Avis 2007 Annual Report Download - page 67

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Table of Contents
Avis Budget Group, Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
See Notes to Consolidated Financial Statements.
F
-
4
December 31,
2007
2006
Assets
Current assets:
Cash and cash equivalents
$
214
$
172
Receivables (net of allowance for doubtful accounts of $19 and $20)
392
363
Deferred income taxes
42
7
Other current assets
570
1,264
Total current assets
1,218
1,806
Property and equipment, net
500
486
Deferred income taxes
234
226
Goodwill
1,000
2,193
Other intangibles, net
760
739
Other non
-
current assets
781
121
Total assets exclusive of assets under vehicle programs
4,493
5,571
Assets under vehicle programs:
Program cash
1
14
Vehicles, net
7,474
7,049
Receivables from vehicle manufacturers and other
276
276
Investment in Avis Budget Rental Car Funding (AESOP) LLC
—
related party
230
361
7,981
7,700
Total assets
$
12,474
$
13,271
Liabilities and stockholders
’
equity
Current liabilities:
Accounts payable and other current liabilities
$
1,094
$
1,855
Current portion of long
-
term debt
10
29
Total current liabilities
1,104
1,884
Long
-
term debt
1,787
1,813
Other non
-
current liabilities
998
452
Total liabilities exclusive of liabilities under vehicle programs
3,889
4,149
Liabilities under vehicle programs:
Debt
950
759
Debt due to Avis Budget Rental Car Funding (AESOP) LLC
—
related party
4,646
4,511
Deferred income taxes
1,246
1,206
Other
278
203
7,120
6,679
Commitments and contingencies (Note 18)
Stockholders
’
equity:
Preferred stock, $.01 par value
—
authorized 10 million shares; none issued and outstanding
-
-
Common stock, $.01 par value
—
authorized 250 million shares; issued 136,706,236 and 135,498,121 shares
1
1
Additional paid
-
in capital
9,320
9,664
Accumulated deficit
(1,520
)
(586
)
Accumulated other comprehensive income
32
68
Treasury stock, at cost
—
32,719,985 and 34,306,694 shares
(6,368
)
(6,704
)
Total stockholders
’
equity
1,465
2,443
Total liabilities and stockholders’ equity
$
12,474
$
13,271