CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net income (loss)	$ (29)	$ (61)
Adjustments to reconcile net loss to net cash provided by operating activities:
Vehicle depreciation	941	996
Amortization of right-of-use assets	486	0
(Gain) loss on sale of vehicles, net	(32)	(10)
Non-vehicle related depreciation and amortization	133	128
Stock-based compensation	12	12
Amortization of debt financing fees	16	13
Early extinguishment of debt	0	5
Net change in assets and liabilities:
Receivables	(77)	(68)
Income taxes and deferred income taxes	(77)	(49)
Accounts payable and other current liabilities	72	141
Operating lease liabilities	(483)	0
Other, net	3	14
Net cash provided by operating activities	965	1,121
Investing activities
Property and equipment additions	(117)	(115)
Proceeds received on asset sales	6	6
Net assets acquired (net of cash acquired)	54	28
Other, net	81	(37)
Net cash used in investing activities exclusive of vehicle programs	(84)	(174)
Vehicle programs:
Investment in vehicles	(8,715)	(8,359)
Proceeds received on disposition of vehicles	5,773	4,807
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	(167)	(22)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	47	0
Net cash used in investing activities of vehicle programs	3,062	3,574
Net cash used in investing activities	(3,146)	(3,748)
Financing activities
Proceeds from long-term borrowings	2	81
Payments on long-term borrowings	(12)	(94)
Net change in short-term borrowings	0	(2)
Repurchases of common stock	(4)	(78)
Debt financing fees	0	(9)
Other, net	(17)	2
Net cash used in financing activities exclusive of vehicle programs	(31)	(100)
Vehicle programs:
Proceeds from borrowings	11,758	10,145
Payments on borrowings	(9,688)	(7,643)
Debt financing fees	(12)	(13)
Net cash provided by financing activities of vehicle programs	2,058	2,489
Net cash provided by financing activities	2,027	2,389
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	4	(2)
Net decrease in cash and cash equivalents, program and restricted cash	(150)	(240)
Cash and cash equivalents, program and restricted cash, beginning of period	735	901
Cash and cash equivalents, program and restricted cash, end of period	$ 585	$ 661