AVIS BUDGET GROUP, INC. Goodwill & Intangibles Disclosure
| As of December 31, 2025 | As of December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
| Amortized Intangible Assets | |||||||||||||||||||||||||||||||||||
License agreements (a) | $ | 296 | $ | 243 | $ | 53 | $ | 306 | $ | 244 | $ | 62 | |||||||||||||||||||||||
Customer relationships (b) | 257 | 240 | 17 | 244 | 221 | 23 | |||||||||||||||||||||||||||||
Other (c) | 56 | 51 | 5 | 52 | 47 | 5 | |||||||||||||||||||||||||||||
| Total | $ | 609 | $ | 534 | $ | 75 | $ | 602 | $ | 512 | $ | 90 | |||||||||||||||||||||||
| Unamortized Intangible Assets | |||||||||||||||||||||||||||||||||||
| Goodwill | $ | 1,129 | $ | 1,071 | |||||||||||||||||||||||||||||||
| Trademarks | $ | 514 | $ | 511 | |||||||||||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| License agreements | $ | 14 | $ | 17 | $ | 14 | |||||||||||
| Customer relationships | 8 | 9 | 9 | ||||||||||||||
| Other | 1 | 4 | 6 | ||||||||||||||
| Total | $ | 23 | $ | 30 | $ | 29 | |||||||||||
| Americas | International | Total Company | |||||||||||||||
Goodwill as of January 1, 2024 | $ | 2,138 | $ | 1,079 | $ | 3,217 | |||||||||||
Accumulated impairment losses as of January 1, 2024 | (1,587) | (531) | (2,118) | ||||||||||||||
Goodwill as of January 1, 2024 | 551 | 548 | 1,099 | ||||||||||||||
| Acquisitions | — | 2 | 2 | ||||||||||||||
| Currency translation adjustments and other | (3) | (27) | (30) | ||||||||||||||
Goodwill as of December 31, 2024 | 548 | 523 | 1,071 | ||||||||||||||
| Currency translation adjustments and other | 2 | 56 | 58 | ||||||||||||||
Goodwill as of December 31, 2025 | $ | 550 | $ | 579 | $ | 1,129 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 24, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.