Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

The following table presents our revenues disaggregated by geography:

	Year Ended December 31,
	2023		2022		2021
Americas	$	9,347	$	9,474	$	7,557
Europe, Middle East and Africa	2,014		1,927		1,400
Asia and Australasia	647		593		356
Total revenues	$	12,008	$	11,994	$	9,313

The following table presents our revenues disaggregated by brand:

	Year Ended December 31,
	2023		2022		2021
Avis	$	6,779	$	6,519	$	4,894
Budget	4,478		4,701		3,715
Other	751		774		704
Total revenues	$	12,008	$	11,994	$	9,313

________

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,
	2023		2022
Balance, January 1	$	61	$	50
Revenue deferred	58		52
Revenue recognized	(52)		(41)
Balance, December 31	$	67	$	61

_______

At December 31, 2023 and 2022, $20 million and $15 million was included in accounts payable and other current liabilities, respectively, and $47 million and $46 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,
	2023		2022
Cash and cash equivalents	$	555	$	570
Program cash	85		70
Restricted cash (a)	4		2
Total cash and cash equivalents, program and restricted cash	$	644	$	642

_________

(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,
	2023		2022
Cash and cash equivalents	$	555	$	570
Program cash	85		70
Restricted cash (a)	4		2
Total cash and cash equivalents, program and restricted cash	$	644	$	642

_________

(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,
	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

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