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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of Disaggregation of Revenue | The following table presents our revenues disaggregated by geography:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Americas | $ | 9,347 |  |  | $ | 9,474 |  |  | $ | 7,557 |
Europe, Middle East and Africa | 2,014 |  |  | 1,927 |  |  | 1,400 |
Asia and Australasia | 647 |  |  | 593 |  |  | 356 |
Total revenues | $ | 12,008 |  |  | $ | 11,994 |  |  | $ | 9,313 |
The following table presents our revenues disaggregated by brand:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Avis | $ | 6,779 |  |  | $ | 6,519 |  |  | $ | 4,894 |
Budget | 4,478 |  |  | 4,701 |  |  | 3,715 |
Other | 751 |  |  | 774 |  |  | 704 |
Total revenues | $ | 12,008 |  |  | $ | 11,994 |  |  | $ | 9,313 |
________ 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,
| 2023 |  | 2022
Balance, January 1 | $ | 61 |  |  | $ | 50 |
Revenue deferred | 58 |  |  | 52 |
Revenue recognized | (52) |  |  | (41) |
Balance, December 31 | $ | 67 |  |  | $ | 61 |
_______ At December 31, 2023 and 2022, $20 million and $15 million was included in accounts payable and other current liabilities, respectively, and $47 million and $46 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,
| 2023 |  | 2022
Cash and cash equivalents | $ | 555 |  |  | $ | 570 |
Program cash | 85 |  |  | 70 |
Restricted cash (a) | 4 |  |  | 2 |
Total cash and cash equivalents, program and restricted cash | $ | 644 |  |  | $ | 642 |
_________ (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,
| 2023 |  | 2022
Cash and cash equivalents | $ | 555 |  |  | $ | 570 |
Program cash | 85 |  |  | 70 |
Restricted cash (a) | 4 |  |  | 2 |
Total cash and cash equivalents, program and restricted cash | $ | 644 |  |  | $ | 642 |
_________ (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,
| 2023 |  | 2022
Rental vehicles | $ | 23,114 |  |  | $ | 17,819 |
Less: Accumulated depreciation | (2,639) |  |  | (2,211) |
| 20,475 |  |  | 15,608 |
Vehicles held for sale | 734 |  |  | 317 |
Vehicles, net investment in lease(a) | 31 |  |  | 36 |
Vehicles, net | $ | 21,240 |  |  | $ | 15,961 |
_________ (a) See Note 17 – Related Party Transactions. The components of vehicle depreciation and lease charges, net are summarized below:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Depreciation expense | $ | 2,228 |  |  | $ | 1,709 |  |  | $ | 1,402 |
Lease charges | 167 |  |  | 138 |  |  | 156 |
(Gain) loss on sale of vehicles, net | (656) |  |  | (1,019) |  |  | (361) |
Vehicle depreciation and lease charges, net | $ | 1,739 |  |  | $ | 828 |  |  | $ | 1,197 |
Property and equipment, net consisted of:
| As of December 31,
| 2023 |  | 2022
Land | $ | 61 |  |  | $ | 59 |
Buildings and leasehold improvements | 574 |  |  | 507 |
Capitalized software | 957 |  |  | 906 |
Furniture, fixtures and equipment | 440 |  |  | 382 |
Projects in process | 154 |  |  | 89 |
Buses and support vehicles | 94 |  |  | 90 |
| 2,280 |  |  | 2,033 |
Less: Accumulated depreciation and amortization | (1,561) |  |  | (1,439) |
Property and equipment, net | $ | 719 |  |  | $ | 594 |

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