Vehicle Rental Activities

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Vehicle Rental Activities

Vehicle Rental Activities

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

	As of December 31,
	2023		2022
Rental vehicles	$	23,114	$	17,819
Less: Accumulated depreciation	(2,639)		(2,211)
	20,475		15,608
Vehicles held for sale	734		317
Vehicles, net investment in lease(a)	31		36
Vehicles, net	$	21,240	$	15,961

_________

(a)    See Note 17 – Related Party Transactions.

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

	Year Ended December 31,
	2023		2022		2021
Depreciation expense	$	2,228	$	1,709	$	1,402
Lease charges	167		138		156
(Gain) loss on sale of vehicles, net	(656)		(1,019)		(361)
Vehicle depreciation and lease charges, net	$	1,739	$	828	$	1,197

At December 31, 2023, 2022 and 2021, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $287 million, $265 million, and $142 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $237 million, $212 million, and $134 million, respectively.

Property and Equipment, net

Property and equipment, net consisted of:

	As of December 31,
	2023		2022
Land	$	61	$	59
Buildings and leasehold improvements	574		507
Capitalized software	957		906
Furniture, fixtures and equipment	440		382
Projects in process	154		89
Buses and support vehicles	94		90
	2,280		2,033
Less: Accumulated depreciation and amortization	(1,561)		(1,439)
Property and equipment, net	$	719	$	594

Depreciation and amortization expense relating to property and equipment during 2023, 2022 and 2021 was $187 million, $181 million, and $205 million, respectively (including $101 million, $115 million, and $105 million, respectively, of amortization expense relating to capitalized software). At December 31, 2023, we had payables related to property and equipment included in accounts payable and other current liabilities and in other non-current liabilities of $18 million and $6 million, respectively. 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.