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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2017
Segment Reporting [Abstract] |
Segment Information |
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) | Inc ludes 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 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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