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Leases (Notes) | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Leases | Leases Lessor The following table presents our lease revenues disaggregated by geography:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Americas | $ | 7,501 |  |  | $ | 3,864 |  |  | $ | 6,303 |
Europe, Middle East and Africa | 1,343 |  |  | 1,080 |  |  | 2,141 |
Asia and Australasia | 342 |  |  | 299 |  |  | 584 |
Total lease revenues | $ | 9,186 |  |  | $ | 5,243 |  |  | $ | 9,028 |
The following table presents our lease revenues disaggregated by brand:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Avis | $ | 4,828 |  |  | $ | 2,851 |  |  | $ | 5,163 |
Budget | 3,674 |  |  | 1,878 |  |  | 3,129 |
Other | 684 |  |  | 514 |  |  | 736 |
Total lease revenues | $ | 9,186 |  |  | $ | 5,243 |  |  | $ | 9,028 |
________ Other includes Zipcar and other operating brands. Lessee We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our 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 ROU assets and operating lease liabilities, and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses. We lease a portion of our vehicles under operating leases. As of December 31, 2021 and 2020, we have guaranteed up to $102 million and $202 million, respectively, of residual values for these vehicles at the end of their respective lease terms. We believe that, based on current market conditions, the net proceeds from the sale of these vehicles at the end of their lease terms will equal or exceed their net book values and therefore have not recorded a liability related to guaranteed residual values. The components of lease expense are as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Property leases (a) |  |  |  |  |
Operating lease expense | $ | 561 |  |  | $ | 575 |  |  | $ | 722 |
Variable lease expense | 433 |  |  | 152 |  |  | 274 |
Sublease income | (6) |  |  | (6) |  |  | (8) |
Total property lease expense | $ | 988 |  |  | $ | 721 |  |  | $ | 988 |
Vehicle leases |  |  |  |  |
Finance lease expense: |  |  |  |  |
Amortization of ROU assets (b) | $ | 37 |  |  | $ | 33 |  |  | $ | 42 |
Interest on lease liabilities (c) | 4 |  | 3 |  | 4
Operating lease expense (b) | 156 |  | 195 |  | 255
Total vehicle lease expense | $ | 197 |  |  | $ | 231 |  |  | $ | 301 |
__________ (a) Primarily included in operating expenses and includes $(2) million and $60 million of minimum annual guaranteed rent in excess of concession fees as defined in our rental concession agreement for the year ended December 31, 2021 and 2020, respectively. (b) Included in vehicle depreciation and lease charges, net. (c) Included in vehicle interest, net. Supplemental balance sheet information related to leases is as follows:
| As of December 31,
| 2021 |  | 2020
Property leases |  |  |
Operating lease ROU assets | $ | 2,368 |  |  | $ | 2,560 |
Short-term operating lease liabilities (a) | $ | 496 |  |  | $ | 514 |
Long-term operating lease liabilities | 1,910 |  |  | 2,078 |
Operating lease liabilities | $ | 2,406 |  |  | $ | 2,592 |
Weighted average remaining lease term | 8.8 years |  | 8.4 years
Weighted average discount rate | 3.84 | % |  | 3.86 | %
Vehicle leases |  |  |
Finance |  |  |
Finance lease ROU assets, gross | $ | 353 |  |  | $ | 304 |
Accumulated amortization | (72) |  |  | (42) |
Finance lease ROU assets, net (b) | $ | 281 |  |  | $ | 262 |
Short-term vehicle finance lease liabilities | $ | 126 |  |  | $ | 86 |
Long-term vehicle finance lease liabilities | 116 |  |  | 140 |
Vehicle finance lease liabilities (c) | $ | 242 |  |  | $ | 226 |
Weighted average remaining lease term | 2.2 years |  | 1.8 years
Weighted average discount rate | 1.97 | % |  | 1.99 | %
Operating |  |  |
Vehicle operating lease ROU assets (d) | $ | 63 |  |  | $ | 113 |
Short-term vehicle operating lease liabilities | $ | 50 |  |  | $ | 82 |
Long-term vehicle operating lease liabilities | 14 |  |  | 31 |
Vehicle operating lease liabilities (e) | $ | 64 |  |  | $ | 113 |
Weighted average remaining lease term | 1.3 years |  | 1.5 years
Weighted average discount rate | 2.66 | % |  | 2.90 | %
_________ (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 is as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Cash payments for lease liabilities within operating activities: |  |  |  |  |
Property operating leases | $ | 639 |  |  | $ | 740 |  |  | $ | 733 |
Vehicle operating leases | 162 |  |  | 196 |  |  | 248 |
Vehicle finance leases | 4 |  |  | 3 |  |  | 4 |
Cash payments for lease liabilities within financing activities: |  |  |  |  |
Vehicle finance leases | 193 |  |  | 294 |  |  | 266 |
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: |  |  |  |  |
Property operating leases (a) | 484 |  |  | 666 |  |  | 531 |
Vehicle operating leases (a) | 115 |  |  | 111 |  |  | 262 |
Vehicle finance leases | 223 |  |  | 257 |  |  | 304 |
_________ (a) For the year ended December 31, 2019, ROU assets obtained in exchange for lease liabilities since initial recognition. Maturities of lease liabilities as of December 31, 2021 are as follows:
| Property Operating Leases |  | Vehicle Finance Leases |  | Vehicle Operating Leases
Within 1 year | $ | 577 |  |  | $ | 126 |  |  | $ | 51 |
Between 1 and 2 years | 466 |  |  | 5 |  |  | 13 |
Between 2 and 3 years | 335 |  |  | 95 |  |  | 1 |
Between 3 and 4 years | 255 |  |  | 16 |  |  | — |
Between 4 and 5 years | 202 |  |  | — |  |  | — |
Thereafter | 1,056 |  |  | — |  |  | — |
Total lease payments | 2,891 |  |  | 242 |  |  | 65 |
Less: Imputed interest | (485) |  |  | — |  |  | (1) |
Total | $ | 2,406 |  |  | $ | 242 |  |  | $ | 64 |
Leases | Leases Lessor The following table presents our lease revenues disaggregated by geography:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Americas | $ | 7,501 |  |  | $ | 3,864 |  |  | $ | 6,303 |
Europe, Middle East and Africa | 1,343 |  |  | 1,080 |  |  | 2,141 |
Asia and Australasia | 342 |  |  | 299 |  |  | 584 |
Total lease revenues | $ | 9,186 |  |  | $ | 5,243 |  |  | $ | 9,028 |
The following table presents our lease revenues disaggregated by brand:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Avis | $ | 4,828 |  |  | $ | 2,851 |  |  | $ | 5,163 |
Budget | 3,674 |  |  | 1,878 |  |  | 3,129 |
Other | 684 |  |  | 514 |  |  | 736 |
Total lease revenues | $ | 9,186 |  |  | $ | 5,243 |  |  | $ | 9,028 |
________ Other includes Zipcar and other operating brands. Lessee We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our 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 ROU assets and operating lease liabilities, and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses. We lease a portion of our vehicles under operating leases. As of December 31, 2021 and 2020, we have guaranteed up to $102 million and $202 million, respectively, of residual values for these vehicles at the end of their respective lease terms. We believe that, based on current market conditions, the net proceeds from the sale of these vehicles at the end of their lease terms will equal or exceed their net book values and therefore have not recorded a liability related to guaranteed residual values. The components of lease expense are as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Property leases (a) |  |  |  |  |
Operating lease expense | $ | 561 |  |  | $ | 575 |  |  | $ | 722 |
Variable lease expense | 433 |  |  | 152 |  |  | 274 |
Sublease income | (6) |  |  | (6) |  |  | (8) |
Total property lease expense | $ | 988 |  |  | $ | 721 |  |  | $ | 988 |
Vehicle leases |  |  |  |  |
Finance lease expense: |  |  |  |  |
Amortization of ROU assets (b) | $ | 37 |  |  | $ | 33 |  |  | $ | 42 |
Interest on lease liabilities (c) | 4 |  | 3 |  | 4
Operating lease expense (b) | 156 |  | 195 |  | 255
Total vehicle lease expense | $ | 197 |  |  | $ | 231 |  |  | $ | 301 |
__________ (a) Primarily included in operating expenses and includes $(2) million and $60 million of minimum annual guaranteed rent in excess of concession fees as defined in our rental concession agreement for the year ended December 31, 2021 and 2020, respectively. (b) Included in vehicle depreciation and lease charges, net. (c) Included in vehicle interest, net. Supplemental balance sheet information related to leases is as follows:
| As of December 31,
| 2021 |  | 2020
Property leases |  |  |
Operating lease ROU assets | $ | 2,368 |  |  | $ | 2,560 |
Short-term operating lease liabilities (a) | $ | 496 |  |  | $ | 514 |
Long-term operating lease liabilities | 1,910 |  |  | 2,078 |
Operating lease liabilities | $ | 2,406 |  |  | $ | 2,592 |
Weighted average remaining lease term | 8.8 years |  | 8.4 years
Weighted average discount rate | 3.84 | % |  | 3.86 | %
Vehicle leases |  |  |
Finance |  |  |
Finance lease ROU assets, gross | $ | 353 |  |  | $ | 304 |
Accumulated amortization | (72) |  |  | (42) |
Finance lease ROU assets, net (b) | $ | 281 |  |  | $ | 262 |
Short-term vehicle finance lease liabilities | $ | 126 |  |  | $ | 86 |
Long-term vehicle finance lease liabilities | 116 |  |  | 140 |
Vehicle finance lease liabilities (c) | $ | 242 |  |  | $ | 226 |
Weighted average remaining lease term | 2.2 years |  | 1.8 years
Weighted average discount rate | 1.97 | % |  | 1.99 | %
Operating |  |  |
Vehicle operating lease ROU assets (d) | $ | 63 |  |  | $ | 113 |
Short-term vehicle operating lease liabilities | $ | 50 |  |  | $ | 82 |
Long-term vehicle operating lease liabilities | 14 |  |  | 31 |
Vehicle operating lease liabilities (e) | $ | 64 |  |  | $ | 113 |
Weighted average remaining lease term | 1.3 years |  | 1.5 years
Weighted average discount rate | 2.66 | % |  | 2.90 | %
_________ (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 is as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Cash payments for lease liabilities within operating activities: |  |  |  |  |
Property operating leases | $ | 639 |  |  | $ | 740 |  |  | $ | 733 |
Vehicle operating leases | 162 |  |  | 196 |  |  | 248 |
Vehicle finance leases | 4 |  |  | 3 |  |  | 4 |
Cash payments for lease liabilities within financing activities: |  |  |  |  |
Vehicle finance leases | 193 |  |  | 294 |  |  | 266 |
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: |  |  |  |  |
Property operating leases (a) | 484 |  |  | 666 |  |  | 531 |
Vehicle operating leases (a) | 115 |  |  | 111 |  |  | 262 |
Vehicle finance leases | 223 |  |  | 257 |  |  | 304 |
_________ (a) For the year ended December 31, 2019, ROU assets obtained in exchange for lease liabilities since initial recognition. Maturities of lease liabilities as of December 31, 2021 are as follows:
| Property Operating Leases |  | Vehicle Finance Leases |  | Vehicle Operating Leases
Within 1 year | $ | 577 |  |  | $ | 126 |  |  | $ | 51 |
Between 1 and 2 years | 466 |  |  | 5 |  |  | 13 |
Between 2 and 3 years | 335 |  |  | 95 |  |  | 1 |
Between 3 and 4 years | 255 |  |  | 16 |  |  | — |
Between 4 and 5 years | 202 |  |  | — |  |  | — |
Thereafter | 1,056 |  |  | — |  |  | — |
Total lease payments | 2,891 |  |  | 242 |  |  | 65 |
Less: Imputed interest | (485) |  |  | — |  |  | (1) |
Total | $ | 2,406 |  |  | $ | 242 |  |  | $ | 64 |
Leases | Leases Lessor The following table presents our lease revenues disaggregated by geography:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Americas | $ | 7,501 |  |  | $ | 3,864 |  |  | $ | 6,303 |
Europe, Middle East and Africa | 1,343 |  |  | 1,080 |  |  | 2,141 |
Asia and Australasia | 342 |  |  | 299 |  |  | 584 |
Total lease revenues | $ | 9,186 |  |  | $ | 5,243 |  |  | $ | 9,028 |
The following table presents our lease revenues disaggregated by brand:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Avis | $ | 4,828 |  |  | $ | 2,851 |  |  | $ | 5,163 |
Budget | 3,674 |  |  | 1,878 |  |  | 3,129 |
Other | 684 |  |  | 514 |  |  | 736 |
Total lease revenues | $ | 9,186 |  |  | $ | 5,243 |  |  | $ | 9,028 |
________ Other includes Zipcar and other operating brands. Lessee We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our 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 ROU assets and operating lease liabilities, and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses. We lease a portion of our vehicles under operating leases. As of December 31, 2021 and 2020, we have guaranteed up to $102 million and $202 million, respectively, of residual values for these vehicles at the end of their respective lease terms. We believe that, based on current market conditions, the net proceeds from the sale of these vehicles at the end of their lease terms will equal or exceed their net book values and therefore have not recorded a liability related to guaranteed residual values. The components of lease expense are as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Property leases (a) |  |  |  |  |
Operating lease expense | $ | 561 |  |  | $ | 575 |  |  | $ | 722 |
Variable lease expense | 433 |  |  | 152 |  |  | 274 |
Sublease income | (6) |  |  | (6) |  |  | (8) |
Total property lease expense | $ | 988 |  |  | $ | 721 |  |  | $ | 988 |
Vehicle leases |  |  |  |  |
Finance lease expense: |  |  |  |  |
Amortization of ROU assets (b) | $ | 37 |  |  | $ | 33 |  |  | $ | 42 |
Interest on lease liabilities (c) | 4 |  | 3 |  | 4
Operating lease expense (b) | 156 |  | 195 |  | 255
Total vehicle lease expense | $ | 197 |  |  | $ | 231 |  |  | $ | 301 |
__________ (a) Primarily included in operating expenses and includes $(2) million and $60 million of minimum annual guaranteed rent in excess of concession fees as defined in our rental concession agreement for the year ended December 31, 2021 and 2020, respectively. (b) Included in vehicle depreciation and lease charges, net. (c) Included in vehicle interest, net. Supplemental balance sheet information related to leases is as follows:
| As of December 31,
| 2021 |  | 2020
Property leases |  |  |
Operating lease ROU assets | $ | 2,368 |  |  | $ | 2,560 |
Short-term operating lease liabilities (a) | $ | 496 |  |  | $ | 514 |
Long-term operating lease liabilities | 1,910 |  |  | 2,078 |
Operating lease liabilities | $ | 2,406 |  |  | $ | 2,592 |
Weighted average remaining lease term | 8.8 years |  | 8.4 years
Weighted average discount rate | 3.84 | % |  | 3.86 | %
Vehicle leases |  |  |
Finance |  |  |
Finance lease ROU assets, gross | $ | 353 |  |  | $ | 304 |
Accumulated amortization | (72) |  |  | (42) |
Finance lease ROU assets, net (b) | $ | 281 |  |  | $ | 262 |
Short-term vehicle finance lease liabilities | $ | 126 |  |  | $ | 86 |
Long-term vehicle finance lease liabilities | 116 |  |  | 140 |
Vehicle finance lease liabilities (c) | $ | 242 |  |  | $ | 226 |
Weighted average remaining lease term | 2.2 years |  | 1.8 years
Weighted average discount rate | 1.97 | % |  | 1.99 | %
Operating |  |  |
Vehicle operating lease ROU assets (d) | $ | 63 |  |  | $ | 113 |
Short-term vehicle operating lease liabilities | $ | 50 |  |  | $ | 82 |
Long-term vehicle operating lease liabilities | 14 |  |  | 31 |
Vehicle operating lease liabilities (e) | $ | 64 |  |  | $ | 113 |
Weighted average remaining lease term | 1.3 years |  | 1.5 years
Weighted average discount rate | 2.66 | % |  | 2.90 | %
_________ (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 is as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Cash payments for lease liabilities within operating activities: |  |  |  |  |
Property operating leases | $ | 639 |  |  | $ | 740 |  |  | $ | 733 |
Vehicle operating leases | 162 |  |  | 196 |  |  | 248 |
Vehicle finance leases | 4 |  |  | 3 |  |  | 4 |
Cash payments for lease liabilities within financing activities: |  |  |  |  |
Vehicle finance leases | 193 |  |  | 294 |  |  | 266 |
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: |  |  |  |  |
Property operating leases (a) | 484 |  |  | 666 |  |  | 531 |
Vehicle operating leases (a) | 115 |  |  | 111 |  |  | 262 |
Vehicle finance leases | 223 |  |  | 257 |  |  | 304 |
_________ (a) For the year ended December 31, 2019, ROU assets obtained in exchange for lease liabilities since initial recognition. Maturities of lease liabilities as of December 31, 2021 are as follows:
| Property Operating Leases |  | Vehicle Finance Leases |  | Vehicle Operating Leases
Within 1 year | $ | 577 |  |  | $ | 126 |  |  | $ | 51 |
Between 1 and 2 years | 466 |  |  | 5 |  |  | 13 |
Between 2 and 3 years | 335 |  |  | 95 |  |  | 1 |
Between 3 and 4 years | 255 |  |  | 16 |  |  | — |
Between 4 and 5 years | 202 |  |  | — |  |  | — |
Thereafter | 1,056 |  |  | — |  |  | — |
Total lease payments | 2,891 |  |  | 242 |  |  | 65 |
Less: Imputed interest | (485) |  |  | — |  |  | (1) |
Total | $ | 2,406 |  |  | $ | 242 |  |  | $ | 64 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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