Vehicle Rental Activities

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Vehicle Rental Activities

The components of vehicles, net within assets under vehicle programs are as follows: 

	As of December 31,
	2022		2021
Rental vehicles	$	17,819	$	14,612
Less: Accumulated depreciation	(2,211)		(1,911)
	15,608		12,701
Vehicles held for sale	317		165
Vehicles, net investment in lease(a)	36		—
Vehicles, net	$	15,961	$	12,866

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(a)See Note 17 – Related Party Transactions

The components of vehicle depreciation and lease charges, net are summarized below:

	Year Ended December 31,
	2022		2021		2020
Depreciation expense	$	1,709	$	1,402	$	1,330
Lease charges	138		156		195
(Gain) loss on sale of vehicles, net	(1,019)		(361)		(157)
Vehicle depreciation and lease charges, net	$	828	$	1,197	$	1,368

At December 31, 2022, 2021 and 2020, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $265 million, $142 million and $232 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $212 million, $134 million and $162 million, respectively.

Property and equipment, net consisted of:

	As of December 31,
	2022		2021
Land	$	59	$	50
Buildings and leasehold improvements	507		525
Capitalized software	906		932
Furniture, fixtures and equipment	382		426
Projects in process	89		84
Buses and support vehicles	90		80
	2,033		2,097
Less: Accumulated depreciation and amortization	(1,439)		(1,560)
Property and equipment, net	$	594	$	537

Depreciation and amortization expense relating to property and equipment during 2022, 2021 and 2020 was $181 million, $205 million and $218 million, respectively (including $115 million, $105 million and $113 million, respectively, of amortization expense relating to capitalized software). At December 31, 2022, we had payables related to property and equipment included in accounts payable and other current liabilities and in other non-current liabilities of $19 million and $1 million, respectively. At December 31, 2021, we had payables related to property and equipment included in accounts payable and other current liabilities and in other non-current liabilities of $20 million and $2 million, respectively.