Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Operating Lease, Lease Income

The following table presents our lease revenues disaggregated by geography:

	Year Ended December 31,
	2024		2023		2022
Americas	$	8,970	$	9,261	$	9,401
Europe, Middle East and Africa	1,958		1,932		1,852
Asia and Australasia	615		628		576
Total lease revenues	$	11,543	$	11,821	$	11,829

The following table presents our lease revenues disaggregated by brand:

	Year Ended December 31,
	2024		2023		2022
Avis	$	6,609	$	6,660	$	6,420
Budget	4,220		4,425		4,650
Other (a)	714		736		759
Total lease revenues	$	11,543	$	11,821	$	11,829

________

(a)    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,
	2024		2023		2022
Property leases
Operating lease expense	$	935	$	860	$	703
Variable lease expense	343		402		520
Sublease income	(6)		(6)		(5)
Total property lease expense (a)	$	1,272	$	1,256	$	1,218
Vehicle leases
Finance lease expense:
Amortization of ROU assets (b)	$	27	$	28	$	29
Interest on lease liabilities (c)	7		6		3
Operating lease expense (b)	151		167		138
Total vehicle lease expense	$	185	$	201	$	170

__________

(a)    Primarily included in operating expenses and for the year ended December 31, 2022, includes $(9) million of minimum annual guaranteed rent in excess of concession fees as defined in our rental concession agreements.

(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,
	2024		2023		2022
Cash payments for lease liabilities within operating activities:
Property operating leases	$	947	$	838	$	743
Vehicle finance leases	7		6		3
Vehicle operating leases	151		167		137
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	$	105	$	105	$	181
Non-cash activities - increase in ROU assets in exchange for lease liabilities:
Property operating leases	$	1,404	$	1,079	$	812
Vehicle finance leases	102		118		153
Vehicle operating leases	112		191		161

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:

	As of December 31,
	2024		2023
Property leases
Operating lease ROU assets	$	3,057	$	2,654
Short-term operating lease liabilities (a)	$	628	$	576
Long-term operating lease liabilities	2,484		2,117
Operating lease liabilities	$	3,112	$	2,693
Weighted average remaining lease term	8.0 years		8.1 years
Weighted average discount rate	4.98%		4.83%
Vehicle leases
Finance
Finance lease ROU assets, gross	$	228	$	265
Accumulated amortization	(43)		(41)
Finance lease ROU assets, net (b)	$	185	$	224
Short-term vehicle finance lease liabilities	$	75	$	59
Long-term vehicle finance lease liabilities	68		113
Vehicle finance lease liabilities (c)	$	143	$	172
Weighted average remaining lease term	2.1 years		2.8 years
Weighted average discount rate	5.07%		3.68%
Operating
Vehicle operating lease ROU assets (d)	$	73	$	117
Short-term vehicle operating lease liabilities	$	58	$	83
Long-term vehicle operating lease liabilities	15		36
Vehicle operating lease liabilities (e)	$	73	$	119
Weighted average remaining lease term	1.3 years		1.5 years
Weighted average discount rate	5.20%		5.13%

_________

(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, 2024 are as follows:

	Property Operating Leases		Vehicle Finance Leases		Vehicle Operating Leases
Within 1 year	$	766	$	75	$	60
Between 1 and 2 years	579		—		10
Between 2 and 3 years	513		—		3
Between 3 and 4 years	415		61		1
Between 4 and 5 years	311		7		1
Thereafter	1,221		—		—
Total lease payments	3,805		143		75
Less: Imputed interest	(693)		—		(2)
Total	$	3,112	$	143	$	73