Segment Information

6 Months Ended

Jun. 30, 2014

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 has aggregated 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. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

				Three Months Ended June 30,
				2014					2013
				Revenues		Adjusted EBITDA			Revenues (a)		Adjusted EBITDA (b)
North America				$	1,427	$	157		$	1,279	$	115
International				667		57			621		58
Truck Rental				100		13			102		17
Corporate and Other (c)				—		(14		)	—		(11		)
	Total Company			$	2,194	213			$	2,002	179
Less:		Non-vehicle related depreciation and amortization				45					37
		Interest expense related to corporate debt, net:
			Interest expense			55					55
			Early extinguishment of debt			56					91
		Transaction-related costs				8					19
		Restructuring expense				1					15
Income (loss) before income taxes						$	48				$	(38	)

__________

^(a) Previously reported amounts were recast for a change in the Company’s reportable segments, decreasing North America revenues and increasing International revenues by $13 million in the three months ended June 30, 2013.

^(b)  Amounts reflect a revision to the definition of Adjusted EBITDA to exclude restructuring expense, which resulted in an increase in Adjusted EBITDA in International and Truck Rental of $6 million and $9 million, respectively, and a change in the Company’s reportable segments, which resulted in an increase in North America Adjusted EBITDA and a decrease in International Adjusted EBITDA of $1 million in the three months ended June 30, 2013.

^(c)  Includes unallocated corporate overhead which is not attributable to a particular segment.

				Six Months Ended June 30,
				2014					2013
				Revenues		Adjusted EBITDA			Revenues (a)		Adjusted EBITDA (b)
North America				$	2,663	$	271		$	2,377	$	208
International				1,218		74			1,138		75
Truck Rental				175		11			178		12
Corporate and Other (c)				—		(26		)	—		(23		)
	Total Company			$	4,056	330			$	3,693	272
Less:		Non-vehicle related depreciation and amortization				86					71
		Interest expense related to corporate debt, net:
			Interest expense			111					114
			Early extinguishment of debt			56					131
		Transaction-related costs				16					26
		Restructuring expense				8					25
Income (loss) before income taxes						$	53				$	(95	)

__________

^(a)  Previously reported amounts were recast for a change in the Company’s reportable segments, decreasing North America revenues and increasing International revenues by $15 million in the six months ended June 30, 2013.

^(b)  Amounts reflect the revised definition of Adjusted EBITDA to exclude restructuring expense, which resulted in an increase in Adjusted EBITDA in North America, International and Truck Rental of $3 million, $9 million and $13 million, respectively, and a change in the Company’s reportable segments, which resulted in an increase in North America Adjusted EBITDA and a decrease in International Adjusted EBITDA by $1 million in the six months ended June 30, 2013.

^(c)  Includes unallocated corporate overhead which is not attributable to a particular segment.

Since December 31, 2013, there have been no significant changes in segment assets other than in the Company’s North America and International segment assets under vehicle programs. As of June 30, 2014 and December 31, 2013, North America assets under vehicle programs were approximately $10.8 billion and $7.9 billion, respectively, and International assets under vehicle programs were approximately $2.9 billion and $2.2 billion, respectively.