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Stockholders' Equity
 9 Months Ended
Sep. 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 nine months ended September 30, 2023, we repurchased approximately 2.9 million shares of common stock at a cost of approximately $633 million (excluding excise taxes due under the Inflation Reduction Act of 2022) under the program. As of September 30, 2023, approximately $1.1 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 
September 30,
Nine Months Ended
September 30,
 2023202220232022
Net income$627 $1,031 $1,375 $2,332 
Less: net income (loss) attributable to non-controlling interests1 (3)2 (9)
Net income attributable to Avis Budget Group, Inc.
626 1,034 1,373 2,341 
Other comprehensive income (loss):
Currency translation adjustments (net of tax of $(8), $(16), $(3) and $(33), respectively)
(43)(78)(41)(121)
Net unrealized gain (loss) on cash flow hedges (net of tax of $(1), $(8), $(3) and $(23), respectively)
2 22 9 65 
Minimum pension liability adjustment (net of tax of $(1), $0, $(1), $0, respectively)
1 1 3 4 
(40)(55)(29)(52)
Comprehensive income attributable to Avis Budget Group, Inc.
$586 $979 $1,344 $2,289 
__________
Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.
Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) were as follows: 
Currency
Translation
Adjustments
Net Unrealized
Gains (Losses)
on Cash Flow
Hedges(a)
Minimum
Pension
Liability
Adjustment(b)
Accumulated
Other
Comprehensive
Income (Loss)
Balance, January 1, 2023$(30)$45 $(116)$(101)
Other comprehensive income (loss) before reclassifications(41)17 — (24)
Amounts reclassified from accumulated other comprehensive income (loss)— (8)3 (5)
Net current-period other comprehensive income (loss)(41)9 3 (29)
Balance, September 30, 2023
$(71)$54 $(113)$(130)
Balance, January 1, 2022$16 $(19)$(130)$(133)
Other comprehensive income (loss) before reclassifications(121)57 1 (63)
Amounts reclassified from accumulated other comprehensive income (loss)— 8 3 11 
Net current-period other comprehensive income (loss)(121)65 4 (52)
Balance, September 30, 2022
$(105)$46 $(126)$(185)
__________
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 $123 million gain, net of tax, as of September 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 September 30, 2023 and 2022, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $2 million ($2 million, net of tax) and losses of $1 million ($1 million, net of tax), respectively. For the nine months ended September 30, 2023 and 2022, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $10 million ($8 million, net of tax) and losses of $10 million ($8 million, net of tax), respectively.
(b)For the three months ended September 30, 2023 and 2022, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $1 million ($1 million, net of tax) and losses of $1 million ($1 million, net of tax), respectively. For the nine months ended September 30, 2023 and 2022, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $4 million ($3 million, net of tax) and losses of $4 million ($3 million, net of tax), respectively.