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Segment Information | 6 Months Ended
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Jun. 30, 2019
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company’s chief operating decision-maker assesses performance and allocates resources based upon the separate financial information from each of 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 revenues and “Adjusted EBITDA,” which the Company defines as income (loss) from continuing operations before non-vehicle related depreciation and amortization, any impairment charges, restructuring and other related charges, early extinguishment of debt costs, non-vehicle related interest, transaction-related costs, net charges for unprecedented personal-injury legal matters, non-operational charges related to shareholder activist activity, gain on sale of equity method investment in Anji and income taxes. Net charges for unprecedented personal-injury legal matters and gain on sale of equity method investment in Anji are recorded within operating expenses in the Company’s Consolidated Condensed Statement of Comprehensive Income. Non-operational charges related to shareholder activist activity include third party advisory, legal and other professional service fees and are recorded within selling, general and administrative expenses in the Company’s Consolidated Condensed Statement of Comprehensive Income. The Company has revised the definition of Adjusted EBITDA to exclude the gain on sale of equity method investment in Anji. The Company did not revise prior years’ Adjusted EBITDA because there were no gains similar in nature to this gain. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.
|  |  |  | Three Months Ended June 30,
|  |  |  | 2019 |  | 2018
|  |  |  | Revenues |  | Adjusted EBITDA |  | Revenues |  | Adjusted EBITDA
Americas | $ | 1,627 |  |  | $ | 152 |  |  | $ | 1,590 |  |  | $ | 107 |
International | 710 |  |  | 39 |  |  | 738 |  |  | 71 |
Corporate and Other (a) | — |  |  | (16 | ) |  | — |  |  | (17 | )
| Total Company | $ | 2,337 |  |  | $ | 175 |  |  | $ | 2,328 |  |  | $ | 161 |
Reconciliation of Adjusted EBITDA to income before income taxes |  |  |  |
|  |  | 2019 |  |  |  | 2018
Adjusted EBITDA |  |  | $ | 175 |  |  |  |  | $ | 161 |
Less: | Non-vehicle related depreciation and amortization |  | 66 |  |  |  |  | 67 |
|  | Interest expense related to corporate debt, net |  | 48 |  |  |  |  | 49 |
|  | Restructuring and other related charges |  | 23 |  |  |  |  | 4 |
|  | Transaction-related costs, net |  |  | 1 |  |  |  |  | 3 |
|  | Gain on sale of equity method investment in Anji |  | (44 | ) |  |  |  | — |
Income before income taxes |  |  | $ | 81 |  |  |  |  | $ | 38 |
__________
(a) | Includes unallocated corporate overhead which is not attributable to a particular segment.
|  |  |  | Six Months Ended June 30,
|  |  |  | 2019 |  | 2018
|  |  |  | Revenues |  | Adjusted EBITDA |  | Revenues |  | Adjusted EBITDA
Americas | $ | 2,954 |  |  | $ | 187 |  |  | $ | 2,938 |  |  | $ | 122 |
International | 1,303 |  |  | 18 |  |  | 1,358 |  |  | 74 |
Corporate and Other (a) | — |  |  | (31 | ) |  | — |  |  | (33 | )
| Total Company | $ | 4,257 |  |  | $ | 174 |  |  | $ | 4,296 |  |  | $ | 163 |
Reconciliation of Adjusted EBITDA to loss before income taxes |  |  |  |
|  |  | 2019 |  |  |  | 2018
Adjusted EBITDA |  |  | $ | 174 |  |  |  |  | $ | 163 |
Less: | Non-vehicle related depreciation and amortization |  | 133 |  |  |  |  | 128 |
|  | Interest expense related to corporate debt, net: |  |  |  |  |  |
|  | Interest expense |  | 90 |  |  |  |  | 95 |
|  | Early extinguishment of debt |  | — |  |  |  |  | 5 |
|  | Restructuring and other related charges |  | 44 |  |  |  |  | 10 |
|  | Transaction-related costs, net |  |  | 6 |  |  |  |  | 7 |
|  | Non-operational charges related to shareholder activist activity |  | — |  |  |  |  | 9 |
|  | Gain on sale of equity method investment in Anji |  | (44 | ) |  |  |  | — |
Loss before income taxes |  |  | $ | (55 | ) |  |  |  | $ | (91 | )
__________
(a) | Includes unallocated corporate overhead which is not attributable to a particular segment.
As of June 30, 2019 and December 31, 2018, Americas’ segment assets exclusive of assets under vehicle programs were approximately $5.9 billion and $3.8 billion, respectively, and International segment assets exclusive of assets under vehicle programs were approximately $3.0 billion and $2.5 billion, respectively. The increases in assets exclusive of assets under vehicle programs is primarily due to the adoption of ASU 2016-02 (see Note 1–Basis of Presentation). As of June 30, 2019 and December 31, 2018, Americas’ assets under vehicle programs were approximately $11.8 billion and $9.7 billion, respectively, and International assets under vehicle programs were approximately $3.6 billion and $3.1 billion, respectively. The increases in assets under vehicle programs is primarily due to seasonality.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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