Segment Information

6 Months Ended

Jun. 30, 2016

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

			Three Months Ended June 30,
			2016					2015
			Revenues		Adjusted EBITDA			Revenues		Adjusted EBITDA
Americas			$	1,593	$	163		$	1,556	$	178
International			650		57			617		61
Corporate and Other (a)			—		(16		)	—		(12		)
	Total Company		$	2,243	204			$	2,173	227
Less:		Non-vehicle related depreciation and amortization			65					56
		Interest expense related to corporate debt, net:
		Interest expense			56					45
		Early extinguishment of debt			10					23
		Restructuring expense			5					3
		Transaction-related costs, net			5					18
Income before income taxes					$	63				$	82

__________

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

			Six Months Ended June 30,
			2016					2015
			Revenues		Adjusted EBITDA			Revenues		Adjusted EBITDA
Americas			$	2,957	$	226		$	2,931	$	293
International			1,167		58			1,092		77
Corporate and Other (a)			—		(36		)	—		(26		)
	Total Company		$	4,124	248			$	4,023	344
Less:		Non-vehicle related depreciation and amortization			126					105
		Interest expense related to corporate debt, net:
		Interest expense			106					97
		Early extinguishment of debt			10					23
		Restructuring expense			20					4
		Transaction-related costs, net			9					49
Income (loss) before income taxes					$	(23	)			$	66

__________

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

Since December 31, 2015, there have been no significant changes in segment assets other than the Company’s Americas and International segment assets under vehicle programs. As of June 30, 2016 and December 31, 2015, Americas segment assets under vehicle programs were approximately $10.9 billion and $9.4 billion, respectively; and International segment assets under vehicle programs were approximately $3.1 billion and $2.3 billion, respectively.