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CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenues        
Vehicle rental $ 1,734 $ 1,582 $ 4,388 $ 4,084
Other 661 588 1,699 1,575
Net revenues 2,395 2,170 6,087 5,659
Expenses        
Operating 1,142 1,036 3,080 2,882
Vehicle depreciation and lease charges, net 524 436 1,387 1,088
Selling, general and administrative 274 244 771 696
Vehicle interest, net 72 77 195 231
Non-vehicle related depreciation and amortization 39 30 109 92
Interest expense related to corporate debt, net:        
Interest expense 57 67 170 208
Early Debt Extinguishment 0 2 131 52
Restructuring expense 14 7 39 26
Other than Temporary Impairment Losses, Investments 33 0 33 0
Transaction-related costs 10 [1] 11 [1] 37 [2] 21 [2]
Total expenses 2,165 1,910 5,952 5,296
Loss before income taxes 230 260 135 363
Benefit from income taxes 112 (20) 91 27
Net loss 118 280 44 336
Comprehensive income (loss) 178 308 44 361
Earnings (loss) per share        
Basic (US$ per share) $ 1.09 $ 2.62 $ 0.41 $ 3.16
Diluted (US$ per share) $ 1.02 $ 2.38 $ 0.39 $ 2.77
Parent Company [Member]
       
Revenues        
Vehicle rental 0 0 0 0
Other 0 0 0 1
Net revenues 0 0 0 1
Expenses        
Operating 2 0 6 0
Vehicle depreciation and lease charges, net 0 0 0 0
Selling, general and administrative 9 5 25 16
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 3 7
Early Debt Extinguishment   0 41 39
Restructuring expense 0 0 0 0
Other than Temporary Impairment Losses, Investments 0   0  
Transaction-related costs 0 (3) 1 0
Total expenses 9 1 67 47
Loss before income taxes (9) (1) (67) (46)
Benefit from income taxes (2) 0 (9) (4)
Net loss $ 118 $ 280 $ 44 $ 336
[1] During the three months ended September 30, 2013, the Company incurred $10 million in transaction-related costs related to the integration of the operations of Avis Europe and the acquisition of Payless. During the three months ended September 30, 2012, the Company incurred $11 million in transaction-related costs related to the integration of the operations of Avis Europe.
[2] During the nine months ended September 30, 2013, the Company incurred $37 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 and Payless. During the nine months ended September 30, 2012, the Company incurred $21 million in transaction-related costs related to the integration of the operations of Avis Europe.