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Stockholders' Equity
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Share Repurchases

Our Board of Directors has authorized the repurchase of up to $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, 2023, we repurchased approximately 723 thousand shares of common stock at a cost of approximately $146.1 million under the program. As of June 30, 2023, approximately $1.5 billion of authorization remains available to repurchase common stock under the program.

Total Comprehensive Income (Loss)

Comprehensive income (loss) consists of net income and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income.

The components of other comprehensive income (loss) were as follows: 
 Three Months Ended 
June 30,
Six Months Ended
June 30,
 2023202220232022
Net income$436 $774 $748 $1,301 
Less: net income (loss) attributable to non-controlling interests1 (4)1 (6)
Net income attributable to Avis Budget Group, Inc.
435 778 747 1,307 
Other comprehensive income (loss):
Currency translation adjustments (net of tax of $2, $(14), $5 and $(17), respectively)
6 (50)2 (43)
Net unrealized gain (loss) on cash flow hedges (net of tax of $(4), $(4), $(2) and $(15), respectively)
14 13 7 43 
Minimum pension liability adjustment (net of tax of $0, in each period)
1 1 2 3 
21 (36)11 3 
Comprehensive income attributable to Avis Budget Group, Inc.
$456 $742 $758 $1,310 
__________
Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.
Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) were as follows: 
Currency
Translation
Adjustments
Net Unrealized
Gains (Losses)
on Cash Flow
Hedges(a)
Minimum
Pension
Liability
Adjustment(b)
Accumulated
Other
Comprehensive
Income (Loss)
Balance, January 1, 2023$(30)$45 $(116)$(101)
Other comprehensive income (loss) before reclassifications2 13 — 15 
Amounts reclassified from accumulated other comprehensive income— (6)2 (4)
Net current-period other comprehensive income (loss)2 7 2 11 
Balance, June 30, 2023
$(28)$52 $(114)$(90)
Balance, January 1, 2022$16 $(19)$(130)$(133)
Other comprehensive income (loss) before reclassifications(43)36 1 (6)
Amounts reclassified from accumulated other comprehensive income— 7 2 9 
Net current-period other comprehensive income (loss)(43)43 3 3 
Balance, June 30, 2022
$(27)$24 $(127)$(130)
__________
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 $100 million gain, net of tax, as of June 30, 2023 related to our hedge of our investment in euro-denominated foreign operations (see Note 17 – Financial Instruments).
(a)For the three months ended June 30, 2023 and 2022, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $5 million ($4 million, net of tax) and $4 million ($3 million, net of tax), respectively. For the six months ended June 30, 2023 and 2022, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $8 million ($6 million, net of tax) and $9 million ($7 million, net of tax), respectively.
(b)For the three months ended June 30, 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ($1 million, net of tax.) For the six months ended June 30, 2023 and 2022, 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.