Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Components of Other Comprehensive Income (Loss)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	238	$	627	$	140	$	1,375
Less: net income attributable to non-controlling interests	1		1		3		2
Net income attributable to Avis Budget Group, Inc.	237		626		137		1,373
Other comprehensive income (loss):
Currency translation adjustments (net of tax of $13, $(8), $5 and $(3), respectively) (a)	38		(43)		(7)		(41)
Net unrealized gain (loss) on cash flow hedges (net of tax of $5, $(1), $4 and $(3), respectively)	(16)		2		(12)		9
Minimum pension liability adjustment (net of tax of $(1), $(1), $(1), and $(1), respectively)	1		1		3		3
	23		(40)		(16)		(29)
Comprehensive income attributable to Avis Budget Group, Inc.	$	260	$	586	$	121	$	1,344

________

(a) 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	(7)		4		—		(3)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(16)		3		(13)
Net current-period other comprehensive income (loss)	(7)		(12)		3		(16)
Balance, September 30, 2024	$	(10)	$	25	$	(127)	$	(112)

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)

________

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 $79 million gain, net of tax, as of September 30, 2024 related to our hedge of our investment in euro-denominated foreign operations (see Note 16 – Financial Instruments).

(a)For the three months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $8 million ($5 million, net of tax) and gains of $2 million ($2 million, net of tax), respectively. For the nine months ended September 30, 2024 and 2023, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $22 million ($16 million, net of tax) and gains of $10 million ($8 million, net of tax), respectively.

(b)For the three months ended September 30, 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. For the nine months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $4 million ($3 million, net of tax) in each period.