Segment Information

6 Months Ended

Jun. 30, 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 June 30,
				2015					2014
				Revenues		Adjusted EBITDA			Revenues (a)		Adjusted EBITDA (b)
Americas				$	1,556	$	178		$	1,542	$	172
International				617		61			652		55
Corporate and Other (c)				—		(12		)	—		(14		)
	Total Company			$	2,173	227			$	2,194	213
Less:		Non-vehicle related depreciation and amortization				56					45
		Interest expense related to corporate debt, net:
			Interest expense			45					55
			Early extinguishment of debt			23					56
		Transaction-related costs				18					8
		Restructuring expense				3					1
Income before income taxes						$	82				$	48

__________

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, $15 million of revenues previously reported in International are now reported in the Americas in the three months ended June 30, 2014.

^(b)  As a result of the change in the Company’s reportable segments, $2 million of Adjusted EBITDA previously reported in International is now reported in the Americas in the three months ended June 30, 2014.

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

				Six Months Ended June 30,
				2015					2014
				Revenues		Adjusted EBITDA			Revenues (a)		Adjusted EBITDA (b)
Americas				$	2,931	$	293		$	2,872	$	287
International				1,092		77			1,184		69
Corporate and Other (c)				—		(26		)	—		(26		)
	Total Company			$	4,023	344			$	4,056	330
Less:		Non-vehicle related depreciation and amortization				105					86
		Interest expense related to corporate debt, net:
			Interest expense			97					111
			Early extinguishment of debt			23					56
		Transaction-related costs				49					16
		Restructuring expense				4					8
Income before income taxes						$	66				$	53

__________

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, $34 million of revenues previously reported in International are now reported in the Americas in the six months ended June 30, 2014.

^(b)  As a result of the change in the Company’s reportable segments, $5 million of Adjusted EBITDA previously reported in International is now reported in the Americas in the six months ended June 30, 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 other than in the Company’s Americas and International segment assets under vehicle programs. As of June 30, 2015 and December 31, 2014, Americas assets under vehicle programs were approximately $11.3 billion and $9.2 billion, respectively, and International assets under vehicle programs were approximately $2.8 billion and $1.9 billion, respectively.