Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lease Revenues Disaggregated by Geography [Table Text Block]

The following table presents the Company’s lease revenues disaggregated by geography.

	Three Months Ended September 30, 2019		Nine Months Ended  September 30, 2019
Americas	$	1,856	$	4,792
Europe, Middle East and Africa	717		1,684
Asia and Australasia	140		431
Total lease revenues	$	2,713	$	6,907

Lease Revenues Disaggregated by Brand [Table Text Block]

The following table presents the Company’s lease revenues disaggregated by brand.

	Three Months Ended September 30, 2019		Nine Months Ended  September 30, 2019
Avis	$	1,559	$	3,953
Budget	935		2,379
Other	219		575
Total lease revenues	$	2,713	$	6,907

________

Other includes Zipcar and other operating brands.

Lease, Cost [Table Text Block]

The components of lease expense are as follows:

	Three Months Ended September 30, 2019			Nine Months Ended  September 30, 2019
Property leases (a)
Operating lease expense	$	184		$	540
Variable lease expense	93			219
Sublease income	(2		)	(6		)
Total property lease expense	$	275		$	753
Vehicle leases
Finance lease expense:
Amortization of ROU assets (b)	$	8		$	31
Interest on lease liabilities (c)	1			3
Operating lease expense (b)	72			191
Total vehicle lease expense	$	81		$	225

__________

^(a)  Primarily included in operating expense.

^(b)  Included in vehicle depreciation and lease charges, net.

^(c) 

Included in vehicle interest, net.

Supplemental Balance Sheet Information related to Leases [Table Text Block]

Supplemental balance sheet information related to leases is as follows:

	As of  September 30, 2019
Property leases
Operating lease ROU assets	$	2,365
Short-term operating lease liabilities (a)	$	420
Long-term operating lease liabilities	1,966
Operating lease liabilities	$	2,386
Weighted average remaining lease term	9.4 years
Weighted average discount rate	4.50		%
Vehicle leases
Finance
Finance lease ROU assets, gross	$	337
Accumulated amortization	(55		)
Finance lease ROU assets, net (b)	$	282
Short-term vehicle finance lease liabilities	$	96
Long-term vehicle finance lease liabilities	164
Vehicle finance lease liabilities (c)	$	260
Weighted average remaining lease term	1.9 years
Weighted average discount rate	1.77		%
Operating
Vehicle operating lease ROU assets (d)	$	205
Short-term vehicle operating lease liabilities	$	136
Long-term vehicle operating lease liabilities	69
Vehicle operating lease liabilities (e)	$	205
Weighted average remaining lease term	1.7 years
Weighted average discount rate	2.91		%

_________

^(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.

Supplemental Cash Flow Information related to Leases [Table Text Block]

Supplemental cash flow information related to leases is as follows:

	Nine Months Ended  September 30, 2019
Cash payments for lease liabilities within operating activities:
Property operating leases	$	564
Vehicle operating leases	182
Vehicle finance leases	3
Cash payments for lease liabilities within financing activities:
Vehicle finance leases	193
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases (a)	149
Vehicle operating leases (a)	209
Vehicle finance leases	247

_________

^(a)  ROU assets obtained in exchange for lease liabilities from initial recognition.

Finance and Operating, Liability, Maturity [Table Text Block]

Maturities of lease liabilities as of September 30, 2019 are as follows:

	Property Operating Leases			Vehicle Finance Leases		Vehicle Operating Leases
Within 1 year	$	517		$	96	$	140
Between 1 and 2 years	424			21		52
Between 2 and 3 years	357			138		15
Between 3 and 4 years	298			5		4
Between 4 and 5 years	215			—		—
Thereafter	1,159			—		—
Total lease payments	2,970			260		211
Less: Imputed interest	(584		)	—		(6		)
Total	$	2,386		$	260	$	205

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Future minimum lease payments required under noncancelable operating leases, including minimum concession fees charged by airport authorities, which in many locations are recoverable from vehicle rental customers, as of December 31, 2018, were as follows:

	Amount
2019	$	835
2020	476
2021	345
2022	253
2023	162
Thereafter	590
	$	2,661