Segment Information (Tables)

9 Months Ended

Sep. 30, 2012

Summary Of Segments Information

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

	Three Months Ended September 30,
	2012					2011
	Revenues		Adjusted EBITDA			Revenues		Adjusted EBITDA
North America	$	1,358	$	232		$	1,336	$	216
International		703		129			175		37
Truck Rental		109		14			112		22
Corporate and Other (a)		—		(5	)		—		(3	)
Total Company (b)	$	2,170		370		$	1,623		272
Less: Non-vehicle related depreciation and amortization				30					22
Interest expense related to corporate debt, net:
Interest expense				67					48
Early extinguishment of debt				2					—
Transaction-related costs (c)				11					66
Income before income taxes			$	260				$	136

	Nine Months Ended September 30,
	2012					2011
	Revenues		Adjusted EBITDA			Revenues		Adjusted EBITDA
North America	$	3,580	$	509		$	3,484	$	426
International		1,791		210			495		90
Truck Rental		287		32			290		40
Corporate and Other (a)		1		(15	)		—		(10	)
Total Company (b)	$	5,659		736		$	4,269		546
Less: Non-vehicle related depreciation and amortization				92					65
Interest expense related to corporate debt, net:
Interest expense				208					143
Early extinguishment of debt				52					—
Transaction-related costs (c)				21					102
Income before income taxes			$	363				$	236

^(a)  Includes unallocated corporate overhead and the elimination of transactions between segments.

^(b)  Adjusted EBITDA for the three months ended September 30, 2012 includes $7 million of restructuring expense. Adjusted EBITDA for the nine months ended September 30, 2012 and 2011, includes $26 million and $1 million, respectively, of restructuring expense.

^(c)  During the three and nine months ended September 30, 2012, the Company incurred $11 million and $21 million, respectively, in transaction-related costs primarily related to the integration of the operations of Avis Europe. During the three and nine months ended September 30, 2011, the Company incurred $66 million and $102 million, respectively, of costs related to due diligence and other expenses associated with its acquisition of Avis Europe, including $26 million and $49 million, respectively, of losses on foreign currency transactions related to the purchase price, and the Company’s previous efforts to acquire Dollar Thrifty.