Avis 2006 Annual Report Download - page 87

Table of Contents
Accounts payable and other current liabilities consisted of:
13.
Accounts Payable and Other Current Liabilities
As of December 31,
2006
2005
Income taxes payable
$
520
$
776
Accrued payroll and related
244
279
Accounts payable
223
152
Accrued disposition costs
152
145
Public liability and property damage insurance liabilities
(a)
116
125
Accrued legal settlements
71
313
Other
529
497
$
1,855
$
2,287
Long-term debt consisted of:
(a)
The non-current liability related to public liability and property damage insurance was $260 million and $297 million at
December 31, 2006 and 2005, respectively.
14.
Long
-
term Debt and Borrowing Arrangements
As of December 31,
Maturity
Date
2006
2005
Corporate debt:
6
7
/ 8 % notes
(a)
-
$
-
$
850
4.89% notes
(a)
-
-
100
6
1
/ 4 % notes
(a)
-
-
798
6
1
/ 4 % notes
(a)
-
-
349
7
3
/ 8 % notes
(a)
-
-
1,192
7
1
/ 8 % notes
(a)
-
-
250
Revolver borrowings
(b)
-
-
7
Net hedging losses
(c)
-
(47
)
-
3,499
Avis Budget Car Rental corporate debt:
Floating rate term loan
(d)
April 2012
838
-
Floating rate notes
(d)
May 2014
250
-
7
5
/ 8 % notes
(d)
May 2014
375
-
7
3
/ 4 % notes
(d)
May 2016
375
-
1,838
-
Other
4
9
Total long
-
term debt
1,842
3,508
Less: Current portion
29
975
Long
-
term debt
$
1,813
$
2,533
(a)
In connection with the separation, the Company repaid these notes during third quarter 2006 (see below for further information).
F
-
30
(b)
Outstanding borrowings at December 31, 2005 do not include $350 million of borrowings for which the Company’s former
Travelport subsidiary was the primary obligor. This amount is included within liabilities of discontinued operations on the
accompanying Consolidated Balance Sheet at December 31, 2005.