Leases (Tables)

12 Months Ended

Dec. 31, 2020

Lease Revenues Disaggregated by Geography [Table Text Block]

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


	Year Ended December 31, 2020		Year Ended December 31, 2019
Americas	$	3,864	$	6,303
Europe, Middle East and Africa	1,080		2,141
Asia and Australasia	299		584
Total lease revenues	$	5,243	$	9,028

Lease Revenues Disaggregated by Brand [Table Text Block]

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


	Year Ended December 31, 2020		Year Ended December 31, 2019
Avis	$	2,851	$	5,163
Budget	1,878		3,129
Other	514		736
Total lease revenues	$	5,243	$	9,028

________

Other includes Zipcar and other operating brands.

Lessee Disclosure [Abstract]

Lease, Cost [Table Text Block]

The components of lease expense are as follows:


	Year Ended December 31, 2020		Year Ended December 31, 2019
Property leases (a)
Operating lease expense	$	575	$	722
Variable lease expense	152		274
Sublease income	(6)		(8)
Total property lease expense	$	721	$	988

Vehicle leases
Finance lease expense:
Amortization of ROU assets (b)	$	33	$	42
Interest on lease liabilities (c)	3		4
Operating lease expense (b)	195		255
Total vehicle lease expense	$	231	$	301

__________

(a) Primarily included in operating expenses and includes $60 million of minimum annual guaranteed rent in excess of concession fees as defined in our rental concession agreement for the year ended December 31, 2020.

(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 December 31, 2020			As of December 31, 2019
Property leases
Operating lease ROU assets	$	2,560		$	2,596

Short-term operating lease liabilities (a)	$	514		$	479
Long-term operating lease liabilities	2,078			2,140
Operating lease liabilities	$	2,592		$	2,619

Weighted average remaining lease term	8.4 years			8.9 years
Weighted average discount rate	3.86		%	4.31		%

Vehicle leases
Finance
Finance lease ROU assets, gross	$	304		$	337
Accumulated amortization	(42)			(56)
Finance lease ROU assets, net (b)	$	262		$	281

Short-term vehicle finance lease liabilities	$	86		$	95
Long-term vehicle finance lease liabilities	140			157
Vehicle finance lease liabilities (c)	$	226		$	252

Weighted average remaining lease term	1.8 years			2.0 years
Weighted average discount rate	1.99		%	1.67		%

Operating
Vehicle operating lease ROU assets (d)	$	113		$	195

Short-term vehicle operating lease liabilities	$	82		$	124
Long-term vehicle operating lease liabilities	31			71
Vehicle operating lease liabilities (e)	$	113		$	195

Weighted average remaining lease term	1.5 years			1.8 years
Weighted average discount rate	2.90		%	3.08		%

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

Supplemental cash flow information related to leases is as follows:


	Year Ended December 31, 2020		Year Ended December 31, 2019
Cash payments for lease liabilities within operating activities:
Property operating leases	$	740	$	733
Vehicle operating leases	196		248
Vehicle finance leases	3		4
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	294		266
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases (a)	666		531
Vehicle operating leases (a)	111		262
Vehicle finance leases	257		304

_________

(a) For the year ended December 31, 2019, ROU assets obtained in exchange for lease liabilities since initial recognition.

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

Maturities of lease liabilities as of December 31, 2020 are as follows:


	Property Operating Leases		Vehicle Finance Leases		Vehicle Operating Leases
Within 1 year	$	602	$	86	$	84
Between 1 and 2 years	475		49		23
Between 2 and 3 years	416		91		8
Between 3 and 4 years	296		—		1
Between 4 and 5 years	223		—		—
Thereafter	1,081		—		—
Total lease payments	3,093		226		116
Less: Imputed interest	(501)		—		(3)
Total	$	2,592	$	226	$	113