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Segment Information | 6 Months Ended
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Jun. 30, 2024
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; legal matters, 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 includes 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 June 30,
|  |  |  | 2024 |  | 2023
|  |  |  | Revenues |  | Adjusted EBITDA |  | Revenues |  | Adjusted EBITDA
Americas | $ | 2,361 |  |  | $ | 186 |  |  | $ | 2,428 |  |  | $ | 631 |
International | 687 |  |  | 48 |  |  | 695 |  |  | 126 |
Corporate and Other (a) | — |  |  | (20) |  |  | — |  |  | (20) |
| Total Company | $ | 3,048 |  |  | $ | 214 |  |  | $ | 3,123 |  |  | $ | 737 |
Reconciliation of Adjusted EBITDA to Income before income taxes:
|  |  | 2024 |  |  |  | 2023
Adjusted EBITDA |  |  | $ | 214 |  |  |  |  | $ | 737 |
Less: | Non-vehicle related depreciation and amortization |  | 58 |  |  |  |  | 52 |
|  | Interest expense related to corporate debt, net: |  |  |  |  |  |
|  | Interest expense |  | 88 |  |  |  |  | 68 |
|  | Early extinguishment of debt |  | 1 |  |  |  |  | — |
|  | Restructuring and other related charges |  | 14 |  |  |  |  | 1 |
|  | Transaction-related costs, net |  | 1 |  |  |  |  | — |
|  | Other (income) expense, net (b) |  | 2 |  |  |  |  | 4 |
|  | Reported within operating expenses: |  |  |  |  |  |
|  | Cloud computing costs |  | 11 |  |  |  |  | 9 |
|  | Legal matters, net |  | 12 |  |  |  |  | 5 |
Income before income taxes |  |  | $ | 27 |  |  |  |  | $ | 598 |
__________ (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.
|  |  |  | Six Months Ended June 30,
|  |  |  | 2024 |  | 2023
|  |  |  | Revenues |  | Adjusted EBITDA |  | Revenues |  | Adjusted EBITDA
Americas | $ | 4,354 |  |  | $ | 230 |  |  | $ | 4,444 |  |  | $ | 1,147 |
International | 1,245 |  |  | 33 |  |  | 1,236 |  |  | 176 |
Corporate and Other (a) | — |  |  | (37) |  |  | — |  |  | (51) |
| Total Company | $ | 5,599 |  |  | $ | 226 |  |  | $ | 5,680 |  |  | $ | 1,272 |
Reconciliation of Adjusted EBITDA to Income (loss) before income taxes:
|  |  | 2024 |  |  |  | 2023
Adjusted EBITDA |  |  | $ | 226 |  |  |  |  | $ | 1,272 |
Less: | Non-vehicle related depreciation and amortization |  | 119 |  |  |  |  | 108 |
|  | Interest expense related to corporate debt, net: |  |  |  |  |  |
|  | Interest expense |  | 171 |  |  |  |  | 141 |
|  | Early extinguishment of debt |  | 1 |  |  |  |  | — |
|  | Restructuring and other related charges |  | 17 |  |  |  |  | 5 |
|  | Transaction-related costs, net |  | 2 |  |  |  |  | — |
|  | Other (income) expense, net (b) |  | 3 |  |  |  |  | 2 |
|  | Reported within operating expenses: |  |  |  |  |  |
|  | Cloud computing costs |  | 21 |  |  |  |  | 16 |
|  | Legal matters, net |  | 7 |  |  |  |  | 5 |
Income (loss) before income taxes |  |  | $ | (115) |  |  |  |  | $ | 995 |
________ (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, 2023, there have been no significant changes in segment assets exclusive of assets under vehicle programs. As of June 30, 2024 and December 31, 2023, Americas’ segment assets under vehicle programs were approximately $20.0 billion and $19.3 billion, respectively. This increase in assets under vehicle programs is directly correlated to the increase in the cost of our vehicle fleet. * * * *

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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