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CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues        
Vehicle rental $ 1,438 $ 1,334 $ 2,654 $ 2,502
Other 564 532 1,039 987
Net revenues 2,002 1,866 3,693 3,489
Expenses        
Operating 1,007 953 1,937 1,847
Vehicle depreciation and lease charges, net 476 334 863 652
Selling, general and administrative 274 233 498 452
Vehicle interest, net 66 80 123 153
Non-vehicle related depreciation and amortization 37 29 71 62
Interest expense related to corporate debt, net:        
Interest expense 55 69 114 142
Early Debt Extinguishment 91 23 131 50
Restructuring expense 15 12 25 19
Transaction-related costs 19 [1] 4 [1] 26 [2] 10 [2]
Total expenses 2,040 1,737 3,788 3,387
Loss before income taxes (38) 129 (95) 102
Benefit from income taxes (10) 50 (21) 46
Net loss (28) 79 (74) 56
Comprehensive income (loss) (65) 32 (134) 53
Earnings (loss) per share        
Basic (US$ per share) $ (0.26) $ 0.74 $ (0.69) $ 0.52
Diluted (US$ per share) $ (0.26) $ 0.66 $ (0.69) $ 0.47
Parent Company [Member]
       
Revenues        
Vehicle rental 0 0 0 0
Other 0 0 0 1
Net revenues 0 0 0 1
Expenses        
Operating 2 1 3 0
Vehicle depreciation and lease charges, net 0 0 0 0
Selling, general and administrative 8 5 17 10
Vehicle interest, net 0 0 0 0
Non-vehicle related depreciation and amortization 0 0 0 0
Interest expense related to corporate debt, net:        
Interest expense 1 2 2 5
Early Debt Extinguishment 2 20 41 39
Restructuring expense 0 0 0 0
Transaction-related costs 1 0 1 3
Total expenses 11 23 58 45
Loss before income taxes (11) (23) (58) (44)
Benefit from income taxes (3) (2) (7) (4)
Net loss $ (28) $ 79 $ (74) $ 56
[1] During the three months ended June 30, 2013, the Company incurred $19 million in transaction-related costs related to the integration of the operations of Avis Europe and costs related to the acquisition and integration of Zipcar. During the three months ended June 30, 2012, the Company incurred $4 million in transaction-related costs related to the integration of the operations of Avis Europe.
[2] During the six months ended June 30, 2013, the Company incurred $26 million in transaction-related costs related to the integration of the operations of Avis Europe and costs related to the acquisition and integration of Zipcar. During the six months ended June 30, 2012, the Company incurred $10 million in transaction-related costs related to the integration of the operations of Avis Europe.