Avis 2006 Annual Report Download - page 84

Table of Contents
Current and non-current deferred income tax assets and liabilities are comprised of the following:
As of December 31,
2006 2005
Current deferred income tax assets:
Litigation settlement and related liabilities
$
-
$
41
Net operating loss carryforwards
-
138
State net operating loss carryforwards
-
11
Accrued liabilities and deferred income
48
179
Provision for doubtful accounts
6
9
Acquisition and integration
-
related liabilities
3
42
Other
1
6
Current deferred income tax assets
58
426
Current deferred income tax liabilities:
Prepaid expenses
51
51
Current deferred income tax liabilities
51
51
Current net deferred income tax asset
$
7
$
375
Non
-
current deferred income tax assets:
Net operating loss carryforwards
$
30
$
2
Foreign net operating loss carryforwards
20
28
State net operating loss carryforwards
113
60
Alternate minimum tax credit carryforward
102
132
Acquisition and integration
-
related liabilities
24
-
Accrued liabilities and deferred income
178
206
Other
-
38
Valuation allowance
(*)
(81
)
(59
)
Non
-
current deferred income tax assets
386
407
Non
-
current deferred income tax liabilities:
Depreciation and amortization
160
147
Non
-
current deferred income tax liabilities
160
147
Non
-
current net deferred income tax asset
$
226
$
260
Net deferred income tax liabilities related to vehicle programs are comprised of the following:
As of December 31, 2006, the Company had federal net operating loss carryforwards of approximately $87 million, which primarily expire
in 2024. No provision has been made for U.S. federal deferred income taxes
F
-
27
(*)
The valuation allowance of $81 million at December 31, 2006 relates to state net operating loss carryforwards and certain state
deferred tax assets of $75 million and $6 million, respectively. The valuation allowance will be reduced when and if the Company
determines that the related deferred income tax assets are more likely than not to be realized. If determined to be realizable,
approximately $4 million of the valuation allowance for state net operating loss carryforwards would reduce goodwill.
As of December 31,
2006
2005
Depreciation and amortization
$
1,205
$
1,130
Other
1
9
Net deferred income tax liabilities under vehicle programs
$
1,206
$
1,139