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Schedule Of Selected Quarterly Financial Data (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Quarterly Financial Data [Line Items]                      
Net revenues $ 1,698 [1],[2] $ 2,170 [3] $ 1,866 [4] $ 1,623 [1],[5] $ 1,630 [1],[6] $ 1,623 [7] $ 1,412 [8] $ 1,235 [9]      
Net income (loss) $ (46) [1],[2] $ 280 [3] $ 79 [4] $ (23) [1],[5] $ (170) [1],[6] $ 82 [7] $ 52 [8] $ 7 [9]      
Basic Net income (loss) $ (0.43) [1],[2] $ 2.62 [3] $ 0.74 [4] $ (0.22) [1],[5] $ (1.62) [1],[6] $ 0.78 [7] $ 0.49 [8] $ 0.07 [9] $ 2.72 $ (0.28) [10] $ 0.53
Weighted average shares, Basic 106.9 [1],[2] 106.8 [3] 106.7 [4] 105.9 [1],[5] 105.5 [1],[6] 105.4 [7] 105.4 [8] 104.6 [9] 106.6 105.2 [10] 103.1
Diluted Net income (loss) $ (0.43) [1],[2] $ 2.38 [3] $ 0.66 [4] $ (0.22) [1],[5] $ (1.62) [1],[6] $ 0.65 [7] $ 0.42 [8] $ 0.06 [9] $ 2.42 $ (0.28) [10] $ 0.49
Weighted average shares, Diluted 106.9 [1],[2] 118.0 [3] 121.9 [4] 105.9 [1],[5] 105.5 [1],[6] 128.9 [7] 129.0 [8] 106.8 [9] 121.6 105.2 [10] 126.7
[1] As the Company incurred a loss from continuing operations for this period, all outstanding stock options, restricted stock units, stock warrants and issuable shares underlying convertible notes are anti-dilutive for such period. Accordingly, basic and diluted weighted average shares outstanding are equal for such period.
[2] Net income for fourth quarter 2012 includes $23 million ($16 million net of tax) of expense for the early extinguishment of corporate debt, $12 million ($9 million, net of tax) in restructuring costs, $13 million ($13 million, net of tax) of transaction-related costs primarily related to the integration of the operations of Avis Europe and $4 million ($2 million, net of tax) for amortization expense related to intangible assets recognized in the acquisition of Avis Europe.
[3] Net income for third quarter 2012 includes a $128 million non-cash income tax benefit for pre-Separation taxes, $11 million ($10 million, net of tax) of transaction-related costs primarily related to the integration of the operations of Avis Europe, $7 million ($5 million, net of tax) in restructuring costs, $4 million ($3 million, net of tax) for amortization expense related to intangible assets recognized in the acquisition of Avis Europe, and $2 million ($1 million, net of tax) for the early extinguishment of corporate debt.
[4] Included in other current assets and other current liabilities.
[5] Net income for first quarter 2012 includes $27 million ($23 million, net of tax) for costs related to the early extinguishment of corporate debt, $7 million ($5 million, net of tax) in restructuring costs, $6 million ($5 million, net of tax) for transaction-related costs primarily related to the integration of the operations of Avis Europe and $5 million ($4 million, net of tax) for amortization expense related to intangible assets recognized in the acquisition of Avis Europe.
[6] Net income for fourth quarter 2011 includes charges of $160 million ($153 million, net of tax) related primarily to the acquisition of Avis Europe, including a $117 million ($117 million, net of tax) non-cash charge related to the unfavorable license rights acquired by the Company, $39 million ($33 million, net of tax) related to due-diligence, advisory and other expenses, and $4 million ($3 million, net of tax) for amortization expense related to intangible assets recognized in the acquisition of Avis Europe; and $5 million ($3 million, net of tax) related to the Company's restructuring initiatives.
[7] Net income for third quarter 2011 includes $47 million ($31 million, net of tax) related to due-diligence, advisory and other expenses related to the acquisition of Avis Europe and the Company's previous efforts to acquire Dollar Thrifty, and $26 million ($16 million, net of taxes) of losses on currency hedges related to the Avis Europe purchase price.
[8] Net income for second quarter 2011 includes $11 million ($9 million, net of tax) of due-diligence, advisory and other expenses, and $7 million ($4 million, net of tax) of interest expense, both related to the acquisition of Avis Europe and the Company's previous efforts to acquire Dollar Thrifty, and $23 million ($14 million, net of taxes) of losses on currency hedges related to the acquisition of Avis Europe purchase price.
[9] Net income for first quarter 2011 includes $7 million ($4 million, net of tax) of interest expense and $2 million ($1 million, net of tax) of transaction-related costs related to the Company's previous efforts to acquire Dollar Thrifty.
[10] As the Company incurred a net loss in 2011, all outstanding stock options, restricted stock units, stock warrants and issuable shares underlying the convertible notes have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. Accordingly, basic and diluted weighted average shares outstanding are equal for such period.