Segment Information

9 Months Ended

Sep. 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 September 30,
			2015					2014
			Revenues		Adjusted EBITDA			Revenues (a)		Adjusted EBITDA (b)
Americas			$	1,776	$	279		$	1,742	$	275
International			801		168			800		158
Corporate and Other (c)			—		(16		)	—		(16		)
	Total Company		$	2,577	431			$	2,542	417
Less:		Non-vehicle related depreciation and amortization			56					46
		Interest expense related to corporate debt, net			49					50
		Transaction-related costs			8					7
		Restructuring expense			6					8
Income before income taxes					$	312				$	306

__________

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 September 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 September 30, 2014.

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

				Nine Months Ended September 30,
				2015					2014
				Revenues		Adjusted EBITDA			Revenues (a)		Adjusted EBITDA (b)
Americas				$	4,707	$	572		$	4,614	$	562
International				1,893		245			1,984		227
Corporate and Other (c)				—		(42		)	—		(42		)
	Total Company			$	6,600	775			$	6,598	747
Less:		Non-vehicle related depreciation and amortization				161					132
		Interest expense related to corporate debt, net:
			Interest expense			146					161
			Early extinguishment of debt			23					56
		Transaction-related costs				57					23
		Restructuring expense				10					16
Income before income taxes						$	378				$	359

__________

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, $49 million of revenues previously reported in International are now reported in the Americas in the nine months ended September 30, 2014.

^(b)  As a result of the change in the Company’s reportable segments, $7 million of Adjusted EBITDA previously reported in International is now reported in the Americas in the nine months ended September 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 International segment assets under vehicle programs. As of September 30, 2015 and December 31, 2014, International assets under vehicle programs were approximately $2.8 billion and $1.9 billion, respectively.