Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

The following table presents our revenues disaggregated by geography:

	Year Ended December 31,
	2022		2021		2020
Americas	$	9,474	$	7,557	$	3,965
Europe, Middle East and Africa	1,927		1,400		1,127
Asia and Australasia	593		356		310
Total revenues	$	11,994	$	9,313	$	5,402

The following table presents our revenues disaggregated by brand:

	Year Ended December 31,
	2022		2021		2020
Avis	$	6,519	$	4,894	$	2,961
Budget	4,701		3,715		1,908
Other	774		704		533
Total revenues	$	11,994	$	9,313	$	5,402

________

Other includes Zipcar and other operating brands.

Schedule of Changes in Deferred Revenue

The following table presents changes in deferred revenue associated with our customer loyalty program:

	Year Ended December 31,
	2022		2021
Balance, January 1	$	50	$	34
Revenue deferred	52		49
Revenue recognized	(41)		(33)
Balance, December 31	$	61	$	50

_______

At December 31, 2022 and 2021, $15 million and $33 million was included in accounts payable and other current liabilities, respectively, and $46 million and $17 million in other non-current liabilities, respectively. Non-current amounts are expected to be recognized as revenue within two to three years.

Schedule of Cash and Cash Equivalents

The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows: 

	As of December 31,
	2022		2021
Cash and cash equivalents	$	570	$	534
Program cash	70		89
Restricted cash (a)	2		3
Total cash and cash equivalents, program and restricted cash	$	642	$	626

_________

(a)Included within other current assets.

Schedule of Restrictions on Cash and Cash Equivalents

The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows: 

	As of December 31,
	2022		2021
Cash and cash equivalents	$	570	$	534
Program cash	70		89
Restricted cash (a)	2		3
Total cash and cash equivalents, program and restricted cash	$	642	$	626

_________

(a)Included within other current assets.

Schedule of Property and Equipment, Net

Useful lives are as follows:

Buildings	30 years
Furniture, fixtures & equipment	3 to 10 years
Capitalized software	3 to 7 years
Buses and support vehicles	4 to 15 years

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

_______

(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

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