Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Lease Revenues Disaggregated by Geography [Table Text Block]

The following table presents the Company’s lease revenues disaggregated by geography.

	Three Months Ended March 31, 2019
Americas	$	1,319
Europe, Middle East and Africa	414
Asia and Australasia	157
Total lease revenues	$	1,890

Lease Revenues Disaggregated by Brand [Table Text Block]

The following table presents the Company’s lease revenues disaggregated by brand.

	Three Months Ended March 31, 2019
Avis	$	1,083
Budget	640
Other	167
Total lease revenues	$	1,890

________

Other includes Zipcar and other operating brands.

Lease, Cost [Table Text Block]

The components of lease expense are as follows:

	Three Months Ended March 31, 2019
Property leases (a)
Operating lease expense	$	177
Variable lease expense	51
Total property lease expense	$	228
Vehicle leases
Finance lease expense:
Amortization of ROU assets (b)	$	11
Interest on lease liabilities (c)	1
Operating lease expense (b)	57
Total vehicle lease expense	$	69

__________

^(a)  Primarily included in operating expense.

^(b)  Included in vehicle depreciation and lease charges, net.

Supplemental Balance Sheet Information related to Leases [Table Text Block]

Supplemental balance sheet information related to leases is as follows:

	As of March 31, 2019
Property leases
Operating lease ROU assets	$	2,506
Short-term operating lease liabilities(a)	$	474
Long-term operating lease liabilities	2,046
Operating lease liabilities	$	2,520
Weighted average remaining lease term	9.5 years
Weighted average discount rate	4.58		%
Vehicle leases
Finance
Finance lease ROU assets, gross	$	282
Accumulated amortization	(50		)
Finance lease ROU assets, net (b)	$	232
Short-term vehicle finance lease liabilities	$	82
Long-term vehicle finance lease liabilities	117
Vehicle finance lease liabilities (c)	$	199
Weighted average remaining lease term	1.8 years
Weighted average discount rate	1.40		%
Operating
Vehicle operating lease ROU assets (d)	$	147
Short-term vehicle operating lease liabilities	$	82
Long-term vehicle operating lease liabilities	65
Vehicle operating lease liabilities (e)	$	147
Weighted average remaining lease term	2.8 years
Weighted average discount rate	3.09		%
Other leases
Finance property and equipment lease ROU assets, gross	$	25
Accumulated amortization	(2		)
Finance property and equipment lease ROU assets, net (f)	$	23
Short-term finance lease liabilities(g)	$	8
Long-term finance lease liabilities(h)	15
Finance lease liabilities	$	23
Weighted average remaining lease term	4.0 years
Weighted average discount rate	5.86		%

_________

^(a)  Included in Accounts payable and other current liabilities.

^(b)  Included in Vehicles, net within Assets under vehicle programs.

^(c)  Included in Debt within Liabilities under vehicle programs.

^(d)  Included in Receivables from vehicle manufacturers and other within Assets under vehicle programs.

^(e)  Included in Other within Liabilities under vehicle programs.

^(f)  Included in Property and equipment, net.

^(g)  Included in Short-term debt and current portion of long-term debt.

^(h)  Included in Long-term debt.

Supplemental Cash Flow Information related to Leases [Table Text Block]

Supplemental cash flow information related to leases is as follows:

	Three Months Ended March 31, 2019
Cash payments for lease liabilities within operating activities:
Property operating leases	$	189
Vehicle operating leases	27
Vehicle finance leases	1
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	38
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases (a)	(113		)
Vehicle operating leases (a)	(8		)
Vehicle finance leases	35

_________

^(a)  ROU assets obtained in exchange for lease liabilities from initial recognition.

Finance and Operating, Liability, Maturity [Table Text Block]

Maturities of lease liabilities as of March 31, 2019 are as follows:

	Property Operating leases			Vehicle Finance leases		Vehicle Operating leases			Other Finance leases
Within 1 year	$	615		$	82	$	87		$	9
Between 1 and 2 years	404			12		43			6
Between 2 and 3 years	359			100		16			3
Between 3 and 4 years	304			5		6			3
Between 4 and 5 years	252			—		—			2
Thereafter	1,220			—		—			3
Total lease payments	3,154			199		152			26
Less: imputed interest	(634		)	—		(5		)	(3		)
Total	$	2,520		$	199	$	147		$	23

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Future minimum lease payments required under noncancelable operating leases, including minimum concession fees charged by airport authorities, which in many locations are recoverable from vehicle rental customers, as of December 31, 2018, were as follows:

	Amount
2019	$	835
2020	476
2021	345
2022	253
2023	162
Thereafter	590
	$	2,661