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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Disaggregation of Revenue | The following table presents our revenues disaggregated by geography:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Americas | $ | 9,111 |  |  | $ | 9,347 |  |  | $ | 9,474 |
Europe, Middle East and Africa | 2,045 |  |  | 2,014 |  |  | 1,927 |
Asia and Australasia | 633 |  |  | 647 |  |  | 593 |
Total revenues | $ | 11,789 |  |  | $ | 12,008 |  |  | $ | 11,994 |
The following table presents our revenues disaggregated by brand:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Avis | $ | 6,775 |  |  | $ | 6,779 |  |  | $ | 6,519 |
Budget | 4,271 |  |  | 4,478 |  |  | 4,701 |
Other (a) | 743 |  |  | 751 |  |  | 774 |
Total revenues | $ | 11,789 |  |  | $ | 12,008 |  |  | $ | 11,994 |
________ (a)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,
| 2024 |  | 2023
Balance, January 1 | $ | 67 |  |  | $ | 61 |
Revenue deferred | 61 |  |  | 58 |
Revenue recognized | (78) |  |  | (52) |
Balance, December 31 (a) | $ | 50 |  |  | $ | 67 |
_______ (a)At December 31, 2024 and 2023, $27 million and $20 million was included in accounts payable and other current liabilities, respectively, and $23 million and $47 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,
| 2024 |  | 2023
Cash and cash equivalents | $ | 534 |  |  | $ | 555 |
Program cash | 60 |  |  | 85 |
Restricted cash (a) | 3 |  |  | 4 |
Total cash and cash equivalents, program and restricted cash | $ | 597 |  |  | $ | 644 |
_________ (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,
| 2024 |  | 2023
Cash and cash equivalents | $ | 534 |  |  | $ | 555 |
Program cash | 60 |  |  | 85 |
Restricted cash (a) | 3 |  |  | 4 |
Total cash and cash equivalents, program and restricted cash | $ | 597 |  |  | $ | 644 |
_________ (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,
| 2024 |  | 2023
Rental vehicles (a) | $ | 20,094 |  |  | $ | 23,114 |
Less: Accumulated depreciation | (3,143) |  |  | (2,639) |
| 16,951 |  |  | 20,475 |
Vehicles held for sale (a) | 594 |  |  | 734 |
Vehicles, net investment in lease (b) | 74 |  |  | 31 |
Vehicles, net | $ | 17,619 |  |  | $ | 21,240 |
_________ (a) For the year ended December 31, 2024, reflects long-lived asset impairment and other related charges, which reduced the carrying value of our rental vehicles and vehicles held for sale to fair value. See Note 2 – Summary of Significant Accounting Policies. (b) See Note 17 – Related Party Transactions. The components of vehicle depreciation and lease charges, net are summarized below:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Depreciation expense | $ | 2,658 |  |  | $ | 2,228 |  |  | $ | 1,709 |
Lease charges | 151 |  |  | 167 |  |  | 138 |
(Gain) loss on sale of vehicles, net | 167 |  |  | (656) |  |  | (1,019) |
Vehicle depreciation and lease charges, net | $ | 2,976 |  |  | $ | 1,739 |  |  | $ | 828 |
Property and equipment, net consisted of:
| As of December 31,
| 2024 |  | 2023
Land | $ | 61 |  |  | $ | 61 |
Buildings and leasehold improvements | 616 |  |  | 574 |
Capitalized software | 981 |  |  | 957 |
Furniture, fixtures and equipment | 484 |  |  | 440 |
Projects in process | 92 |  |  | 154 |
Buses and support vehicles | 94 |  |  | 94 |
| 2,328 |  |  | 2,280 |
Less: Accumulated depreciation and amortization | (1,631) |  |  | (1,561) |
Property and equipment, net | $ | 697 |  |  | $ | 719 |

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