Segment Information (Tables)

12 Months Ended

Dec. 31, 2012

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

Year Ended December 31, 2012


	North America		International		Truck Rental		Corporate and Other ^(a)		Total
Net revenues	$	4,640	$	2,342	$	374	$	1	$	7,357
Vehicle depreciation and lease charges, net		943		483		45		-		1,471
Vehicle interest, net		246		38		13		-		297
Adjusted EBITDA		556		234		33		(21)		802
Non-vehicle depreciation and amortization		78		46		1		-		125
Segment assets exclusive of assets under vehicle programs		3,065		1,740		90		224		5,119
Assets under vehicle programs		7,394		2,300		405		-		10,099
Capital expenditures (excluding vehicles)		72		60		-		-		132

^(a)

Includes the results of operations of the Company’s investments, unallocated corporate overhead and the elimination of transactions between segments.

Year Ended December 31, 2011


	North America		International		Truck Rental		Corporate and Other ^(a)		Total
Net revenues	$	4,495	$	1,028	$	376	$	1	$	5,900
Vehicle depreciation and lease charges, net		969		209		45		-		1,223
Vehicle interest, net		263		11		12		-		286
Adjusted EBITDA		442		127		49		(13)		605
Non-vehicle depreciation and amortization		80		14		1		-		95
Segment assets exclusive of assets under vehicle programs		2,112		1,464		88		184		3,848
Assets under vehicle programs		6,674		2,109		307		-		9,090
Capital expenditures (excluding vehicles)		54		10		1		-		65

^(a)

Includes the results of operations of the Company’s investments, unallocated corporate overhead and the elimination of transactions between segments.

Year Ended December 31, 2010


	North America		International		Truck Rental		Corporate and Other ^(a)		Total
Net revenues	$	4,260	$	555	$	367	$	3	$	5,185
Vehicle depreciation and lease charges, net		1,124		103		60		-		1,287
Vehicle interest, net		288		1		15		-		304
Adjusted EBITDA		266		114		34		(16)		398
Non-vehicle depreciation and amortization		85		3		2		-		90
Segment assets exclusive of assets under vehicle programs		2,515		321		99		527		3,462
Assets under vehicle programs		5,925		580		360		-		6,865
Capital expenditures (excluding vehicles)		57		4		-		-		61

^(a)

Includes the results of operations of the Company’s investments, unallocated corporate overhead and the elimination of transactions between segments.

Reconciliation of Adjusted EBITDA to Income (Loss)

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


	For the Year Ended December 31,
	2012		2011		2010
Adjusted EBITDA ^(a)	$	802	$	605	$	398
Less: Non-vehicle related depreciation and amortization		125		95		90
Interest expense related to corporate debt, net		268		219		170
Early extinguishment of debt		75		-		52
Transaction-related costs		34		255		14

Income before income taxes	$	300	$	36	$	72

^(a)

Adjusted EBITDA includes restructuring costs of $38 million, $5 million and $11 million for the years ended December 31, 2012, 2011 and 2010, respectively.

Summary of Geographic Segment Information

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


	United States		All Other Countries		Total
2012
Net revenues	$	4,637	$	2,720	$	7,357
Assets exclusive of assets under vehicle programs		3,094		2,025		5,119
Assets under vehicle programs		7,329		2,770		10,099
Property and equipment, net		366		163		529

2011
Net revenues	$	4,489	$	1,411	$	5,900
Assets exclusive of assets under vehicle programs		2,177		1,671		3,848
Assets under vehicle programs		6,553		2,537		9,090
Property and equipment, net		365		128		493

2010
Net revenues	$	4,263	$	922	$	5,185
Assets exclusive of assets under vehicle programs		2,949		513		3,462
Assets under vehicle programs		5,899		966		6,865
Property and equipment, net		382		43		425

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations.

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- Definition

Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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