Basis of Presentation Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2019

Reconciliation of cash and cash equivalents (2016-18) [Table Text Block]

Cash and cash equivalents, Program cash and Restricted cash. The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows.



	As of June 30,
	2019		2018
Cash and cash equivalents	$	534	$	489
Program cash	48		161
Restricted cash ^(a)	3		11
Total cash and cash equivalents, program and restricted cash	$	585	$	661

________

^(a)

Included within other current assets.

Disaggregation of Revenue [Table Text Block]

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Americas	$	1,627	$	1,590	$	2,954	$	2,938
Europe, Middle East and Africa	572		600		1,005		1,047
Asia and Australasia	138		138		298		311
Total revenues	$	2,337	$	2,328	$	4,257	$	4,296

Disaggregation of Revenue by Brand [Table Text Block]

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Avis	$	1,328	$	1,351	$	2,428	$	2,496
Budget	816		777		1,467		1,419
Other	193		200		362		381
Total revenues	$	2,337	$	2,328	$	4,257	$	4,296

________

Other includes Zipcar and other operating brands.

Deferred Revenue Rollforward [Table Text Block]

Deferred Revenue. The following table presents changes in deferred revenue associated with the Company’s customer loyalty program.



	Six Months Ended June 30,
	2019			2018
Balance, January 1	$	64		$	69
Revenue deferred	12			10
Revenue recognized	(10		)	(7		)
Balance, June 30	$	66		$	72

_______

At June 30, 2019 and 2018, $22 million and $18 million was included in accounts payable and other current liabilities, respectively, and $44 million and $54 million, respectively, in other non-current liabilities. Non-current amounts are expected to be recognized as revenue within two to three years.

At January 1, 2018, the Company’s prepaid rentals and membership fees related to its car sharing business were $125 million. During the six months ended June 30, 2018, additional revenues of $989 million were deferred and revenues of $883 million were recognized. At June 30, 2018, the ending prepaid rentals and car sharing membership fees were $231 million, of which $229 million was included in accounts payable and other current liabilities and $2 million was included in other non-current liabilities.