Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Components Of Other Comprehensive Income (Loss)

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


		Three Months Ended March 31,
		2022		2021
Net income (loss)		$	527	$	(170)
	Less: net loss attributable to non-controlling interests	(2)		—
Net income (loss) attributable to Avis Budget Group, Inc.		529		(170)
Other comprehensive income (loss):
	Currency translation adjustments (net of tax of $(3) and $(12), respectively)	7		(14)
	Net unrealized gain (loss) on cash flow hedges (net of tax of $(11) and $3, respectively)	30		35
	Minimum pension liability adjustment (net of tax of $0 and $0, respectively)	2		3
		39		24
Comprehensive income (loss) attributable to Avis Budget Group, Inc.		$	568	$	(146)

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Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.

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, 2022		$	16	$	(19)	$	(130)	$	(133)
	Other comprehensive income (loss) before reclassifications	7		26		—		33
	Amounts reclassified from accumulated other comprehensive income (loss)	—		4		2		6
Net current-period other comprehensive income (loss)		7		30		2		39
Balance, March 31, 2022		$	23	$	11	$	(128)	$	(94)

Balance, January 1, 2021		$	40	$	(51)	$	(176)	$	(187)
	Other comprehensive income (loss) before reclassifications	(14)		32		1		19
	Amounts reclassified from accumulated other comprehensive income (loss)	—		3		2		5
Net current-period other comprehensive income (loss)		(14)		35		3		24
Balance, March 31, 2021		$	26	$	(16)	$	(173)	$	(163)

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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 $90 million gain, net of tax, as of March 31, 2022 related to our hedge of our investment in euro-denominated foreign operations (see Note 16–Financial Instruments).

(a)For the three months ended March 31, 2022 and 2021, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $5 million ($4 million, net of tax) and $1 million ($0 million, net of tax), respectively. For the three months ended March 31, 2021, the amount reclassified from accumulated other comprehensive income (loss) into vehicle interest expense was $4 million ($3 million, net of tax).

(b)For the three months ended March 31, 2022 and 2021, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $3 million ($2 million, net of tax) and $3 million ($2 million, net of tax), respectively.