CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net loss	$ (158)	$ (91)
Adjustments to reconcile net loss to net cash provided by operating activities:
Vehicle depreciation	414	436
Amortization of right-of-use assets	231	215
(Gain) loss on sale of vehicles, net	(11)	(8)
Non-vehicle related depreciation and amortization	69	67
Stock-based compensation	(2)	5
Amortization of debt financing fees	8	8
Early extinguishment of debt	4	0
Net change in assets and liabilities:
Receivables	163	2
Income taxes and deferred income taxes	(112)	(51)
Accounts payable and other current liabilities	(96)	97
Operating lease liabilities	(230)	(216)
Other, net	90	(24)
Net cash provided by operating activities	370	440
Investing activities
Property and equipment additions	(43)	(57)
Proceeds received on asset sales	2	2
Net assets acquired (net of cash acquired)	51	5
Other, net	0	(3)
Net cash used in investing activities exclusive of vehicle programs	(92)	(63)
Vehicle programs:
Investment in vehicles	(3,751)	(4,376)
Proceeds received on disposition of vehicles	2,497	3,083
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	(175)	(78)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	39	0
Net cash used in investing activities of vehicle programs	1,390	1,371
Net cash used in investing activities	(1,482)	(1,434)
Financing activities
Proceeds from long-term borrowings	184	0
Payments on long-term borrowings	(92)	(5)
Proceeds from Issuance of Common Stock	15	15
Repurchases of common stock	(118)	(4)
Debt financing fees	(3)	0
Net cash used in financing activities exclusive of vehicle programs	(14)	(9)
Vehicle programs:
Proceeds from borrowings	5,461	5,989
Payments on borrowings	(4,479)	(5,038)
Debt financing fees	(6)	(5)
Net cash provided by financing activities of vehicle programs	976	946
Net cash provided by financing activities	962	937
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	(29)	(2)
Net decrease in cash and cash equivalents, program and restricted cash	(179)	(59)
Cash and cash equivalents, program and restricted cash, beginning of period	900	735
Cash and cash equivalents, program and restricted cash, end of period	$ 721	$ 676