CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net income (loss)	$ 228	$ (639)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Vehicle depreciation	595	748
Amortization of right-of-use assets	492	424
(Gain) loss on sale of vehicles, net	(89)	(13)
Non-vehicle related depreciation and amortization	130	140
Stock-based compensation	14	2
Amortization of debt financing fees	17	16
Early extinguishment of debt	129	7
Net change in assets and liabilities:
Receivables	(117)	243
Income taxes and deferred income taxes	(42)	(240)
Accounts payable and other current liabilities	428	(98)
Operating lease liabilities	(489)	(422)
Other, net	(41)	182
Net cash provided by operating activities	1,255	350
Investing activities
Property and equipment additions	(30)	(64)
Proceeds received on asset sales	2	4
Net assets acquired (net of cash acquired)	(5)	(60)
Other, net	(5)	0
Net cash used in investing activities exclusive of vehicle programs	(38)	(120)
Vehicle programs:
Investment in vehicles	(6,203)	(4,196)
Proceeds received on disposition of vehicles	2,308	4,709
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	(163)	(175)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	61	99
Net cash used in investing activities of vehicle programs	(3,997)	437
Net cash provided by (used in) investing activities	(4,035)	317
Financing activities
Proceeds from long-term borrowings	1,100	669
Payments on long-term borrowings	(1,105)	(198)
Proceeds from Short-term Debt	2	0
Issuance of common stock	0	15
Repurchases of common stock	(22)	(118)
Debt financing fees	(14)	(17)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(39)	351
Vehicle programs:
Proceeds from borrowings	8,200	9,042
Payments on borrowings	(4,718)	(9,610)
Debt financing fees	(13)	(7)
Net cash provided by financing activities of vehicle programs	3,469	(575)
Net cash provided by (used in) financing activities	3,430	(224)
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	(4)	(4)
Net increase in cash and cash equivalents, program and restricted cash	646	439
Cash and cash equivalents, program and restricted cash, beginning of period	765	900
Cash and cash equivalents, program and restricted cash, end of period	$ 1,411	$ 1,339