) |  |  | $ | 24 |  |  | $ | (127) |  |  | $ | (130) |
__________ 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 $100 million gain, net of tax, as of June 30, 2023 related to our hedge of our investment in euro-denominated foreign operations (see Note 17 – Financial Instruments). (a)For the three months ended June 30, 2023 and 2022, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $5 million ($4 million, net of tax) and $4 million ($3 million, net of tax), respectively. For the six months ended June 30, 2023 and 2022, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $8 million ($6 million, net of tax) and $9 million ($7 million, net of tax), respectively. (b)For the three months ended June 30, 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ($1 million, net of tax.) For the six months ended June 30, 2023 and 2022, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $3 million ($2 million, net of tax) and $3 million ($2 million, net of tax), respectively.

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