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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2022
Accounting Policies [Abstract] |
Schedule of Disaggregation of Revenue | The following table presents our revenues disaggregated by geography:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Americas | $ | 9,474 |  |  | $ | 7,557 |  |  | $ | 3,965 |
Europe, Middle East and Africa | 1,927 |  |  | 1,400 |  |  | 1,127 |
Asia and Australasia | 593 |  |  | 356 |  |  | 310 |
Total revenues | $ | 11,994 |  |  | $ | 9,313 |  |  | $ | 5,402 |
The following table presents our revenues disaggregated by brand:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Avis | $ | 6,519 |  |  | $ | 4,894 |  |  | $ | 2,961 |
Budget | 4,701 |  |  | 3,715 |  |  | 1,908 |
Other | 774 |  |  | 704 |  |  | 533 |
Total revenues | $ | 11,994 |  |  | $ | 9,313 |  |  | $ | 5,402 |
________ Other includes Zipcar and other operating brands.
Schedule of Changes in Deferred Revenue | The following table presents changes in deferred revenue associated with our customer loyalty program:
| Year Ended December 31,
| 2022 |  | 2021
Balance, January 1 | $ | 50 |  |  | $ | 34 |
Revenue deferred | 52 |  |  | 49 |
Revenue recognized | (41) |  |  | (33) |
Balance, December 31 | $ | 61 |  |  | $ | 50 |
_______ At December 31, 2022 and 2021, $15 million and $33 million was included in accounts payable and other current liabilities, respectively, and $46 million and $17 million in other non-current liabilities, respectively. 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,
| 2022 |  | 2021
Cash and cash equivalents | $ | 570 |  |  | $ | 534 |
Program cash | 70 |  |  | 89 |
Restricted cash (a) | 2 |  |  | 3 |
Total cash and cash equivalents, program and restricted cash | $ | 642 |  |  | $ | 626 |
_________ (a)Included within other current assets.
Schedule of 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,
| 2022 |  | 2021
Cash and cash equivalents | $ | 570 |  |  | $ | 534 |
Program cash | 70 |  |  | 89 |
Restricted cash (a) | 2 |  |  | 3 |
Total cash and cash equivalents, program and restricted cash | $ | 642 |  |  | $ | 626 |
_________ (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
The components of vehicles, net within assets under vehicle programs are as follows:
| As of December 31,
| 2022 |  | 2021
Rental vehicles | $ | 17,819 |  |  | $ | 14,612 |
Less: Accumulated depreciation | (2,211) |  |  | (1,911) |
| 15,608 |  |  | 12,701 |
Vehicles held for sale | 317 |  |  | 165 |
Vehicles, net investment in lease(a) | 36 |  |  | — |
Vehicles, net | $ | 15,961 |  |  | $ | 12,866 |
_______ (a)See Note 17 – Related Party Transactions The components of vehicle depreciation and lease charges, net are summarized below:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Depreciation expense | $ | 1,709 |  |  | $ | 1,402 |  |  | $ | 1,330 |
Lease charges | 138 |  |  | 156 |  |  | 195 |
(Gain) loss on sale of vehicles, net | (1,019) |  |  | (361) |  |  | (157) |
Vehicle depreciation and lease charges, net | $ | 828 |  |  | $ | 1,197 |  |  | $ | 1,368 |
Property and equipment, net consisted of:
| As of December 31,
| 2022 |  | 2021
Land | $ | 59 |  |  | $ | 50 |
Buildings and leasehold improvements | 507 |  |  | 525 |
Capitalized software | 906 |  |  | 932 |
Furniture, fixtures and equipment | 382 |  |  | 426 |
Projects in process | 89 |  |  | 84 |
Buses and support vehicles | 90 |  |  | 80 |
| 2,033 |  |  | 2,097 |
Less: Accumulated depreciation and amortization | (1,439) |  |  | (1,560) |
Property and equipment, net | $ | 594 |  |  | $ | 537 |

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