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Segment Information
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
Our chief operating decision-maker assesses performance and allocates resources based upon the separate financial information of our operating segments. In identifying our reportable segments, we also consider the nature of services provided by our operating segments, the geographical areas in which the segments operate and other relevant factors. We aggregate certain of our operating segments into our reportable segments.

Management evaluates the operating results of each of our 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 legal matters, net, which includes amounts recorded in excess of $5 million related to class action lawsuits and personal injury matters; non-operational charges related to shareholder activist activity, which include third party advisory, legal and other professional fees; COVID-19 charges, net; cloud computing costs; other (income) expense, net; and income taxes.

We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
 Three Months Ended September 30,
 20232022
RevenuesAdjusted EBITDARevenuesAdjusted EBITDA
Americas$2,736 $740 $2,703 $1,185 
International828 196 844 291 
Corporate and Other (a)
— (29)— (16)
Total Company$3,564 $907 $3,547 $1,460 
Reconciliation of Adjusted EBITDA to income before income taxes:
20232022
Adjusted EBITDA$907 $1,460 
Less:Non-vehicle related depreciation and amortization55 59 
Interest expense related to corporate debt, net
Interest expense80 64 
Early extinguishment of debt1 — 
Restructuring and other related charges2 2 
Transaction-related costs, net3 — 
Other (income) expense, net (b)
1 (9)
Reported within operating expenses:
Cloud computing costs8 2 
Income before income taxes$757 $1,342 
__________
(a)Includes unallocated corporate overhead which is not attributable to a particular segment.
(b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.
 Nine Months Ended September 30,
 20232022
RevenuesAdjusted EBITDARevenuesAdjusted EBITDA
Americas$7,180 $1,887 $7,270 $3,036 
International2,064 372 1,953 497 
Corporate and Other (a)
— (80)— (58)
Total Company$9,244 $2,179 $9,223 $3,475 
Reconciliation of Adjusted EBITDA to income before income taxes:
20232022
Adjusted EBITDA$2,179 $3,475 
Less:Non-vehicle related depreciation and amortization163 168 
Interest expense related to corporate debt, net
Interest expense221 181 
Early extinguishment of debt1 — 
Restructuring and other related charges7 16 
Transaction-related costs, net3 1 
Other (income) expense, net (b)
3 (9)
Reported within operating expenses:
Cloud computing costs24 6 
COVID-19 charges— (9)
Legal matters, net5 1 
Income before income taxes$1,752 $3,120 
__________
(a)Includes unallocated corporate overhead which is not attributable to a particular segment.
(b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.
Since December 31, 2022, there have been no significant changes in segment assets exclusive of assets under vehicle programs. As of September 30, 2023 and December 31, 2022, Americas’ segment assets under vehicle programs were approximately $19.2 billion and $14.3 billion, respectively. This increase in assets under vehicle programs is directly correlated to the increase in the size and cost of our vehicle rental fleet to meet demand.