Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Operating Lease, Lease Income

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

	Three Months Ended  September 30,				Nine Months Ended  September 30,
	2021		2020		2021		2020
Americas	$	2,391	$	1,099	$	5,417	$	2,896
Europe, Middle East and Africa	508		350		968		843
Asia and Australasia	68		55		266		224
Total lease revenues	$	2,967	$	1,504	$	6,651	$	3,963

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

	Three Months Ended  September 30,				Nine Months Ended  September 30,
	2021		2020		2021		2020
Avis	$	1,573	$	824	$	3,464	$	2,181
Budget	1,185		532		2,676		1,401
Other	209		148		511		381
Total lease revenues	$	2,967	$	1,504	$	6,651	$	3,963

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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  September 30,				Nine Months Ended  September 30,
	2021		2020		2021		2020
Property leases (a)
Operating lease expense	$	146	$	130	$	419	$	443
Variable lease expense	152		51		318		107
Total property lease expense	$	298	$	181	$	737	$	550

__________

(a)    Primarily within operating expense and includes $(4) million and $11 million for the three months ended September 30, 2021 and 2020, respectively, and $12 million and $41 million for the nine months ended September 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:

	Nine Months Ended  September 30,
	2021		2020
Cash payments for lease liabilities within operating activities:
Property operating leases	$	445	$	554
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$	226	$	588

Supplemental Balance Sheet Information related to Leases

Supplemental balance sheet information related to leases is as follows:

	As of  September 30, 2021			As of  December 31, 2020
Property leases
Operating lease ROU assets	$	2,309		$	2,560
Short-term operating lease liabilities (a)	$	484		$	514
Long-term operating lease liabilities	1,862			2,078
Operating lease liabilities	$	2,346		$	2,592
Weighted average remaining lease term	8.2 years			8.4 years
Weighted average discount rate	3.86		%	3.86		%

_________

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