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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Components of Other Comprehensive Income (Loss)

The components of other comprehensive income (loss) were as follows: 

						Three Months Ended  September 30,												Nine Months Ended September 30,
						2023						2022						2023						2022
Net income						$	627					$	1,031					$	1,375					$	2,332
			Less: net income (loss) attributable to non-controlling interests			1						(3)						2						(9)
Net income attributable to Avis Budget Group, Inc.						626						1,034						1,373						2,341
Other comprehensive income (loss):
			Currency translation adjustments (net of tax of $(8), $(16), $(3) and $(33), respectively)			(43)						(78)						(41)						(121)
			Net unrealized gain (loss) on cash flow hedges (net of tax of $(1), $(8), $(3) and $(23), respectively)			2						22						9						65
			Minimum pension liability adjustment (net of tax of $(1), $0, $(1), $0, respectively)			1						1						3						4
						(40)						(55)						(29)						(52)
Comprehensive income attributable to Avis Budget Group, Inc.						$	586					$	979					$	1,344					$	2,289

__________

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 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			(41)						17						—						(24)
			Amounts reclassified from accumulated other comprehensive income (loss)			—						(8)						3						(5)
Net current-period other comprehensive income (loss)						(41)						9						3						(29)
Balance, September 30, 2023						$	(71)					$	54					$	(113)					$	(130)
Balance, January 1, 2022						$	16					$	(19)					$	(130)					$	(133)
			Other comprehensive income (loss) before reclassifications			(121)						57						1						(63)
			Amounts reclassified from accumulated other comprehensive income (loss)			—						8						3						11
Net current-period other comprehensive income (loss)						(121)						65						4						(52)
Balance, September 30, 2022						$	(105)					$	46					$	(126)					$	(185)

__________

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 $123 million gain, net of tax, as of September 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 September 30, 2023 and 2022, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $2 million ($2 million, net of tax) and losses of $1 million ($1 million, net of tax), respectively. For the nine months ended September 30, 2023 and 2022, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $10 million ($8 million, net of tax) and losses of $10 million ($8 million, net of tax), respectively.

(b)For the three months ended September 30, 2023 and 2022, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $1 million ($1 million, net of tax) and losses of $1 million ($1 million, net of tax), respectively. For the nine months ended September 30, 2023 and 2022, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $4 million ($3 million, net of tax) and losses of $4 million ($3 million, net of tax), respectively.

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Tabular disclosure of the components of accumulated other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

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-Topic 830
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-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

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Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans.

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-Topic 220
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