
19.	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 and other related charges, early extinguishment of debt costs, non-vehicle related interest, transaction-related costs, net charges for an unprecedented personal-injury legal matter and income taxes. Net charges for the legal matter are recorded within operating expenses in the Company’s Consolidated Statements of Operations. The Company has revised its definition of Adjusted EBITDA to exclude costs associated with the separation of certain officers of the Company and its limited voluntary opportunity plans, which offered certain employees the limited opportunity to elect resignation from employment for enhanced severance benefits. Costs associated with the separation of certain officers and the limited voluntary opportunity plans are recorded as part of restructuring and other related charges in the Company’s Consolidated Statements of Operations. The Company did not revise prior years’ Adjusted EBITDA amounts because there were no costs similar in nature to these items. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

Year Ended December 31, 2017



	Americas		International		Corporate and Other ^(a)			Total
Net revenues	$	6,100	$	2,748	$	—		$	8,848
Vehicle depreciation and lease charges, net	1,671		550		—			2,221
Vehicle interest, net	226		60		—			286
Adjusted EBITDA	486		305		(56		)	735
Non-vehicle depreciation and amortization	168		91		—			259
Assets exclusive of assets under vehicle programs	3,388		2,353		79			5,820
Assets under vehicle programs	9,017		2,862		—			11,879
Capital expenditures (excluding vehicles)	122		62		13			197

__________


^(a)	Primarily represents unallocated corporate expenses and receivables from our former subsidiaries.

Year Ended December 31, 2016



	Americas		International		Corporate and Other ^(a)			Total
Net revenues	$	6,121	$	2,538	$	—		$	8,659
Vehicle depreciation and lease charges, net	1,559		488		—			2,047
Vehicle interest, net	226		58		—			284
Adjusted EBITDA	633		273		(68		)	838
Non-vehicle depreciation and amortization	165		88		—			253
Assets exclusive of assets under vehicle programs	4,017		1,990		58			6,065
Assets under vehicle programs	9,210		2,368		—			11,578
Capital expenditures (excluding vehicles)	121		62		7			190

__________


^(a)	Primarily represents unallocated corporate expenses and receivables from our former subsidiaries.

Year Ended December 31, 2015



	Americas		International		Corporate and Other ^(a)			Total
Net revenues	$	6,069	$	2,433	$	—		$	8,502
Vehicle depreciation and lease charges, net	1,478		455		—			1,933
Vehicle interest, net	234		55		—			289
Adjusted EBITDA	682		277		(56		)	903
Non-vehicle depreciation and amortization	143		75		—			218
Assets exclusive of assets under vehicle programs	3,940		1,901		77			5,918
Assets under vehicle programs	9,440		2,276		—			11,716
Capital expenditures (excluding vehicles)	131		68		—			199

__________


^(a)	Primarily represents unallocated corporate expenses and receivables from our former subsidiaries.

Provided below is a reconciliation of Adjusted EBITDA to income before income taxes.



		For the Year Ended December 31,
		2017			2016		2015
Adjusted EBITDA		$	735		$	838	$	903
Less: Non-vehicle related depreciation and amortization ^(a)		259			253		218
	Interest expense related to corporate debt, net	188			203		194
	Early extinguishment of corporate debt	3			27		23
	Restructuring and other related charges	63			29		18
	Transaction-related costs, net	23			21		68
	Impairment	2			—		—
	Charges for legal matter, net ^(b)	(14		)	26		—
Income before income taxes		$	211		$	279	$	382

__________


^(a)	Includes amortization of intangible assets recognized in purchase accounting of $58 million in 2017, $59 million in 2016 and $55 million in 2015.


^(b)	Reported within operating expenses in our Consolidated Statements of Operations.

The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries.



	United States		All Other Countries		Total
2017
Net revenues	$	5,629	$	3,219	$	8,848
Assets exclusive of assets under vehicle programs	3,069		2,751		5,820
Assets under vehicle programs	8,192		3,687		11,879
Net long-lived assets	1,451		1,176		2,627

2016
Net revenues	$	5,674	$	2,985	$	8,659
Assets exclusive of assets under vehicle programs	3,699		2,366		6,065
Assets under vehicle programs	8,552		3,026		11,578
Net long-lived assets	1,489		1,073		2,562

2015
Net revenues	$	5,635	$	2,867	$	8,502
Assets exclusive of assets under vehicle programs	3,677		2,241		5,918
Assets under vehicle programs	8,786		2,930		11,716
Net long-lived assets	1,502		1,069		2,571