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Segment Information | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Segment Information | Segment Information Our chief operating decision-maker assesses performance and allocates resources based upon the separate financial information from each of our operating segments. In identifying our reportable segments, we considered the nature of services provided, the geographical areas in which the segments operated and other relevant factors. We aggregate certain of our operating segments into our reportable segments. Management evaluates the operating results of each of its reportable segments based upon revenues and “Adjusted EBITDA,” which we define 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, COVID-19 charges, other (income) expense, net 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. We revised our definition of Adjusted EBITDA to exclude other (income) expense, net. We did not revise prior years’ Adjusted EBITDA because there were no other charges similar in nature. Our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.
|  |  |  | Three Months Ended September 30,
|  |  |  | 2022 |  | 2021
|  |  |  | Revenues |  | Adjusted EBITDA |  | Revenues |  | Adjusted EBITDA
Americas | $ | 2,703 |  |  | $ | 1,185 |  |  | $ | 2,403 |  |  | $ | 952 |
International | 844 |  |  | 291 |  |  | 598 |  |  | 128 |
Corporate and Other (a) | — |  |  | (16) |  |  | — |  |  | (23) |
| Total Company | $ | 3,547 |  |  | $ | 1,460 |  |  | $ | 3,001 |  |  | $ | 1,057 |
Reconciliation of Adjusted EBITDA to income before income taxes:
|  |  | 2022 |  |  |  | 2021
Adjusted EBITDA |  |  | $ | 1,460 |  |  |  |  | $ | 1,057 |
Less: | Non-vehicle related depreciation and amortization (b) |  | 61 |  |  |  | 69
|  | Interest expense related to corporate debt, net: |  |  |  |  |  |
|  | Interest expense |  | 64 |  |  |  |  | 47 |
|  | Early extinguishment of debt |  | — |  |  |  |  | 7 |
|  | Restructuring and other related charges |  | 2 |  |  |  |  | 5 |
|  | Unprecedented personal-injury and other legal matters, net (c) |  | — |  |  |  |  | 5 |
|  | Transaction-related costs, net |  | — |  |  |  |  | 1 |
|  | COVID-19 charges (d) |  | — |  |  |  |  | (6) |
|  | Other (income) expense, net (e) |  | (9) |  |  |  |  | — |
Income before income taxes |  |  | $ | 1,342 |  |  |  |  | $ | 929 |
__________ (a)Includes unallocated corporate overhead which is not attributable to a particular segment. (b)For the three months ended September 30, 2022, includes operating expenses in our Consolidated Condensed Statements of Comprehensive Income related to cloud computing costs of $2 million. (c)Reported within operating expenses. (d)The following table presents the unusual, direct and incremental costs due to the COVID-19 pandemic:
| 2022 |  | 2021
Minimum annual guaranteed rent in excess of concession fees, net | $ | — |  |  | $ | (4) |
Vehicles damaged in overflow parking lots, net of insurance proceeds | — |  |  | (3) |
Other charges | — |  |  | 1 |
Operating expenses | $ | — |  |  | $ | (6) |
COVID-19 charges, net | $ | — |  |  | $ | (6) |
(e)Primarily relates to a gain upon deconsolidation of a former subsidiary.
|  |  |  | Nine Months Ended September 30,
|  |  |  | 2022 |  | 2021
|  |  |  | Revenues |  | Adjusted EBITDA |  | Revenues |  | Adjusted EBITDA
Americas | $ | 7,270 |  |  | $ | 3,036 |  |  | $ | 5,457 |  |  | $ | 1,694 |
International | 1,953 |  |  | 497 |  |  | 1,287 |  |  | 86 |
Corporate and Other (a) | — |  |  | (58) |  |  | — |  |  | (52) |
| Total Company | $ | 9,223 |  |  | $ | 3,475 |  |  | $ | 6,744 |  |  | $ | 1,728 |
Reconciliation of Adjusted EBITDA to income before income taxes:
|  |  | 2022 |  |  |  | 2021
Adjusted EBITDA |  |  | $ | 3,475 |  |  |  |  | $ | 1,728 |
Less: | Non-vehicle related depreciation and amortization (b) |  | 174 |  |  |  | 204
|  | Interest expense related to corporate debt, net: |  |  |  |  |  |
|  | Interest expense |  | 181 |  |  |  |  | 167 |
|  | Early extinguishment of debt |  | — |  |  |  |  | 136 |
|  | Restructuring and other related charges |  | 16 |  |  |  |  | 47 |
|  | Unprecedented personal-injury and other legal matters, net (c) |  | 1 |  |  |  |  | (6) |
|  | Transaction-related costs, net |  | 1 |  |  |  |  | 3 |
|  | COVID-19 charges (d) |  | (9) |  |  |  |  | 12 |
|  | Other (income) expense, net (e) |  | (9) |  |  |  |  | — |
Income before income taxes |  |  | $ | 3,120 |  |  |  |  | $ | 1,165 |
__________ (a)Includes unallocated corporate overhead which is not attributable to a particular segment. (b)For the nine months ended September 30, 2022 and 2021, includes operating expenses in our Consolidated Condensed Statements of Operations related to cloud computing costs of $6 million and $5 million, respectively. (c)Reported within operating expenses. (d)The following table presents the unusual, direct and incremental costs due to the COVID-19 pandemic:
| 2022 |  | 2021
Minimum annual guaranteed rent in excess of concession fees, net | $ | (9) |  |  | $ | 12 |
Vehicles damaged in overflow parking lots, net of insurance proceeds | — |  |  | (7) |
Other charges | — |  |  | 7 |
Operating expenses | (9) |  |  | 11 |
Selling, general and administrative expenses | — |  |  | 1 |
COVID-19 charges, net | $ | (9) |  |  | $ | 12 |
(e)Primarily relates to a gain upon deconsolidation of a former subsidiary. Since December 31, 2021, there have been no significant changes in segment assets exclusive of assets under vehicle programs. As of September 30, 2022 and December 31, 2021, Americas’ segment assets under vehicle programs were approxim ately $13.8 billion an d $11.4 billion, respectively. The change in assets under vehicle programs is primarily due to the increase in the size of our vehicle rental fleet to meet the increase 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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