Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

The following table presents our revenues disaggregated by geography:

	Year Ended December 31,
	2021		2020		2019
Americas	$	7,557	$	3,965	$	6,352
Europe, Middle East and Africa	1,400		1,127		2,222
Asia and Australasia	356		310		598
Total revenues	$	9,313	$	5,402	$	9,172

The following table presents our revenues disaggregated by brand:

	Year Ended December 31,
	2021		2020		2019
Avis	$	4,894	$	2,961	$	5,250
Budget	3,715		1,908		3,179
Other	704		533		743
Total revenues	$	9,313	$	5,402	$	9,172

________

Other includes Zipcar and other operating brands.

Changes in Deferred Revenue

The following table presents changes in deferred revenue associated with our customer loyalty program:

	Year Ended December 31,
	2021		2020
Balance, January 1	$	34	$	59
Revenue deferred	49		26
Revenue recognized	(33)		(51)
Balance, December 31	$	50	$	34

_______

At December 31, 2021 and 2020, $33 million and $17 million was included in accounts payable and other current liabilities, respectively, and $17 million and $17 million, respectively, in other non-current liabilities. 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,
	2021		2020
Cash and cash equivalents	$	534	$	692
Program cash	89		72
Restricted cash (a)	3		1
Total cash and cash equivalents, program and restricted cash	$	626	$	765

_________

(a)Included within other current assets.

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,
	2021		2020
Cash and cash equivalents	$	534	$	692
Program cash	89		72
Restricted cash (a)	3		1
Total cash and cash equivalents, program and restricted cash	$	626	$	765

_________

(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

Property and equipment, net consisted of:

	As of December 31,
	2021		2020
Land	$	50	$	49
Buildings and leasehold improvements	525		592
Capitalized software	932		918
Furniture, fixtures and equipment	426		417
Projects in process	84		60
Buses and support vehicles	80		86
	2,097		2,122
Less: Accumulated depreciation and amortization	(1,560)		(1,465)
Property and equipment, net	$	537	$	657