Leases (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2019		Six Months Ended  June 30, 2019
Americas	$	1,617	$	2,936
Europe, Middle East and Africa	553		967
Asia and Australasia	134		291
Total lease revenues	$	2,304	$	4,194

Lease Revenues Disaggregated by Brand [Table Text Block]

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

	Three Months Ended June 30, 2019		Six Months Ended  June 30, 2019
Avis	$	1,311	$	2,394
Budget	804		1,444
Other	189		356
Total lease revenues	$	2,304	$	4,194

________

Other includes Zipcar and other operating brands.

Lease, Cost [Table Text Block]

The components of lease expense are as follows:

	Three Months Ended June 30, 2019			Six Months Ended  June 30, 2019
Property leases (a)
Operating lease expense	$	179		$	356
Variable lease expense	74			126
Sublease income	(3		)	(4		)
Total property lease expense	$	250		$	478
Vehicle leases
Finance lease expense:
Amortization of ROU assets (b)	$	12		$	23
Interest on lease liabilities (c)	1			2
Operating lease expense (b)	62			119
Total vehicle lease expense	$	75		$	144

__________

^(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 June 30, 2019
Property leases
Operating lease ROU assets	$	2,409
Short-term operating lease liabilities (a)	$	433
Long-term operating lease liabilities	1,995
Operating lease liabilities	$	2,428
Weighted average remaining lease term	9.5 years
Weighted average discount rate	4.57		%
Vehicle leases
Finance
Finance lease ROU assets, gross	$	332
Accumulated amortization	(53		)
Finance lease ROU assets, net (b)	$	279
Short-term vehicle finance lease liabilities	$	105
Long-term vehicle finance lease liabilities	141
Vehicle finance lease liabilities (c)	$	246
Weighted average remaining lease term	1.6 years
Weighted average discount rate	1.48		%
Operating
Vehicle operating lease ROU assets (d)	$	216
Short-term vehicle operating lease liabilities	$	170
Long-term vehicle operating lease liabilities	46
Vehicle operating lease liabilities (e)	$	216
Weighted average remaining lease term	2.2 years
Weighted average discount rate	2.89		%

_________

^(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.

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

Supplemental cash flow information related to leases is as follows:

	Six Months Ended  June 30, 2019
Cash payments for lease liabilities within operating activities:
Property operating leases	$	378
Vehicle operating leases	105
Vehicle finance leases	2
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	90
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases (a)	(17		)
Vehicle operating leases (a)	136
Vehicle finance leases	133

_________

^(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 June 30, 2019 are as follows:

	Property Operating Leases			Vehicle Finance Leases		Vehicle Operating Leases
Within 1 year	$	531		$	105	$	149
Between 1 and 2 years	420			7		56
Between 2 and 3 years	360			129		14
Between 3 and 4 years	297			5		3
Between 4 and 5 years	229			—		—
Thereafter	1,199			—		—
Total lease payments	3,036			246		222
Less: Imputed interest	(608		)	—		(6		)
Total	$	2,428		$	246	$	216

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