Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Operating Lease, Lease Income

The following table presents our lease revenues disaggregated by geography:

	Year Ended December 31,
	2022		2021		2020
Americas	$	9,401	$	7,501	$	3,864
Europe, Middle East and Africa	1,852		1,343		1,080
Asia and Australasia	576		342		299
Total lease revenues	$	11,829	$	9,186	$	5,243

The following table presents our lease revenues disaggregated by brand:

	Year Ended December 31,
	2022		2021		2020
Avis	$	6,420	$	4,828	$	2,851
Budget	4,650		3,674		1,878
Other	759		684		514
Total lease revenues	$	11,829	$	9,186	$	5,243

________

Other includes Zipcar and other operating brands.

Schedule of The Components of Lease Expense

The components of lease expense are as follows:

	Year Ended December 31,
	2022		2021		2020
Property leases (a)
Operating lease expense	$	703	$	561	$	575
Variable lease expense	520		433		152
Sublease income	(5)		(6)		(6)
Total property lease expense	$	1,218	$	988	$	721
Vehicle leases
Finance lease expense:
Amortization of ROU assets (b)	$	29	$	37	$	33
Interest on lease liabilities (c)	3		4		3
Operating lease expense (b)	138		156		195
Total vehicle lease expense	$	170	$	197	$	231

__________

(a)    Primarily included in operating expenses and includes $(9) million, $(2) million and $60 million of minimum annual guaranteed rent in excess of concession fees as defined in our rental concession agreement for the years ended December 31, 2022, 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,
	2022		2021		2020
Cash payments for lease liabilities within operating activities:
Property operating leases	$	743	$	639	$	740
Vehicle finance leases	3		4		3
Vehicle operating leases	137		162		196
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	181		193		294
Non-cash activities - increase in ROU assets in exchange for lease liabilities:
Property operating leases	812		484		666
Vehicle finance leases	153		223		257
Vehicle operating leases	161		115		111

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:

	As of December 31,
	2022			2021
Property leases
Operating lease ROU assets	$	2,405		$	2,368
Short-term operating lease liabilities (a)	$	555		$	496
Long-term operating lease liabilities	1,884			1,910
Operating lease liabilities	$	2,439		$	2,406
Weighted average remaining lease term	8.2 years			8.8 years
Weighted average discount rate	4.30		%	3.84		%
Vehicle leases
Finance
Finance lease ROU assets, gross	$	267		$	353
Accumulated amortization	(45)			(72)
Finance lease ROU assets, net (b)	$	222		$	281
Short-term vehicle finance lease liabilities	$	44		$	126
Long-term vehicle finance lease liabilities	132			116
Vehicle finance lease liabilities (c)	$	176		$	242
Weighted average remaining lease term	2.0 years			2.2 years
Weighted average discount rate	1.82		%	1.97		%
Operating
Vehicle operating lease ROU assets (d)	$	86		$	63
Short-term vehicle operating lease liabilities	$	64		$	50
Long-term vehicle operating lease liabilities	22			14
Vehicle operating lease liabilities (e)	$	86		$	64
Weighted average remaining lease term	1.4 years			1.3 years
Weighted average discount rate	4.86		%	2.66		%

_________

(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.

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2022 are as follows:

	Property Operating Leases		Vehicle Finance Leases		Vehicle Operating Leases
Within 1 year	$	646	$	44	$	64
Between 1 and 2 years	441		4		18
Between 2 and 3 years	345		128		6
Between 3 and 4 years	286		—		1
Between 4 and 5 years	234		—		—
Thereafter	967		—		—
Total lease payments	2,919		176		89
Less: Imputed interest	(480)		—		(3)
Total	$	2,439	$	176	$	86