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Stockholders' Equity | 6 Months Ended
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Jun. 30, 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 six months ended June 30, 2024, we did not repurchase any shares of common stock under 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 Stock Repurchase Program. As of June 30, 2024, approximately $802 million of authorization remained available to repurchase common stock under the Stock Repurchase 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net income (loss) | $ | 15 |  |  | $ | 436 |  |  | $ | (98) |  |  | $ | 748 |
Less: net income attributable to non-controlling interests | 1 |  |  | 1 |  |  | 2 |  |  | 1 |
Net income (loss) attributable to Avis Budget Group, Inc. | 14 |  |  | 435 |  |  | (100) |  |  | 747 |
Other comprehensive income (loss): |  |  |  |  |  |  |
Currency translation adjustments (net of tax of $(3), $2, $(8) and $5, respectively) (a) | 7 |  |  | 6 |  |  | (45) |  |  | 2 |
Net unrealized gain (loss) on cash flow hedges (net of tax of $1, $(4), $(1) and $(2), respectively) | (3) |  |  | 14 |  |  | 4 |  |  | 7 |
Minimum pension liability adjustment (net of tax of $0 in each period) | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
| 5 |  |  | 21 |  |  | (39) |  |  | 11 |
Comprehensive income (loss) attributable to Avis Budget Group, Inc. | $ | 19 |  |  | $ | 456 |  |  | $ | (139) |  |  | $ | 758 |
________ (a) 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, 2024 | $ | (3) |  |  | $ | 37 |  |  | $ | (130) |  |  | $ | (96) |
Other comprehensive income (loss) before reclassifications | (45) |  |  | 15 |  |  | — |  |  | (30) |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | (11) |  |  | 2 |  |  | (9) |
Net current-period other comprehensive income (loss) | (45) |  |  | 4 |  |  | 2 |  |  | (39) |
Balance, June 30, 2024 | $ | (48) |  |  | $ | 41 |  |  | $ | (128) |  |  | $ | (135) |
Balance, January 1, 2023 | $ | (30) |  |  | $ | 45 |  |  | $ | (116) |  |  | $ | (101) |
Other comprehensive income (loss) before reclassifications | 2 |  |  | 13 |  |  | — |  |  | 15 |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | (6) |  |  | 2 |  |  | (4) |
Net current-period other comprehensive income (loss) | 2 |  |  | 7 |  |  | 2 |  |  | 11 |
Balance, June 30, 2023 | $ | (28) |  |  | $ | 52 |  |  | $ | (114) |  |  | $ | (90) |
________ 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 $116 million gain, net of tax, as of June 30, 2024 related to our hedge of our investment in euro-denominated foreign operations (see Note 16 – Financial Instruments). (a)For the three months ended June 30, 2024 and 2023, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $7 million ($6 million, net of tax) and gains of $5 million ($4 million, net of tax), respectively. For the six months ended June 30, 2024 and 2023, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $14 million ($11 million, net of tax) and gains of $8 million ($6 million, net of tax), respectively. (b)For the three months ended June 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $2 million ($1 million, net of tax), in each period. For the six months ended June 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $3 million ($2 million, net of tax), in each period.

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