Quarterly Financial Information (Unaudited) (Statement of Operations) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 48 Months Ended | 60 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Jun. 30, 2014 |
Jun. 30, 2013 |
Sep. 30, 2014 |
Sep. 30, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2012 |
Dec. 31, 2013 |
|
Revenues: | |||||||||||||||||
Worldwide car rental | $ 2,000 | $ 2,563 | $ 2,304 | $ 2,039 | $ 2,019 | $ 2,538 | $ 2,197 | $ 1,955 | $ 4,343 | $ 4,153 | $ 6,907 | $ 6,690 | $ 8,907 | $ 8,709 | $ 7,153 | ||
Worldwide equipment rental | 416 | 413 | 384 | 358 | 401 | 403 | 381 | 353 | 743 | 734 | 1,155 | 1,138 | 1,571 | 1,539 | 1,382 | ||
All other operations | 143 | 145 | 142 | 139 | 135 | 134 | 130 | 129 | 280 | 258 | 425 | 392 | 568 | 527 | 478 | ||
Total revenues | 2,559 | 3,121 | 2,830 | 2,536 | 2,555 | 3,075 | 2,708 | 2,437 | 5,366 | 5,145 | 8,487 | 8,220 | 11,046 | 10,775 | 9,013 | ||
Expenses: | |||||||||||||||||
Direct operating | 1,575 | 1,702 | 1,594 | 1,443 | 1,449 | 1,547 | 1,417 | 1,364 | 3,037 | 2,781 | 4,738 | 4,328 | 6,314 | 5,777 | 4,861 | ||
Depreciation of revenue earning equipment and lease charges, net | 853 | 746 | 708 | 726 | 641 | 672 | 632 | 589 | 1,434 | 1,220 | 2,180 | 1,893 | 3,034 | 2,533 | 2,128 | ||
Selling, general and administrative | 245 | 303 | 264 | 276 | 234 | 282 | 287 | 250 | 541 | 537 | 845 | 819 | 1,088 | 1,053 | 978 | ||
Interest expense, net | 164 | 164 | 164 | 156 | 171 | 179 | 182 | 175 | 320 | 357 | 484 | 536 | 648 | 707 | 647 | ||
Other (income) expense, net | 6 | 3 | (21) | (3) | 21 | 83 | (2) | 0 | (24) | (2) | (21) | 81 | (15) | 102 | 34 | ||
Total expenses | 2,843 | 2,918 | 2,709 | 2,598 | 2,516 | 2,763 | 2,516 | 2,378 | 5,308 | 4,893 | 8,226 | 7,657 | 11,069 | 10,172 | 8,648 | ||
Income (loss) before income taxes | (284) | 203 | 121 | (62) | 39 | 312 | 192 | 59 | 58 | 252 | 261 | 563 | (23) | 603 | 365 | ||
Provision for taxes on income (loss) | 50 | (54) | (49) | (7) | (57) | (110) | (81) | (53) | (56) | (135) | (109) | (243) | (59) | (301) | (181) | ||
Net income (loss) | $ (234) | $ 149 | $ 72 | $ (69) | $ (18) | $ 202 | $ 111 | $ 6 | $ 2 | $ 117 | $ 152 | $ 320 | $ (82) | $ 302 | $ 184 | ||
Weighted average shares outstanding: | |||||||||||||||||
Basic (in shares) | 459 | 459 | 452 | 447 | 447 | 425 | 401 | 416 | 450 | 408 | 453 | 414 | 454 | 422 | 420 | ||
Diluted (in shares) | 465 | 464 | 465 | 447 | 447 | 465 | 465 | 461 | 457 | 463 | 465 | 464 | 454 | 464 | 448 | ||
Earnings (loss) per share: | |||||||||||||||||
Basic (in dollars per share) | $ (0.51) | $ 0.32 | $ 0.16 | $ (0.15) | $ (0.04) | $ 0.48 | $ 0.28 | $ 0.01 | $ 0.00 | $ 0.29 | $ 0.34 | $ 0.77 | $ (0.18) | $ 0.72 | $ 0.44 | ||
Diluted (in dollars per share) | $ (0.50) | $ 0.32 | $ 0.15 | $ (0.15) | $ (0.04) | $ 0.44 | $ 0.25 | $ 0.02 | $ 0.00 | $ 0.26 | $ 0.33 | $ 0.70 | $ (0.18) | $ 0.67 | $ 0.41 | ||
Interest on Convertible Senior Notes, net of tax | $ 2 | $ 4 | $ 1 | $ 5 | $ 1 | $ 7 | $ 0 | $ 8 | $ 0 | ||||||||
As Previously Reported | |||||||||||||||||
Revenues: | |||||||||||||||||
Worldwide car rental | $ 2,020 | 2,534 | 2,195 | 1,957 | 4,152 | 6,686 | |||||||||||
Worldwide equipment rental | 401 | 402 | 384 | 351 | 735 | 1,137 | |||||||||||
All other operations | 135 | 134 | 136 | 128 | 264 | 397 | |||||||||||
Total revenues | 2,556 | 3,070 | 2,715 | 2,436 | 5,151 | 8,220 | |||||||||||
Expenses: | |||||||||||||||||
Direct operating | 1,439 | 1,525 | 1,406 | 1,351 | 2,757 | 4,283 | |||||||||||
Depreciation of revenue earning equipment and lease charges, net | 643 | 677 | 641 | 587 | 1,228 | 1,905 | |||||||||||
Selling, general and administrative | 222 | 278 | 275 | 252 | 527 | 803 | |||||||||||
Interest expense, net | 169 | 179 | 182 | 175 | 357 | 535 | |||||||||||
Other (income) expense, net | 21 | 83 | (1) | (1) | (2) | 82 | |||||||||||
Total expenses | 2,494 | 2,742 | 2,503 | 2,364 | 4,867 | 7,608 | |||||||||||
Income (loss) before income taxes | 62 | 328 | 212 | 72 | 284 | 612 | |||||||||||
Provision for taxes on income (loss) | (63) | (113) | (91) | (54) | (145) | (258) | |||||||||||
Net income (loss) | $ (1) | $ 215 | $ 121 | $ 18 | $ 139 | $ 354 | |||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic (in shares) | 447 | 425 | 401 | 416 | 408 | 414 | |||||||||||
Diluted (in shares) | 464 | 465 | 465 | 461 | 463 | 464 | |||||||||||
Earnings (loss) per share: | |||||||||||||||||
Basic (in dollars per share) | $ 0.00 | $ 0.51 | $ 0.30 | $ 0.04 | $ 0.34 | $ 0.86 | |||||||||||
Diluted (in dollars per share) | $ 0.00 | $ 0.47 | $ 0.27 | $ 0.04 | $ 0.31 | $ 0.78 | |||||||||||
Revision Adjustment | |||||||||||||||||
Revenues: | |||||||||||||||||
Worldwide car rental | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||
Worldwide equipment rental | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
All other operations | 0 | 0 | (6) | 1 | (5) | (5) | |||||||||||
Total revenues | 0 | 0 | (6) | 1 | (5) | (5) | |||||||||||
Expenses: | |||||||||||||||||
Direct operating | 0 | 15 | 8 | 7 | 16 | 30 | |||||||||||
Depreciation of revenue earning equipment and lease charges, net | 0 | (2) | (13) | (7) | (20) | (23) | |||||||||||
Selling, general and administrative | 0 | (6) | 5 | (4) | 1 | (3) | |||||||||||
Interest expense, net | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Other (income) expense, net | 0 | 0 | 0 | 3 | 2 | 2 | |||||||||||
Total expenses | 0 | 7 | 0 | (1) | (1) | 6 | |||||||||||
Income (loss) before income taxes | 0 | (7) | (6) | 2 | (4) | (11) | |||||||||||
Provision for taxes on income (loss) | 0 | 2 | 6 | (4) | 2 | 4 | |||||||||||
Net income (loss) | 0 | (5) | 0 | (2) | (2) | (7) | |||||||||||
As Revised | |||||||||||||||||
Revenues: | |||||||||||||||||
Worldwide car rental | 2,020 | 2,534 | 2,195 | 1,957 | 4,152 | 6,686 | 8,707 | 7,162 | |||||||||
Worldwide equipment rental | 401 | 402 | 384 | 351 | 735 | 1,137 | 1,538 | 1,385 | |||||||||
All other operations | 135 | 134 | 130 | 129 | 259 | 392 | 527 | 478 | |||||||||
Total revenues | 2,556 | 3,070 | 2,709 | 2,437 | 5,146 | 8,215 | 10,772 | 9,025 | |||||||||
Expenses: | |||||||||||||||||
Direct operating | 1,439 | 1,540 | 1,414 | 1,358 | 2,773 | 4,313 | 5,752 | 4,806 | |||||||||
Depreciation of revenue earning equipment and lease charges, net | 643 | 675 | 628 | 580 | 1,208 | 1,882 | 2,526 | 2,129 | |||||||||
Selling, general and administrative | 222 | 272 | 280 | 248 | 528 | 800 | 1,022 | 968 | |||||||||
Interest expense, net | 169 | 179 | 182 | 175 | 357 | 535 | 704 | 645 | |||||||||
Other (income) expense, net | 21 | 83 | (1) | 2 | 0 | 84 | 105 | 36 | |||||||||
Total expenses | 2,494 | 2,749 | 2,503 | 2,363 | 4,866 | 7,614 | 10,109 | 8,584 | |||||||||
Income (loss) before income taxes | 62 | 321 | 206 | 74 | 280 | 601 | 663 | 441 | |||||||||
Provision for taxes on income (loss) | (63) | (111) | (85) | (58) | (143) | (254) | (317) | (202) | |||||||||
Net income (loss) | $ (1) | $ 210 | $ 121 | $ 16 | $ 137 | $ 347 | $ 346 | $ 239 | |||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic (in shares) | 447 | 425 | 401 | 416 | 408 | 414 | 422 | 420 | |||||||||
Diluted (in shares) | 464 | 465 | 465 | 461 | 463 | 464 | 464 | 448 | |||||||||
Earnings (loss) per share: | |||||||||||||||||
Basic (in dollars per share) | $ 0.00 | $ 0.49 | $ 0.30 | $ 0.04 | $ 0.33 | $ 0.84 | $ 0.82 | $ 0.57 | |||||||||
Diluted (in dollars per share) | $ 0.00 | $ 0.46 | $ 0.27 | $ 0.04 | $ 0.31 | $ 0.76 | $ 0.76 | $ 0.53 | |||||||||
Restatement Adjustment | |||||||||||||||||
Revenues: | |||||||||||||||||
Worldwide car rental | $ (1) | $ 4 | $ 2 | $ (2) | $ 1 | $ 4 | $ 2 | $ (9) | |||||||||
Worldwide equipment rental | 0 | 1 | (3) | 2 | (1) | 1 | 1 | (3) | |||||||||
All other operations | 0 | 0 | 0 | 0 | (1) | 0 | 0 | 0 | |||||||||
Total revenues | (1) | 5 | (1) | 0 | (1) | 5 | 3 | (12) | |||||||||
Expenses: | |||||||||||||||||
Direct operating | 10 | 7 | 3 | 6 | 8 | 15 | 25 | 55 | |||||||||
Depreciation of revenue earning equipment and lease charges, net | (2) | (3) | 4 | 9 | 12 | 11 | 7 | (1) | |||||||||
Selling, general and administrative | 12 | 10 | 7 | 2 | 9 | 19 | 31 | 10 | |||||||||
Interest expense, net | 2 | 0 | 0 | 0 | 0 | 1 | 3 | 2 | |||||||||
Other (income) expense, net | 0 | 0 | (1) | (2) | (2) | (3) | (3) | (2) | |||||||||
Total expenses | 22 | 14 | 13 | 15 | 27 | 43 | 63 | 64 | |||||||||
Income (loss) before income taxes | (23) | (9) | (14) | (15) | (28) | (38) | (60) | (76) | $ 35 | $ 46 | |||||||
Provision for taxes on income (loss) | 6 | 1 | 4 | 5 | 8 | 11 | 16 | 21 | |||||||||
Net income (loss) | $ (17) | $ (8) | $ (10) | $ (10) | $ (20) | $ (27) | $ (44) | $ (55) | $ 21 |