Thrifty Car Rental 2009 Annual Report Download - page 64

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in Due from Chrysler within Receivables, net on the consolidated balance sheet. Buyback payments
received from the Canadian subsidiary of Chrysler were $38.2 million, $132.9 million and $133.1
million in 2009, 2008 and 2007, respectively, and outstanding balances at year-end are included in
Due from Chrysler within Receivables, net on the consolidated balance sheet.
Additionally, the Company acquires both Program and Non-Program Vehicles from other
manufacturers. The aggregate amount of payments recognized from all manufacturers other than
Chrysler for buyback or repurchase payments, guaranteed residual value program payments,
interest reimbursement and other incentives, other than recovery costs, totaled $304.6 million,
$251.1 million and $188.6 million in 2009, 2008 and 2007, respectively, of which a substantial
portion of the payments relate to the manufacturers’ buyback programs, and are included in Other
Vehicle Manufacturer Receivables within Receivables, net on the consolidated balance sheet.
Rent expense for vehicles leased from other vehicle manufacturers and third parties under operating
leases was $0.5 million, $1.2 million and $2.9 million for 2009, 2008 and 2007, respectively, and is
included in vehicle depreciation and lease charges, net.
6. VEHICLE DEPRECIATION AND LEASE CHARGES, NET
Vehicle depreciation and lease charges include the following:
2009 2008 2007
Depreciation of revenue-earning vehicles 460,660$ 539,024$ 493,712$
Net gains from disposal of revenue-earning vehicles (35,086) (774) (18,745)
Rents paid for vehicles leased 518 1,156 2,886
426,092$ 539,406$ 477,853$
Year Ended December 31,
(In Thousands)
7. PROPERTY AND EQUIPMENT
Major classes of property and equipment consist of the following:
2009 2008
Land 12,209$ 12,135$
Buildings and improvements 23,212 21,069
Furniture and equipment 94,919 93,008
Leasehold improvements 123,054 125,589
Construction in progress 9,453 7,759
262,847 259,560
Less accumulated depreciation and amortization (166,649) (155,118)
96,198$ 104,442$
December 31,
(In Thousands)
During 2009, the Company recorded a $1.6 million non-cash charge (pre-tax) related primarily to the
impairment of assets at its company-owned stores.
During 2008 upon completion of its long-lived assets impairment testing under ASC Topic 360,
“Property, Plant and Equipment”, the Company concluded that substantially all of the long-lived
assets in its Canadian operation were impaired. The Company recorded a $5.9 million non-cash
charge (pre-tax) related to this impairment in 2008.
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