Avis 2007 Annual Report Download - page 90

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Table of Contents
Amortization expense relating to all intangible assets was as follows:
Based on the Company’s amortizable intangible assets at December 31, 2007, the Company expects related amortization expense to
approximate $3 million for each of the five succeeding fiscal years.
The components of vehicles, net within assets under vehicle programs are as follows:
The components of vehicle depreciation and lease charges, net are summarized below:
During 2007, and 2006, vehicle interest, net on the accompanying Consolidated Statements of Operations excludes $141 million and $101
million, respectively, of interest expense related to the fixed and floating rate borrowings of the Company’s Avis Budget Car Rental, LLC
(“Avis Budget Car Rental”)
subsidiary. Such interest is recorded within interest expense related to corporate debt, net on the accompanying
Consolidated Statements of Operations.
F
-
27
Year Ended December 31,
2007
2006
2005
Franchise agreements
$
2
$
2
$
2
Customer lists
1
1
2
Total
$
3
$
3
$
4
9. Vehicle Rental Activities
As of December 31,
2007
2006
Rental vehicles
$
7,947
$
7,738
Less: Accumulated depreciation
(1,022
)
(993
)
6,925
6,745
Vehicles held for sale
549
304
Vehicles, net
$
7,474
$
7,049
Year Ended December 31,
2007
2006
2005
Depreciation expense
$
1,565
$
1,362
$
1,191
Lease charges
46
54
69
Gain on sales of vehicles, net
(40
)
-
(22
)
Vehicle depreciation and lease charges, net
$
1,571
$
1,416
$
1,238