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Segment Information | 9 Months Ended
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Sep. 30, 2021
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 and other legal matters, net, which includes amounts recorded in excess of $5 million related to class action lawsuits, non-operational charges related to shareholder activist activity, which include third party advisory, legal and other professional service fees, gain on sale of equity method investment in China, COVID-19 charges and income taxes. COVID-19 charges include unusual, direct and incremental costs due to the COVID-19 pandemic such as minimum annual guaranteed rent in excess of concession fees for the period, overflow parking for idle vehicles and related shuttling costs, incremental cleaning supplies to sanitize vehicles and facilities, and losses associated with vehicles damaged in overflow parking lots, net of insurance proceeds. The Company has revised the definition of Adjusted EBITDA to exclude amounts recorded in excess of $5 million related to class action lawsuits. The Company did not revise prior years’ Adjusted EBITDA because there were no costs similar in nature to these costs. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.
|  |  |  | Three Months Ended September 30,
|  |  |  | 2021 |  | 2020
|  |  |  | Revenues |  | Adjusted EBITDA |  | Revenues |  | Adjusted EBITDA
Americas | $ | 2,403 |  |  | $ | 952 |  |  | $ | 1,114 |  |  | $ | 222 |
International | 598 |  |  | 128 |  |  | 420 |  |  | 6 |
Corporate and Other (a) | — |  |  | (23) |  |  | — |  |  | (8) |
| Total Company | $ | 3,001 |  |  | $ | 1,057 |  |  | $ | 1,534 |  |  | $ | 220 |
Reconciliation of Adjusted EBITDA to income before income taxes:
|  |  | 2021 |  |  |  | 2020
Adjusted EBITDA |  |  | $ | 1,057 |  |  |  |  | $ | 220 |
Less: | Non-vehicle related depreciation and amortization |  | 69 |  |  |  |  | 74 |
|  | Interest expense related to corporate debt, net: |  |  |  |  |  |
|  | Interest expense |  | 47 |  |  |  |  | 64 |
|  | Early extinguishment of debt |  | 7 |  |  |  |  | 2 |
|  | Restructuring and other related charges |  | 5 |  |  |  |  | 17 |
|  | Transaction-related costs, net |  |  | 1 |  |  |  |  | — |
|  | COVID-19 charges (b) | (6) |  |  |  |  | 10 |
|  | Unprecedented personal-injury and other legal matters, net (c) |  | 5 |  |  |  |  | — |
Income before income taxes |  |  | $ | 929 |  |  |  |  | $ | 53 |
__________ (a)Includes unallocated corporate overhead which is not attributable to a particular segment. (b)The following table presents the unusual, direct and incremental costs due to the COVID-19 pandemic:
| 2021 |  | 2020
Minimum annual guaranteed rent in excess of concession fees, net | $ | (4) |  |  | $ | 11 |
Vehicles damaged in overflow parking lots, net of insurance proceeds | (3) |  |  | (19) |
Incremental cleaning supplies to sanitize vehicles and facilities, and over flow parking for idle vehicles | — |  |  | 18 |
Other charges | 1 |  |  | — |
Operating expenses | $ | (6) |  |  | $ | 8 |
Vehicle depreciation and lease charges | $ | — |  |  | $ | 1 |
Selling, general and administrative expenses | $ | — |  |  | $ | 1 |
(c)Reported within operating expenses.
|  |  |  | Nine Months Ended September 30,
|  |  |  | 2021 |  | 2020
|  |  |  | Revenues |  | Adjusted EBITDA |  | Revenues |  | Adjusted EBITDA
Americas | $ | 5,457 |  |  | $ | 1,694 |  |  | $ | 2,936 |  |  | $ | (41) |
International | 1,287 |  |  | 86 |  |  | 1,111 |  |  | (174) |
Corporate and Other (a) | — |  |  | (52) |  |  | — |  |  | (34) |
| Total Company | $ | 6,744 |  |  | $ | 1,728 |  |  | $ | 4,047 |  |  | $ | (249) |
Reconciliation of Adjusted EBITDA to income (loss) before income taxes:
|  |  | 2021 |  |  |  | 2020
Adjusted EBITDA |  |  | $ | 1,728 |  |  |  |  | $ | (249) |
Less: | Non-vehicle related depreciation and amortization (b) |  | 204 |  |  |  |  | 214 |
|  | Interest expense related to corporate debt, net: |  |  |  |  |  |
|  | Interest expense |  | 167 |  |  |  |  | 163 |
|  | Early extinguishment of debt |  | 136 |  |  |  |  | 9 |
|  | Restructuring and other related charges |  | 47 |  |  |  |  | 89 |
|  | COVID-19 charges (c) | 12 |  |  |  |  | 90 |
|  | Transaction-related costs, net |  |  | 3 |  |  |  |  | 3 |
|  | Non-operational charges related to shareholder activist activity (d) |  | — |  |  |  |  | 4 |
|  | Unprecedented personal-injury and other legal matters, net (e) |  | (6) |  |  |  |  | — |
Income (loss) before income taxes |  |  | $ | 1,165 |  |  |  |  | $ | (821) |
__________ (a)Includes unallocated corporate overhead which is not attributable to a particular segment. (b)For the nine months ended September 30, 2021 consi sts of $5 million within operating expenses related to cloud computing costs. (c)The following table presents the unusual, direct and incremental costs due to the COVID-19 pandemic:
| 2021 |  | 2020
Minimum annual guaranteed rent in excess of concession fees, net | $ | 12 |  |  | $ | 41 |
Vehicles damaged in overflow parking lots, net of insurance proceeds | (7) |  |  | 14 |
Incremental cleaning supplies to sanitize vehicles and facilities, and over flow parking for idle vehicles | — |  |  | 35 |
Other charges | 7 |  |  | — |
Operating expenses | $ | 11 |  |  | $ | 87 |
Vehicle depreciation and lease charges | $ | — |  |  | $ | 1 |
Selling, general and administrative expenses | $ | 1 |  |  | $ | 2 |
(d)Reported within selling, general and administrative expenses. (e)Reported within operating expenses. Since December 31, 2020, there have been no significant changes in segment assets exclusive of assets under vehicle programs. As of September 30, 2021 and December 31, 2020, Americas’ segment assets under vehicle programs were approximately $10.4 billion and $7.2 billion, respectively, and International segment assets under vehicle programs were approximately $2.6 billion and $2.0 billion, respectively. The changes in assets under vehicle programs is primarily due to the increase in the size of our vehicle rental fleet to meet increases in rental demand.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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