Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Operating Lease, Lease Income

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

	Three Months Ended  June 30,				Six Months Ended  June 30,
	2021		2020		2021		2020
Americas	$	1,972	$	552	$	3,026	$	1,796
Europe, Middle East and Africa	268		151		460		493
Asia and Australasia	112		35		198		170
Total lease revenues	$	2,352	$	738	$	3,684	$	2,459

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

	Three Months Ended  June 30,				Six Months Ended  June 30,
	2021		2020		2021		2020
Avis	$	1,201	$	389	$	1,891	$	1,357
Budget	975		261		1,491		869
Other	176		88		302		233
Total lease revenues	$	2,352	$	738	$	3,684	$	2,459

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Other includes Zipcar and other operating brands.

The Components of Lease Expense

The components of lease expense are as follows:

	Three Months Ended  June 30,				Six Months Ended  June 30,
	2021		2020		2021		2020
Property leases (a)
Operating lease expense	$	134	$	128	$	273	$	313
Variable lease expense	112		20		166		56
Total property lease expense	$	246	$	148	$	439	$	369

__________

(a)    Primarily within operating expense and includes $(3) million and $30 million for the three months ended June 30, 2021 and 2020, respectively, and $16 million and $30 million for the six months ended June 30, 2021 and 2020, respectively, of minimum annual guaranteed rent in excess of concession fees, net, as defined in our rental concession agreements.

Supplemental cash flow information related to leases is as follows:

	Six Months Ended  June 30,
	2021		2020
Cash payments for lease liabilities within operating activities:
Property operating leases	$	407	$	327
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	269		455

Supplemental Balance Sheet Information related to Leases

Supplemental balance sheet information related to leases is as follows:

	As of  June 30, 2021			As of  December 31, 2020
Property leases
Operating lease ROU assets	$	2,407		$	2,560
Short-term operating lease liabilities (a)	$	495		$	514
Long-term operating lease liabilities	1,947			2,078
Operating lease liabilities	$	2,442		$	2,592
Weighted average remaining lease term	8.3 years			8.4 years
Weighted average discount rate	3.84		%	3.86		%

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