CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities
Net income	$ 160	$ 152
Adjustments to reconcile net income to net cash provided by operating activities:
Vehicle depreciation	1,457	1,536
Amortization of right-of-use assets	752	0
(Gain) loss on sale of vehicles, net	(69)	(35)
Non-vehicle related depreciation and amortization	195	190
Stock-based compensation	18	18
Amortization of debt financing fees	23	21
Early extinguishment of debt	10	5
Net change in assets and liabilities:
Receivables	(65)	(140)
Income taxes and deferred income taxes	40	78
Accounts payable and other current liabilities	41	138
Operating lease liabilities	(746)	0
Other, net	115	132
Net cash provided by operating activities	1,931	2,095
Investing activities
Property and equipment additions	(178)	(157)
Proceeds received on asset sales	7	9
Net assets acquired (net of cash acquired)	68	64
Other, net	80	(44)
Net cash used in investing activities exclusive of vehicle programs	(159)	(256)
Vehicle programs:
Investment in vehicles	(10,621)	(10,079)
Proceeds received on disposition of vehicles	7,826	6,752
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	(221)	(116)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	137	22
Net cash used in investing activities of vehicle programs	2,879	3,421
Net cash used in investing activities	(3,038)	(3,677)
Financing activities
Proceeds from long-term borrowings	402	81
Payments on long-term borrowings	(427)	(99)
Net change in short-term borrowings	0	(4)
Repurchases of common stock	(65)	(143)
Debt financing fees	(6)	(9)
Other, net	0	3
Net cash used in financing activities exclusive of vehicle programs	(96)	(171)
Vehicle programs:
Proceeds from borrowings	16,042	13,371
Payments on borrowings	(14,838)	(11,727)
Debt financing fees	(18)	(19)
Net cash provided by financing activities of vehicle programs	1,186	1,625
Net cash provided by financing activities	1,090	1,454
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	(10)	(5)
Net decrease in cash and cash equivalents, program and restricted cash	(27)	(133)
Cash and cash equivalents, program and restricted cash, beginning of period	735	901
Cash and cash equivalents, program and restricted cash, end of period	$ 708	$ 768