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Leases | 6 Months Ended
--- | ---
Jun. 30, 2024
Leases [Abstract] |
Leases | Leases Lessor The following table presents our lease revenues disaggregated by geography:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Americas | $ | 2,330 |  |  | $ | 2,410 |  |  | $ | 4,304 |  |  | $ | 4,405 |
Europe, Middle East and Africa | 524 |  |  | 523 |  |  | 888 |  |  | 872 |
Asia and Australasia | 140 |  |  | 148 |  |  | 311 |  |  | 317 |
Total lease revenues | $ | 2,994 |  |  | $ | 3,081 |  |  | $ | 5,503 |  |  | $ | 5,594 |
The following table presents our lease revenues disaggregated by brand:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Avis | $ | 1,710 |  |  | $ | 1,721 |  |  | $ | 3,144 |  |  | $ | 3,109 |
Budget | 1,105 |  |  | 1,168 |  |  | 2,014 |  |  | 2,132 |
Other | 179 |  |  | 192 |  |  | 345 |  |  | 353 |
Total lease revenues | $ | 2,994 |  |  | $ | 3,081 |  |  | $ | 5,503 |  |  | $ | 5,594 |
________ 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 right of use (“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. The components of lease expense are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Property leases (a) |  |  |  |  |  |  |
Operating lease expense | $ | 233 |  |  | $ | 214 |  |  | $ | 462 |  |  | $ | 419 |
Variable lease expense | 93 |  |  | 108 |  |  | 162 |  |  | 191 |
Total property lease expense | $ | 326 |  |  | $ | 322 |  |  | $ | 624 |  |  | $ | 610 |
________ (a) Primarily within operating expenses. Supplemental balance sheet information related to leases is as follows:
| As of June 30, 2024 |  | As of December 31, 2023
Property leases |  |  |
Operating lease ROU assets | $ | 2,754 |  | $ | 2,654
Short-term operating lease liabilities (a) | $ | 567 |  | $ | 576
Long-term operating lease liabilities | 2,234 |  | 2,117
Operating lease liabilities | $ | 2,801 |  | $ | 2,693
Weighted average remaining lease term | 7.8 years |  | 8.1 years
Weighted average discount rate | 4.92 | % |  | 4.83 | %
________ (a) Included in accounts payable and other current liabilities. Supplemental cash flow information related to leases is as follows:
| Six Months Ended June 30,
| 2024 |  | 2023
Cash payments for lease liabilities within operating activities: |  |  |
Property operating leases | $ | 452 |  |  | $ | 431 |
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: |  |  |
Property operating leases | $ | 572 |  |  | $ | 572 |
Leases | Leases Lessor The following table presents our lease revenues disaggregated by geography:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Americas | $ | 2,330 |  |  | $ | 2,410 |  |  | $ | 4,304 |  |  | $ | 4,405 |
Europe, Middle East and Africa | 524 |  |  | 523 |  |  | 888 |  |  | 872 |
Asia and Australasia | 140 |  |  | 148 |  |  | 311 |  |  | 317 |
Total lease revenues | $ | 2,994 |  |  | $ | 3,081 |  |  | $ | 5,503 |  |  | $ | 5,594 |
The following table presents our lease revenues disaggregated by brand:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Avis | $ | 1,710 |  |  | $ | 1,721 |  |  | $ | 3,144 |  |  | $ | 3,109 |
Budget | 1,105 |  |  | 1,168 |  |  | 2,014 |  |  | 2,132 |
Other | 179 |  |  | 192 |  |  | 345 |  |  | 353 |
Total lease revenues | $ | 2,994 |  |  | $ | 3,081 |  |  | $ | 5,503 |  |  | $ | 5,594 |
________ 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 right of use (“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. The components of lease expense are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Property leases (a) |  |  |  |  |  |  |
Operating lease expense | $ | 233 |  |  | $ | 214 |  |  | $ | 462 |  |  | $ | 419 |
Variable lease expense | 93 |  |  | 108 |  |  | 162 |  |  | 191 |
Total property lease expense | $ | 326 |  |  | $ | 322 |  |  | $ | 624 |  |  | $ | 610 |
________ (a) Primarily within operating expenses. Supplemental balance sheet information related to leases is as follows:
| As of June 30, 2024 |  | As of December 31, 2023
Property leases |  |  |
Operating lease ROU assets | $ | 2,754 |  | $ | 2,654
Short-term operating lease liabilities (a) | $ | 567 |  | $ | 576
Long-term operating lease liabilities | 2,234 |  | 2,117
Operating lease liabilities | $ | 2,801 |  | $ | 2,693
Weighted average remaining lease term | 7.8 years |  | 8.1 years
Weighted average discount rate | 4.92 | % |  | 4.83 | %
________ (a) Included in accounts payable and other current liabilities. Supplemental cash flow information related to leases is as follows:
| Six Months Ended June 30,
| 2024 |  | 2023
Cash payments for lease liabilities within operating activities: |  |  |
Property operating leases | $ | 452 |  |  | $ | 431 |
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: |  |  |
Property operating leases | $ | 572 |  |  | $ | 572 |
Leases | Leases Lessor The following table presents our lease revenues disaggregated by geography:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Americas | $ | 2,330 |  |  | $ | 2,410 |  |  | $ | 4,304 |  |  | $ | 4,405 |
Europe, Middle East and Africa | 524 |  |  | 523 |  |  | 888 |  |  | 872 |
Asia and Australasia | 140 |  |  | 148 |  |  | 311 |  |  | 317 |
Total lease revenues | $ | 2,994 |  |  | $ | 3,081 |  |  | $ | 5,503 |  |  | $ | 5,594 |
The following table presents our lease revenues disaggregated by brand:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Avis | $ | 1,710 |  |  | $ | 1,721 |  |  | $ | 3,144 |  |  | $ | 3,109 |
Budget | 1,105 |  |  | 1,168 |  |  | 2,014 |  |  | 2,132 |
Other | 179 |  |  | 192 |  |  | 345 |  |  | 353 |
Total lease revenues | $ | 2,994 |  |  | $ | 3,081 |  |  | $ | 5,503 |  |  | $ | 5,594 |
________ 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 right of use (“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. The components of lease expense are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Property leases (a) |  |  |  |  |  |  |
Operating lease expense | $ | 233 |  |  | $ | 214 |  |  | $ | 462 |  |  | $ | 419 |
Variable lease expense | 93 |  |  | 108 |  |  | 162 |  |  | 191 |
Total property lease expense | $ | 326 |  |  | $ | 322 |  |  | $ | 624 |  |  | $ | 610 |
________ (a) Primarily within operating expenses. Supplemental balance sheet information related to leases is as follows:
| As of June 30, 2024 |  | As of December 31, 2023
Property leases |  |  |
Operating lease ROU assets | $ | 2,754 |  | $ | 2,654
Short-term operating lease liabilities (a) | $ | 567 |  | $ | 576
Long-term operating lease liabilities | 2,234 |  | 2,117
Operating lease liabilities | $ | 2,801 |  | $ | 2,693
Weighted average remaining lease term | 7.8 years |  | 8.1 years
Weighted average discount rate | 4.92 | % |  | 4.83 | %
________ (a) Included in accounts payable and other current liabilities. Supplemental cash flow information related to leases is as follows:
| Six Months Ended June 30,
| 2024 |  | 2023
Cash payments for lease liabilities within operating activities: |  |  |
Property operating leases | $ | 452 |  |  | $ | 431 |
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: |  |  |
Property operating leases | $ | 572 |  |  | $ | 572 |

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