Avis 2007 Annual Report Download - page 113
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Table of Contents
Fair Value
The fair value of financial instruments is generally determined by reference to market values resulting from trading on a national securities
exchange or in an over-the-counter market. In cases where quoted market prices are not available, fair value is based on estimates using
present value or other valuation techniques, as appropriate. The carrying amounts of cash and cash equivalents, available-for-sale
securities, accounts receivable, program cash and accounts payable and accrued liabilities approximate fair value due to the short-term
maturities of these assets and liabilities.
The carrying amounts and estimated fair values of financial instruments at December 31 are as follows:
2007
2006
Carrying
Amount
Estimated
Fair
Value
Carrying
Amount
Estimated
Fair
Value
Assets
Investments in Affinion
(a)
$
-
$
-
$
98
$
139
Corporate debt
Current portion of long
-
term debt
10
10
29
29
Long
-
term debt
1,787
1,680
1,813
1,775
Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car
Funding
4,646
4,274
4,511
4,505
Vehicle
-
backed debt
936
931
744
739
Interest rate swaps and other derivatives
(*)
(14
)
(14
)
(15
)
(15
)
Derivatives
(*)
(28
)
(28
)
(7
)
(7
)
(a)
The Company’s investment in Affinion was sold in 2007.
F
-
50
(*)
Derivative instruments in gain (loss) positions.