What was the total balance of Budget's restructuring-related liabilities as of January 1, 2022?

According to Budget's 2025 Franchise Disclosure Document, the total balance of restructuring-related liabilities as of January 1, 2022, was $10 million. This figure is broken down into personnel-related liabilities of $7 million, facility-related liabilities of $2 million, and other related liabilities of $1 million.

These liabilities stem from various restructuring plans initiated by Budget in previous years, including cost optimization efforts, the T21 plan, and initiatives in Brazil. These plans aimed to consolidate global operations, improve cost discipline, and exit certain markets. The restructuring liabilities represent the remaining financial obligations associated with these past strategic changes.

For a prospective Budget franchisee, understanding these restructuring liabilities provides insight into the company's past strategic decisions and their financial impact. While these liabilities do not directly affect day-to-day franchise operations, they reflect Budget's approach to managing costs and adapting to market conditions. Franchisees may want to inquire about the specific nature of these liabilities and how Budget plans to manage them going forward, as well as how any future restructuring activities might impact franchisees.