Segment Information

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company’s chief operating decision maker assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. In identifying its reportable segments, the Company considered the nature of services provided, the geographical areas in which the segments operated and other relevant factors. The Company aggregates certain of its operating segments into its reportable segments.

Management evaluates the operating results of each of its reportable segments based upon revenue and “Adjusted EBITDA,” which the Company defines as income from continuing operations before non-vehicle related depreciation and amortization, any impairment charge, restructuring expense, early extinguishment of debt costs, non-vehicle related interest, transaction-related costs and income taxes. In first quarter of 2014, the Company revised its definition of Adjusted EBITDA to exclude restructuring expense and has recast its 2013, 2012 and 2011 Adjusted EBITDA to conform with the revised definition, consistent with the manner in which management assesses performance and allocates resources. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

Year Ended December 31, 2013

	North America		International		Truck Rental		Corporate and Other (a)			Total
Net revenues	$	5,042	$	2,522	$	373	$	—		$	7,937
Vehicle depreciation and lease charges, net	1,254		509		48		—			1,811
Vehicle interest, net	203		49		12		—			264
Adjusted EBITDA	508		272		36		(47		)	769
Non-vehicle depreciation and amortization	101		50		1		—			152
Segment assets exclusive of assets under vehicle programs	3,718		1,809		80		225			5,832
Assets under vehicle programs	7,939		2,164		349		—			10,452
Capital expenditures (excluding vehicles)	98		54		—		—			152

__________

^(a) Primarily represents unallocated corporate overhead, receivables from our former subsidiaries and debt financing fees related to our corporate debt.

Year Ended December 31, 2012

	North America		International		Truck Rental		Corporate and Other (a)			Total
Net revenues	$	4,640	$	2,342	$	374	$	1		$	7,357
Vehicle depreciation and lease charges, net	943		483		45		—			1,471
Vehicle interest, net	246		38		13		—			297
Adjusted EBITDA	557		270		34		(21		)	840
Non-vehicle depreciation and amortization	78		46		1		—			125
Segment assets exclusive of assets under vehicle programs	3,065		1,740		90		224			5,119
Assets under vehicle programs	7,394		2,300		405		—			10,099
Capital expenditures (excluding vehicles)	72		60		—		—			132

__________

^(a)  Primarily represents unallocated corporate overhead, receivables from our former subsidiaries and debt financing fees related to our corporate debt.

Year Ended December 31, 2011

	North America		International		Truck Rental		Corporate and Other (a)			Total
Net revenues	$	4,495	$	1,028	$	376	$	1		$	5,900
Vehicle depreciation and lease charges, net	969		209		45		—			1,223
Vehicle interest, net	263		11		12		—			286
Adjusted EBITDA	444		130		49		(13		)	610
Non-vehicle depreciation and amortization	80		14		1		—			95
Segment assets exclusive of assets under vehicle programs	2,112		1,464		88		184			3,848
Assets under vehicle programs	6,674		2,109		307		—			9,090
Capital expenditures (excluding vehicles)	54		10		1		—			65

__________

^(a)  Primarily represents unallocated corporate overhead, receivables from our former subsidiaries and debt financing fees related to our corporate debt.

Provided below is a reconciliation of Adjusted EBITDA to income before income taxes.

		For the Year Ended December 31,
		2013		2012		2011
Adjusted EBITDA		$	769	$	840	$	610
Less: Non-vehicle related depreciation and amortization		152		125		95
	Interest expense related to corporate debt, net	228		268		219
	Early extinguishment of debt	147		75		—
	Restructuring expense	61		38		5
	Transaction-related costs	51		34		255
	Impairment	33		—		—
Income before income taxes		$	97	$	300	$	36

The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries.

	United States		All Other Countries		Total
2013
Net revenues	$	5,030	$	2,907	$	7,937
Assets exclusive of assets under vehicle programs	3,729		2,103		5,832
Assets under vehicle programs	7,791		2,661		10,452
Property and equipment, net	424		190		614
2012
Net revenues	$	4,637	$	2,720	$	7,357
Assets exclusive of assets under vehicle programs	3,094		2,025		5,119
Assets under vehicle programs	7,329		2,770		10,099
Property and equipment, net	366		163		529
2011
Net revenues	$	4,489	$	1,411	$	5,900
Assets exclusive of assets under vehicle programs	2,177		1,671		3,848
Assets under vehicle programs	6,553		2,537		9,090
Property and equipment, net	365		128		493