Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Operating Lease, Lease Income

The following table presents our lease revenues disaggregated by geography:

	Year Ended December 31,
	2021		2020		2019
Americas	$	7,501	$	3,864	$	6,303
Europe, Middle East and Africa	1,343		1,080		2,141
Asia and Australasia	342		299		584
Total lease revenues	$	9,186	$	5,243	$	9,028

The following table presents our lease revenues disaggregated by brand:

	Year Ended December 31,
	2021		2020		2019
Avis	$	4,828	$	2,851	$	5,163
Budget	3,674		1,878		3,129
Other	684		514		736
Total lease revenues	$	9,186	$	5,243	$	9,028

________

Other includes Zipcar and other operating brands.

The Components of Lease Expense

The components of lease expense are as follows:

	Year Ended December 31,
	2021		2020		2019
Property leases (a)
Operating lease expense	$	561	$	575	$	722
Variable lease expense	433		152		274
Sublease income	(6)		(6)		(8)
Total property lease expense	$	988	$	721	$	988
Vehicle leases
Finance lease expense:
Amortization of ROU assets (b)	$	37	$	33	$	42
Interest on lease liabilities (c)	4		3		4
Operating lease expense (b)	156		195		255
Total vehicle lease expense	$	197	$	231	$	301

__________

(a)    Primarily included in operating expenses and includes $(2) million and $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, 2021 and 2020, respectively.

(b)    Included in vehicle depreciation and lease charges, net.

(c)    Included in vehicle interest, net.

Supplemental cash flow information related to leases is as follows:

	Year Ended December 31,
	2021		2020		2019
Cash payments for lease liabilities within operating activities:
Property operating leases	$	639	$	740	$	733
Vehicle operating leases	162		196		248
Vehicle finance leases	4		3		4
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	193		294		266
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases (a)	484		666		531
Vehicle operating leases (a)	115		111		262
Vehicle finance leases	223		257		304

_________

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

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:

	As of December 31,
	2021			2020
Property leases
Operating lease ROU assets	$	2,368		$	2,560
Short-term operating lease liabilities (a)	$	496		$	514
Long-term operating lease liabilities	1,910			2,078
Operating lease liabilities	$	2,406		$	2,592
Weighted average remaining lease term	8.8 years			8.4 years
Weighted average discount rate	3.84		%	3.86		%
Vehicle leases
Finance
Finance lease ROU assets, gross	$	353		$	304
Accumulated amortization	(72)			(42)
Finance lease ROU assets, net (b)	$	281		$	262
Short-term vehicle finance lease liabilities	$	126		$	86
Long-term vehicle finance lease liabilities	116			140
Vehicle finance lease liabilities (c)	$	242		$	226
Weighted average remaining lease term	2.2 years			1.8 years
Weighted average discount rate	1.97		%	1.99		%
Operating
Vehicle operating lease ROU assets (d)	$	63		$	113
Short-term vehicle operating lease liabilities	$	50		$	82
Long-term vehicle operating lease liabilities	14			31
Vehicle operating lease liabilities (e)	$	64		$	113
Weighted average remaining lease term	1.3 years			1.5 years
Weighted average discount rate	2.66		%	2.90		%

_________

(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.

Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2021 are as follows:

	Property Operating Leases		Vehicle Finance Leases		Vehicle Operating Leases
Within 1 year	$	577	$	126	$	51
Between 1 and 2 years	466		5		13
Between 2 and 3 years	335		95		1
Between 3 and 4 years	255		16		—
Between 4 and 5 years	202		—		—
Thereafter	1,056		—		—
Total lease payments	2,891		242		65
Less: Imputed interest	(485)		—		(1)
Total	$	2,406	$	242	$	64