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Leases | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
Leases | Leases Lessor The following table presents the Company’s lease revenues disaggregated by geography:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Americas | $ | 2,391 |  |  | $ | 1,099 |  |  | $ | 5,417 |  |  | $ | 2,896 |
Europe, Middle East and Africa | 508 |  |  | 350 |  |  | 968 |  |  | 843 |
Asia and Australasia | 68 |  |  | 55 |  |  | 266 |  |  | 224 |
Total lease revenues | $ | 2,967 |  |  | $ | 1,504 |  |  | $ | 6,651 |  |  | $ | 3,963 |
The following table presents the Company’s lease revenues disaggregated by brand:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Avis | $ | 1,573 |  |  | $ | 824 |  |  | $ | 3,464 |  |  | $ | 2,181 |
Budget | 1,185 |  |  | 532 |  |  | 2,676 |  |  | 1,401 |
Other | 209 |  |  | 148 |  |  | 511 |  |  | 381 |
Total lease revenues | $ | 2,967 |  |  | $ | 1,504 |  |  | $ | 6,651 |  |  | $ | 3,963 |
_______ Other includes Zipcar and other operating brands. Lessee The Company has operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of the Company’s operating leases for rental locations contain concession agreements with various airport authorities that allow the Company to conduct its vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease Right of Use (“ROU”) assets and operating lease liabilities, and are recorded as variable lease expense as incurred. The Company’s operating leases for rental locations often also require the Company to pay or reimburse operating expenses. The components of lease expense are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Property leases (a) |  |  |  |  |  |  |
Operating lease expense | $ | 146 |  |  | $ | 130 |  |  | $ | 419 |  |  | $ | 443 |
Variable lease expense | 152 |  |  | 51 |  |  | 318 |  |  | 107 |
Total property lease expense | $ | 298 |  |  | $ | 181 |  |  | $ | 737 |  |  | $ | 550 |
__________ (a) Primarily within operating expense and includes $(4) million and $11 million for the three months ended September 30, 2021 and 2020, respectively, and $12 million and $41 million for the nine months ended September 30, 2021 and 2020, respectively, of minimum annual guaranteed rent in excess of concession fees, net, as defined in our rental concession agreements. Supplemental balance sheet information related to leases is as follows:
| As of September 30, 2021 |  | As of December 31, 2020
Property leases |  |  |
Operating lease ROU assets | $ | 2,309 |  |  | $ | 2,560 |
Short-term operating lease liabilities (a) | $ | 484 |  |  | $ | 514 |
Long-term operating lease liabilities | 1,862 |  |  | 2,078 |
Operating lease liabilities | $ | 2,346 |  |  | $ | 2,592 |
Weighted average remaining lease term | 8.2 years |  | 8.4 years
Weighted average discount rate | 3.86 | % |  | 3.86 | %
_________ (a) Included in Accounts payable and other current liabilities. Supplemental cash flow information related to leases is as follows:
| Nine Months Ended September 30,
| 2021 |  | 2020
Cash payments for lease liabilities within operating activities: |  |  |
Property operating leases | $ | 445 |  |  | $ | 554 |
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: |  |  |
Property operating leases | $ | 226 |  |  | $ | 588 |
Leases | Leases Lessor The following table presents the Company’s lease revenues disaggregated by geography:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Americas | $ | 2,391 |  |  | $ | 1,099 |  |  | $ | 5,417 |  |  | $ | 2,896 |
Europe, Middle East and Africa | 508 |  |  | 350 |  |  | 968 |  |  | 843 |
Asia and Australasia | 68 |  |  | 55 |  |  | 266 |  |  | 224 |
Total lease revenues | $ | 2,967 |  |  | $ | 1,504 |  |  | $ | 6,651 |  |  | $ | 3,963 |
The following table presents the Company’s lease revenues disaggregated by brand:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Avis | $ | 1,573 |  |  | $ | 824 |  |  | $ | 3,464 |  |  | $ | 2,181 |
Budget | 1,185 |  |  | 532 |  |  | 2,676 |  |  | 1,401 |
Other | 209 |  |  | 148 |  |  | 511 |  |  | 381 |
Total lease revenues | $ | 2,967 |  |  | $ | 1,504 |  |  | $ | 6,651 |  |  | $ | 3,963 |
_______ Other includes Zipcar and other operating brands. Lessee The Company has operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of the Company’s operating leases for rental locations contain concession agreements with various airport authorities that allow the Company to conduct its vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease Right of Use (“ROU”) assets and operating lease liabilities, and are recorded as variable lease expense as incurred. The Company’s operating leases for rental locations often also require the Company to pay or reimburse operating expenses. The components of lease expense are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Property leases (a) |  |  |  |  |  |  |
Operating lease expense | $ | 146 |  |  | $ | 130 |  |  | $ | 419 |  |  | $ | 443 |
Variable lease expense | 152 |  |  | 51 |  |  | 318 |  |  | 107 |
Total property lease expense | $ | 298 |  |  | $ | 181 |  |  | $ | 737 |  |  | $ | 550 |
__________ (a) Primarily within operating expense and includes $(4) million and $11 million for the three months ended September 30, 2021 and 2020, respectively, and $12 million and $41 million for the nine months ended September 30, 2021 and 2020, respectively, of minimum annual guaranteed rent in excess of concession fees, net, as defined in our rental concession agreements. Supplemental balance sheet information related to leases is as follows:
| As of September 30, 2021 |  | As of December 31, 2020
Property leases |  |  |
Operating lease ROU assets | $ | 2,309 |  |  | $ | 2,560 |
Short-term operating lease liabilities (a) | $ | 484 |  |  | $ | 514 |
Long-term operating lease liabilities | 1,862 |  |  | 2,078 |
Operating lease liabilities | $ | 2,346 |  |  | $ | 2,592 |
Weighted average remaining lease term | 8.2 years |  | 8.4 years
Weighted average discount rate | 3.86 | % |  | 3.86 | %
_________ (a) Included in Accounts payable and other current liabilities. Supplemental cash flow information related to leases is as follows:
| Nine Months Ended September 30,
| 2021 |  | 2020
Cash payments for lease liabilities within operating activities: |  |  |
Property operating leases | $ | 445 |  |  | $ | 554 |
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: |  |  |
Property operating leases | $ | 226 |  |  | $ | 588 |
Leases | Leases Lessor The following table presents the Company’s lease revenues disaggregated by geography:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Americas | $ | 2,391 |  |  | $ | 1,099 |  |  | $ | 5,417 |  |  | $ | 2,896 |
Europe, Middle East and Africa | 508 |  |  | 350 |  |  | 968 |  |  | 843 |
Asia and Australasia | 68 |  |  | 55 |  |  | 266 |  |  | 224 |
Total lease revenues | $ | 2,967 |  |  | $ | 1,504 |  |  | $ | 6,651 |  |  | $ | 3,963 |
The following table presents the Company’s lease revenues disaggregated by brand:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Avis | $ | 1,573 |  |  | $ | 824 |  |  | $ | 3,464 |  |  | $ | 2,181 |
Budget | 1,185 |  |  | 532 |  |  | 2,676 |  |  | 1,401 |
Other | 209 |  |  | 148 |  |  | 511 |  |  | 381 |
Total lease revenues | $ | 2,967 |  |  | $ | 1,504 |  |  | $ | 6,651 |  |  | $ | 3,963 |
_______ Other includes Zipcar and other operating brands. Lessee The Company has operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of the Company’s operating leases for rental locations contain concession agreements with various airport authorities that allow the Company to conduct its vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease Right of Use (“ROU”) assets and operating lease liabilities, and are recorded as variable lease expense as incurred. The Company’s operating leases for rental locations often also require the Company to pay or reimburse operating expenses. The components of lease expense are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Property leases (a) |  |  |  |  |  |  |
Operating lease expense | $ | 146 |  |  | $ | 130 |  |  | $ | 419 |  |  | $ | 443 |
Variable lease expense | 152 |  |  | 51 |  |  | 318 |  |  | 107 |
Total property lease expense | $ | 298 |  |  | $ | 181 |  |  | $ | 737 |  |  | $ | 550 |
__________ (a) Primarily within operating expense and includes $(4) million and $11 million for the three months ended September 30, 2021 and 2020, respectively, and $12 million and $41 million for the nine months ended September 30, 2021 and 2020, respectively, of minimum annual guaranteed rent in excess of concession fees, net, as defined in our rental concession agreements. Supplemental balance sheet information related to leases is as follows:
| As of September 30, 2021 |  | As of December 31, 2020
Property leases |  |  |
Operating lease ROU assets | $ | 2,309 |  |  | $ | 2,560 |
Short-term operating lease liabilities (a) | $ | 484 |  |  | $ | 514 |
Long-term operating lease liabilities | 1,862 |  |  | 2,078 |
Operating lease liabilities | $ | 2,346 |  |  | $ | 2,592 |
Weighted average remaining lease term | 8.2 years |  | 8.4 years
Weighted average discount rate | 3.86 | % |  | 3.86 | %
_________ (a) Included in Accounts payable and other current liabilities. Supplemental cash flow information related to leases is as follows:
| Nine Months Ended September 30,
| 2021 |  | 2020
Cash payments for lease liabilities within operating activities: |  |  |
Property operating leases | $ | 445 |  |  | $ | 554 |
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: |  |  |
Property operating leases | $ | 226 |  |  | $ | 588 |

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