Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Components of Other Comprehensive Income (Loss)

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


		Three Months Ended March 31,
			2024		2023
Net income (loss)			$	(113)	$	312
	Less: net income attributable to non-controlling interests		1		—
Net income (loss) attributable to Avis Budget Group, Inc.			(114)		312
Other comprehensive income (loss):
	Currency translation adjustments (net of tax of $(5) and $3, respectively)		(52)		(4)
	Net unrealized gain (loss) on cash flow hedges (net of tax of $(2) and $2, respectively)		7		(7)
	Minimum pension liability adjustment (net of tax of $0 in each period)		1		1
			(44)		(10)
Comprehensive income (loss) attributable to Avis Budget Group, Inc.			$	(158)	$	302

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

Schedule of 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, 2024		$	(3)	$	37	$	(130)	$	(96)
	Other comprehensive income (loss) before reclassifications	(52)		12		—		(40)
	Amounts reclassified from accumulated other comprehensive income (loss)	—		(5)		1		(4)
Net current-period other comprehensive income (loss)		(52)		7		1		(44)
Balance, March 31, 2024		$	(55)	$	44	$	(129)	$	(140)

Balance, January 1, 2023		$	(30)	$	45	$	(116)	$	(101)
	Other comprehensive income (loss) before reclassifications	(4)		(5)		—		(9)
	Amounts reclassified from accumulated other comprehensive income (loss)	—		(2)		1		(1)
Net current-period other comprehensive income (loss)		(4)		(7)		1		(10)
Balance, March 31, 2023		$	(34)	$	38	$	(115)	$	(111)

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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 $108 million gain, net of tax, as of March 31, 2024 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, 2024 and 2023, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $7 million ($5 million, net of tax) and gains of $3 million ($2 million, net of tax), respectively.

(b)For the three months ended March 31, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $1 million ($1 million, net of tax), in each period.