Segment Information

3 Months Ended

Mar. 31, 2015

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 March 31,
			2015					2014
			Revenues		Adjusted EBITDA			Revenues (a)		Adjusted EBITDA (b)
Americas			$	1,375	$	115		$	1,330	$	115
International			475		16			532		14
Corporate and Other (c)			—		(14		)	—		(12		)
	Total Company		$	1,850	117			$	1,862	117
Less:		Non-vehicle related depreciation and amortization			49					41
		Interest expense related to corporate debt, net			52					56
		Transaction-related costs			31					8
		Restructuring expense			1					7
Income (loss) before income taxes					$	(16	)			$	5

__________

Previously reported amounts were recast for a change in the Company’s reportable segments. The financial results of the Company’s North America, South America, Central America and Caribbean operations are now reported in the Company’s Americas segment.

^(a) As a result of the change in the Company’s reportable segments, $19 million of revenues previously reported in International are now reported in the Americas in the three months ended March 31, 2014.

^(b)  As a result of the change in the Company’s reportable segments, $3 million of Adjusted EBITDA previously reported in International is now reported in the Americas in the three months ended March 31, 2014.

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

Since December 31, 2014, there have been no significant changes in segment assets and segment assets under vehicle programs.