Segment Information

9 Months Ended

Sep. 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 September 30,
			2016					2015
			Revenues		Adjusted EBITDA			Revenues		Adjusted EBITDA
Americas			$	1,821	$	306		$	1,776	$	279
International			835		179			801		168
Corporate and Other (a)			—		(16		)	—		(16		)
	Total Company		$	2,656	469			$	2,577	431
Less:		Non-vehicle related depreciation and amortization			63					56
		Interest expense related to corporate debt, net			51					49
		Restructuring expense			6					6
		Transaction-related costs, net			4					8
Income before income taxes					$	345				$	312

__________

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

			Nine Months Ended September 30,
			2016					2015
			Revenues		Adjusted EBITDA			Revenues		Adjusted EBITDA
Americas			$	4,778	$	532		$	4,707	$	572
International			2,002		237			1,893		245
Corporate and Other (a)			—		(52		)	—		(42		)
	Total Company		$	6,780	717			$	6,600	775
Less:		Non-vehicle related depreciation and amortization			189					161
		Interest expense related to corporate debt, net:
		Interest expense			157					146
		Early extinguishment of debt			10					23
		Restructuring expense			26					10
		Transaction-related costs, net			13					57
Income before income taxes					$	322				$	378

__________

^(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 International segment assets exclusive of assets under vehicle programs and assets under vehicle programs. As of September 30, 2016 and December 31, 2015, International segment assets exclusive of assets under vehicle programs were approximately $2.3 billion and $1.9 billion, respectively; and International segment assets under vehicle programs were approximately $2.9 billion and $2.3 billion, respectively.